7 O.C. Men Indicted on Telemarket Scam Charges Investing: Prosecutors say the suspects defrauded the elderly out of millions of dollars through bogus investment schemes

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7 O.C. Men Indicted on Telemarket Scam Charges Investing: Prosecutors say the suspects defrauded the elderly out of millions of dollars through bogus investment schemes.
[Orange County Edition]



Los Angeles Times (pre-1997 Fulltext) - Los Angeles, Calif.
Author:	MICHAEL FLAGG
Date:	Jul 10, 1993
Start Page:	5
Section:	Business; PART-D; Financial Desk
Text Word Count:	303



Abstract (Document Summary)



The prosecution is the largest so far in "Operation Disconnect," one of the nation's biggest probes of boiler rooms-a type of scam in which salespeople sell bogus investments and the like by telephone. The FBI in March made 240 arrests in several dozen boiler rooms in 13 states, including California. The other four people indicted were Kam Foo, 22; Todd Beard, 28; Darrell Vartanian, 25; and Dean Bowman, 33. All live in Huntington Beach. Prosecutors said those four were among the companies' top salespeople, generating $1 million between them in a single year. Reproduced with permission of the copyright owner. Further reproduction or distribution is prohibited without permission.



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