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BUSINESS
January 28, 1992 | GREGORY CROUCH, TIMES STAFF WRITER
Facing up to 15 years in jail and heavy fines for masterminding a $10-million penny stock fraud, Laguna Hills businessman David D. Sterns on Monday won a sentencing delay after telling a federal judge that he was considering withdrawing his earlier guilty pleas. Sterns, 55, pleaded guilty last October to charges of mail fraud, securities fraud and tax evasion in connection with the marketing of a "diet patch" product sold through his Laguna Hills-based Ultimate Business Network.
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BUSINESS
March 10, 1992 | JAMES M. GOMEZ, TIMES STAFF WRITER
A Laguna Hills businessman was sentenced to more than four years in federal prison and fined almost $2 million for his part in a fraudulent marketing scheme that promoted a bogus "diet-patch" product. David D. Sterns, 57, received the stiffest sentence possible under a plea bargain he entered late last year, despite an impassioned plea for leniency. U.S. District Judge Gary L.
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BUSINESS
April 14, 1991 | GREGORY CROUCH, TIMES STAFF WRITER
This time, the Securities and Exchange Commission is out for blood. Five years ago, the SEC charged David D. Sterns of Laguna Hills with defrauding investors out of more than $600,000. The "penny stock king" of Orange County, the SEC said, duped investors by inflating the value of his company's assets and whitewashing his resume to remove details such as a personal bankruptcy. The SEC in 1987 won a consent order--a written promise--from Sterns: He wouldn't do it again.
BUSINESS
January 28, 1992 | GREGORY CROUCH, TIMES STAFF WRITER
Facing up to 15 years in jail and heavy fines for masterminding a $10-million penny stock fraud, Laguna Hills businessman David D. Sterns on Monday won a sentencing delay after telling a federal judge that he was considering withdrawing his earlier guilty pleas. Sterns, 55, pleaded guilty last October to charges of mail fraud, securities fraud and tax evasion in connection with the marketing of a "diet patch" product sold through his Laguna Hills-based Ultimate Business Network.
BUSINESS
June 15, 1991 | GREGORY CROUCH, TIMES STAFF WRITER
The Securities and Exchange Commission said Friday that it has settled stock fraud charges against nine associates of former Orange County penny stock king David D. Sterns, accused of looting thousands of investors nationwide of about $10 million. The SEC sued Sterns and 13 others in March for their alleged involvement in a massive penny stock fraud through a network of Laguna Hills companies, known collectively as the Ultimate Business Network.
BUSINESS
November 16, 1990 | LESLIE BERKMAN, TIMES STAFF WRITER
Federal authorities said Thursday that they have filed mail and securities fraud charges against two brothers involved in a scheme to raise millions of dollars for a phony diet patch that was supposed to suppress hunger. Jonathan D. and Mark A. Sterns, both former Orange County residents, agreed to plead guilty to the charges and to cooperate in the ongoing criminal investigation of several firms headed by their uncle, David A. Sterns.
BUSINESS
September 21, 1990 | GREGORY CROUCH, TIMES STAFF WRITER
David D. Sterns and two firms he headed have agreed to pay $60,000 to settle claims by the state attorney general's office that they made misrepresentations about a diet patch, allegedly sold through an illegal pyramid scheme. In a settlement filed earlier this week in San Diego Superior Court, Sterns, 55, agreed to settlement with the state without admitting any wrongdoing. The two firms involved, OmniSource and New Source Ltd. in Laguna Hills, filed for bankruptcy last year.
BUSINESS
March 10, 1992 | JAMES M. GOMEZ, TIMES STAFF WRITER
A Laguna Hills businessman was sentenced to more than four years in federal prison and fined almost $2 million for his part in a fraudulent marketing scheme that promoted a bogus "diet-patch" product. David D. Sterns, 57, received the stiffest sentence possible under a plea bargain he entered late last year, despite an impassioned plea for leniency. U.S. District Judge Gary L.
BUSINESS
March 12, 1991
The government's censorship throughout the Gulf crisis gives new meaning to the First Amendment: freedom of suppress. STEVEN BAIRD, Santa Barbara
BUSINESS
March 17, 1989 | MARIA L. La GANGA, Times Staff Writer
Forty law enforcement agents from a half-dozen regulatory agencies swooped down on the Irvine headquarters of a diet-patch company Thursday, loading two postal trucks with potential evidence in an investigation into allegations of securities and tax violations and mail fraud. New Source Ltd.
