Jun 18
2004

On June 18, 2004 Norman Paul Cowart, Sr. was charged, as a habitual offender, with securities fraud and sale of securities by an unregistered securities dealer by the Grand Jury in the 43rd District Court, Parker County, Texas. The indictment alleges that Cowart failed to disclose to an investor in OLU.com, Inc. common voting stock that: he was not registered with the Texas State Securities Board as a securities dealer or agent; he had been previously convicted of a felony offense in Dallas County, Texas; he had been previously convicted of a felony offense in Lea County, New Mexico; he would commingle the investment funds with other investors' funds and that he would fail to transfer all of the investor funds to OLU.com, Inc. and would use portions for personal purposes.