Patrick Price

Mar 22

Patrick Price, of High Ridge, Missouri, and Nancy Harlan Saporta, of Denver, Colorado, doing business through, Inc., were re-indicted on March 22, 2006 in the U.S. District Court, Northern District of Texas, Cause No. 305-CR-0184K for Conspiracy, Wire Fraud, Mail Fraud, and Securities Fraud. They are charged with operating a prime bank scheme to defraud investors by misrepresenting that, Inc. was a large and highly successful business investing in real estate, business acquisitions and international banking funds; that it had made loans to the Federal Reserve Bank of the US; that the return rate on investments was 100 to 150%; that the investors money would be used as collateral only and never leave the bank account; and that the funds invested were guaranteed. They are also charged with failing to disclose that the investments were not made; some funds were used as lulling payments to other investors; and that funds were spent for their use and not maintained as collateral or otherwise guaranteed.