U.S. Securities & Exchange Commission
SEC Seal
Home | Previous Page
U.S. Securities and Exchange Commission

Itex Corporation, et al.

On September 27, 1999, the SEC filed a complaint alleging that Itex, a publicly-traded barter exchange company, and five individuals materially inflated Itexís revenues and earnings in financial statements filed with the SEC and in other disclosures made to the investing public. The SEC alleged that Itex made materially false and misleading disclosures about the companyís business and failed to disclose numerous suspect, and in many cases sham, barter deals between Itex and various mysterious offshore entities related to and/or controlled by Terry Neal, Itexís founder and control person. All of the defendants have settled with the SEC, consenting to permanent injunctions. The SEC has collected and has available for distribution approximately $598,000 in disgorgement, plus interest. You can find more information about the SECís action by reviewing our litigation releases.

On June 24, 2004, the Court appointed Michael A. Grassmueck, Inc. as Receiver for the purpose of distributing disgorged funds and accrued interest, less expenses and fees, to Itex investors injured by the fraud. You can obtain further information by visiting the Receiverís website or by calling the Receiver at (503) 294-1018.



Modified: 04/28/2005