Sterling Foster & Co.
In February 1997, the SEC filed a civil complaint charging Sterling Foster, a registered broker-dealer, and four individuals, including the firm's president, with illegally obtaining $75 million from investors by using boiler room sales practices and other fraudulent conduct in connection with the sale of six companies. For more information about the SEC's action, you can read several litigation releases: 15261 (Feb. 18, 1997), 16163 (May 27, 1999), 16429 (Feb. 9, 2000), and 16568 (May 31, 2000).
The Court appointed Robert M. Romano as Special Master. He has set up a website in which investors must first "sign up" and then can submit a claim form electronically. The deadline for filing claim forms with Mr. Romano is June 18, 2001. In October 2002, the Special Master distributed approximately $33 million to investors.