LITIGATION RELEASE NO. 16418 / January 27, 2000

Securities and Exchange Commission v. John Wayne Zidar et al. Civil Action No. 99-B-2130 (USDC D. Colorado)

The Commission announced the filing of a civil contempt action on January 24, 2000, against John Wayne Zidar of Gilbert, Arizona, John Wesley Matthews of Chandler, Arizona, James Eman Ringquist d/b/a Times Two Design of Grand Marais, Minnesota, Clyde Bob Dark of Fruit Heights, Utah, Susan V. Fitzgerald of Enumclaw, Washington, and Beth Durtschi Moore of Orange, Texas. This action is based on their failure to comply with orders issued by the United States District Court for the District of Colorado on December 23, 1999, by which they were required to produce documents and testify in response to Commission subpoenas issued in the investigation captioned Oakleaf International. The Commission's contempt action and the subpoena enforcement action that preceded it allege that Oakleaf International, which characterizes itself as a "worldwide asset enhancement fund," may be defrauding investors by claiming a track record of 120% annual returns to be generated through an undefined investment scheme. The contempt action further alleges that Oakleaf International has raised over $20 million from investors. In addition to having the six respondents held in contempt, the contempt action seeks fines and attorneys fees.