Starcash, Inc. et al.

On May 17, 2002, the SEC obtained temporary retraining orders, asset freezes, and other relief against Starcash Inc. and other defendants in connection with an unregistered offering whose purpose was purportedly to fund payday advances in the form of short-term loans. The SEC alleged that the defendants fraudulently raised more than $6 million dollars from thousands of investors through a network of boiler rooms. According to the SEC's complaint, the defendants actually used investor funds to pay exorbitant commissions to the boiler rooms, and falsely represented that the investments were virtually risk free and secured by the loans. For more information about the SEC's action, you can read Litigation Release Nos. 17526 (May 21, 2002) and 17751 (Sept. 26, 2002).

The Court also appointed Kenneth A. Welt as Receiver. For the latest information, including how to file a claims form, you can visit the Receiver's website.

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