NEWARK, New Jersey (AP) — A husband and wife have been indicted on charges they tried to pass off a filing cabinet as a security device that could protect people against chemical and biological attacks in the wake of the 2001 terrorist attacks.
Federal authorities say the filing cabinet, which was painted yellow and had a siren and flashing red light attached, was promoted by Stewart Kaiser in a press release that helped him sell his company’s stock at inflated prices.
His wife, Nancy C. Vitolo, allegedly lied to investigators by saying that $400,000 in checks sent by investors and made out to her was transferred to their company, R-Tec Technologies Inc.
The investors bought “shares” in the company in the OTC market. Now “[K]aiser, 38, is charged with securities fraud, which carries up to 20 years in prison and a $5 million fine, and obstructing justice, which carries up to five years and a $250,000 fine. Vitolo, 41, is charged with making a false statement, which carries up to five years in prison and a $250,000 fine.”
Details here from the AP via CNN.com’s Law Center.
NEWARK, New Jersey (AP) — A husband and wife have been indicted on charges they tried to pass off a filing cabinet as a security device that could protect people against chemical and biological attacks in the wake of the 2001 terrorist attacks.
Federal authorities say the filing cabinet, which was painted yellow and had a siren and flashing red light attached, was promoted by Stewart Kaiser in a press release that helped him sell his company’s stock at inflated prices.
His wife, Nancy C. Vitolo, allegedly lied to investigators by saying that $400,000 in checks sent by investors and made out to her was transferred to their company, R-Tec Technologies Inc.
The investors bought “shares” in the company in the OTC market. Now “[K]aiser, 38, is charged with securities fraud, which carries up to 20 years in prison and a $5 million fine, and obstructing justice, which carries up to five years and a $250,000 fine. Vitolo, 41, is charged with making a false statement, which carries up to five years in prison and a $250,000 fine.”
Details here from the AP via CNN.com’s Law Center.
NEWARK, New Jersey (AP) — A husband and wife have been indicted on charges they tried to pass off a filing cabinet as a security device that could protect people against chemical and biological attacks in the wake of the 2001 terrorist attacks.
Federal authorities say the filing cabinet, which was painted yellow and had a siren and flashing red light attached, was promoted by Stewart Kaiser in a press release that helped him sell his company’s stock at inflated prices.
His wife, Nancy C. Vitolo, allegedly lied to investigators by saying that $400,000 in checks sent by investors and made out to her was transferred to their company, R-Tec Technologies Inc.
The investors bought “shares” in the company in the OTC market. Now “[K]aiser, 38, is charged with securities fraud, which carries up to 20 years in prison and a $5 million fine, and obstructing justice, which carries up to five years and a $250,000 fine. Vitolo, 41, is charged with making a false statement, which carries up to five years in prison and a $250,000 fine.”
Details here from the AP via CNN.com’s Law Center.
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