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CALIFORNIA / News and Insight on Business in the
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| THE STATE: FINANCIAL SERVICES

2 Californians Indicted in Alleged Scam

November 05, 1998| Bloomberg News

A federal grand jury in Oklahoma indicted two California residents on charges of conspiracy, mail fraud and money laundering for allegedly creating a sham bank that purported to cater to Native Americans.

The 30-count indictment aggesia Sparks and Stephenson weren't immediately available for comment. The SEC claimed Indian bank on Apache tribal land in Oklahoma, according to the Securities and Exchange Sparks and Stephenson raised money from more than 100 investors as well as from customers who Stephenson of Sausalito raised more than $7 million by falsely claiming to operate a sovereign to cater to Native Americans.

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