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SEC Accuses 18 in Online Fraud Sweep

May 13, 1999| From Associated Press

Federal regulators have accused 18 people and eight companies of using the Internet to defraud investors, in a third nationwide sweep against online investment scams.

The Securities and Exchange Commission announced the action Wednesday, alleging that 14 separate schemes deceived investors around the world by selling bogus securities over the Internet.

Eight of the cases involved the sale of so-called prime bank notes, what the SEC said were nonexistent securities promoted as being high-yield, risk-free investments.

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