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U.S. Securities and Exchange Commission


LITIGATION RELEASE NO. 16168 / May 28, 1999

Securities and Exchange Commission v. Glen Eugene Miller, Rich Barlow, LD&B Management, Inc., Acquire Venture Fund Group, Lori Miller, Reflex Body & Fitness, LLC, and Canyon Rim, LLC; Civil Action No. 2:99CV-0383K (USDC Utah)

The Commission has obtained an order temporarily restraining Glen Eugene Miller and LD&B Management, Inc. from making fraudulent sales of interests in a Ponzi scheme. The court also froze the assets of Miller, LD&B, Rich Barlow and Acquire Venture Fund Group. It is alleged that since 1996 Miller and LD&B have sold over $8.6 million in promissory notes to nearly 200 investors, with stated returns of up to 77%, and that since at least 1998 the investment program has been operated as a Ponzi scheme in which new investments have been used to pay interest and principal owed to earlier investors. Miller allegedly told investors these funds would be reinvested in largely unspecified income-producing investments, but instead, Miller used most of the funds invested in notes to pay money owed to earlier investors and for his personal use. It is also alleged that some of the funds invested in promissory notes were designated for reinvestment into a "prime bank" investment program operated by Barlow under the name of Acquire. The Order was entered May 28, 1999, by the Honorable Dale Kimball, United States District Judge for the District of Utah.

The complaint charged Miller, LD&B, Barlow and Acquire with violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The complaint also named Lori Miller, Reflex Body & Fitness, LLC and Canyon Rim, LLC. as relief defendants. A hearing on the Commission’s motion for a preliminary injunction has been scheduled for June 9, 1999. The Commission wishes to thank the Utah Division of Securities for its assistance in this matter.