Virtual Cash Card, et al.

On November 26, 2002, the SEC obtained a temporary restraining order and asset freeze against Virtual Cash Card LLC, d/b/a Virtual Cash, and its principals, Eric L. Turner and Kenneth M. May, Omni Advertising, Inc. and its principal, Anthony Joseph Pinone, in connection with an unregistered offering of securities. The SEC’s complaint alleged that Virtual Cash, Turner, and May, through Omni, a boiler room operated by Pinone, fraudulently raised over $1 million from more than 70 investors to purportedly fund short-term cash advances for its purported payday advance business when in fact only a small portion was used for those purposes. For more information about the SEC’s action, you can read Litigation Release Nos. 17868 and 18771.

The Court appointed Daniel J. Stermer, Esq., as Receiver over the corporate defendants. Mr. Stermer has collected additional assets and expects to submit a plan of distribution to the Court for its approval very soon. Once the Receiver obtains approval, checks will be sent to eligible claimants. If you have questions, you can contact the Receiver at (954) 205-9195.

http://www.sec.gov/divisions/enforce/claims/virtualcash.htm