Las Vegas couple accused of securities fraud in eight states
Saturday, August 21st 2004, 9:26 am
By: News On 6
PUEBLO, Colo. (AP) _ A former Colorado couple are accused of bilking as many as 120 investors in eight states -- including Oklahoma -- in a securities fraud scheme.
The Colorado attorney general's office filed multiple counts of securities fraud and theft against Ronald McLain and his wife Constance McLain.
The couple previously operated I-Q Travel and Entertainment Incorporated. A criminal complaint says the company was formed to produce a prepaid discount travel and entertainment card to be sold in national chain stores.
Prosecutors say the couple collected more than 500-thousand dollars from 120 investors in Colorado, Nevada, Oregon, Maryland, Florida, Oklahoma, California and Illinois.
The complaint says Ronald McLain promised prospective investors they would receive their initial investments back within a year plus interest, but never delivered.