BUSINESS
October 8, 1991 | SUSAN CHRISTIAN, TIMES STAFF WRITER
Six months after asserting his innocence and claiming that the government was conducting a "witch-hunt" against him, Orange County businessman David D. Sterns pleaded guilty Monday to charges of mail fraud, securities fraud and tax evasion in connection with the marketing of a "diet patch" product. "Guilty as charged," the 55-year-old defendant somberly responded as each of the three counts against him were read by U.S. District Judge Gary L. Taylor in Santa Ana.
BUSINESS
August 14, 1991 | GREGORY CROUCH, TIMES STAFF WRITER
The Securities and Exchange Commission won a record judgment Tuesday against Orange County's so-called "penny stock king" David D. Sterns, including more than $12 million in restitution and a lifetime ban from ever running another publicly traded company. Once an accountant for Arthur Andersen & Co.
BUSINESS
June 15, 1991 | GREGORY CROUCH, TIMES STAFF WRITER
The Securities and Exchange Commission said Friday that it has settled stock fraud charges against nine associates of former Orange County penny stock king David D. Sterns, accused of looting about $10 million from thousands of investors nationwide. The SEC sued Sterns and 13 others in March for their alleged involvement in a massive penny stock fraud through a network of Laguna Hills companies, known collectively as the Ultimate Business Network.
BUSINESS
June 15, 1991 | GREGORY CROUCH, TIMES STAFF WRITER
The Securities and Exchange Commission said Friday that it has settled stock fraud charges against nine associates of former Orange County penny stock king David D. Sterns, accused of looting thousands of investors nationwide of about $10 million. The SEC sued Sterns and 13 others in March for their alleged involvement in a massive penny stock fraud through a network of Laguna Hills companies, known collectively as the Ultimate Business Network.
BUSINESS
April 14, 1991 | GREGORY CROUCH, TIMES STAFF WRITER
This time, the Securities and Exchange Commission is out for blood. Five years ago, the SEC charged David D. Sterns of Laguna Hills with defrauding investors out of more than $600,000. The "penny stock king" of Orange County, the SEC said, duped investors by inflating the value of his company's assets and whitewashing his resume to remove details such as a personal bankruptcy. The SEC in 1987 won a consent order--a written promise--from Sterns: He wouldn't do it again.
BUSINESS
March 12, 1991
The government's censorship throughout the Gulf crisis gives new meaning to the First Amendment: freedom of suppress. STEVEN BAIRD, Santa Barbara
BUSINESS
October 8, 1991 | SUSAN CHRISTIAN, TIMES STAFF WRITER
Six months after asserting his innocence and claiming that the government was conducting a "witch-hunt" against him, Orange County businessman David D. Sterns pleaded guilty Monday to charges of mail fraud, securities fraud and tax evasion in connection with the marketing of a "diet patch" product. "Guilty as charged," the 55-year-old defendant somberly responded as each of the three counts against him were read by U.S. District Judge Gary L. Taylor in Santa Ana.
BUSINESS
June 15, 1991 | GREGORY CROUCH, TIMES STAFF WRITER
The Securities and Exchange Commission said Friday that it has settled stock fraud charges against nine associates of former Orange County penny stock king David D. Sterns, accused of looting about $10 million from thousands of investors nationwide. The SEC sued Sterns and 13 others in March for their alleged involvement in a massive penny stock fraud through a network of Laguna Hills companies, known collectively as the Ultimate Business Network.
BUSINESS
November 16, 1990 | LESLIE BERKMAN, TIMES STAFF WRITER
Federal authorities said Thursday that they have filed mail and securities fraud charges against two brothers involved in a scheme to raise millions of dollars for a phony diet patch that was supposed to suppress hunger. Jonathan D. and Mark A. Sterns, both former Orange County residents, agreed to plead guilty to the charges and to cooperate in the ongoing criminal investigation of several firms headed by their uncle, David A. Sterns.
BUSINESS
September 21, 1990 | GREGORY CROUCH, TIMES STAFF WRITER
David D. Sterns and two firms he headed have agreed to pay $60,000 to settle claims by the state attorney general's office that they made misrepresentations about a diet patch, allegedly sold through an illegal pyramid scheme. In a settlement filed earlier this week in San Diego Superior Court, Sterns, 55, agreed to settlement with the state without admitting any wrongdoing. The two firms involved, OmniSource and New Source Ltd. in Laguna Hills, filed for bankruptcy last year.
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