2005
Randall T. Treadwell, of Atlanta, Georgia; Arnulfo Medina Acosta, of Edinburg, Texas; Ricky D. Sluder, of Troup, Texas; and Larry C. Saturday, of Savannah, Georgia; doing business through Qwest International, Inc.; Wealth Builders Club, Inc.; and Learn Waterhouse, Inc., were indicted on September 5, 2005 in the U.S. District Court, Southern District of California, Cause No. 05CR1570, for Conspiracy and Wire Fraud. Treadwell, Sluder, Acosta and Saturday are charged with soliciting over $50 million from members of the public for participation in high-yield trading programs and venture capital investments and representing that the money would be used for investments that would generate returns ranging from 2% to 50% per month or more. The indictment alleges that only a small fraction of the over $50 million raised was ever placed in any investments, and those investments generated almost no returns. It is also alleged that the defendants used money received from new investors to make payments to earlier investors and for personal purposes.