Clemens to lead state Chamber executives

Journal Record, The (Oklahoma City), Dec 19, 2001

Charges dismissed

A federal judge has dismissed charges against Broadband Wireless International Corp., whose former president is accused in a pump-and- dump scheme that illegally boosted stock.

About a dozen stockholders, many of whom were victimized after investing in Broadband, watched Monday as Judge David Russell helped resurrect the company.

The U.S. Securities and Exchange Commission requested charges be dropped against Broadband because company officials accused in the stock scheme are no longer with the company. Authorities believe the former president is hiding out in a lavish villa in Costa Rica. About 200 Oklahoma investors lost about $5 million in the scheme, officials said.

"This one's up at the top. It's not the worst... but it had an incredibly significant impact," said Harold Loftin, an attorney for the SEC.

The judge's ruling allows Broadband to reorganize financially through bankruptcy court.

Broadband's former president, Donald L. Knight, disappeared in August 2000 shortly before lawsuits were filed by the SEC and the state Securities Department. The lawsuits accused Knight and former Broadband President Ivan Webb of releasing untrue Internet postings to artificially drive up the company's stock 10,000 percent.

Broadband has new officers and directors, and an agreement to purchase Entertainment Direct.TV, a Las Vegas company that uses the Internet to promote entertainment products and information to targeted consumers.

Breaking ground

Big Lots Inc. will break ground Friday on a distribution center in Durant that will have up to 500 employees.

The $65 million facility will be on a 118-acre site in the Durant International Business Park. The 1.2 million square-foot distribution center will serve 214 stores in the South-central United States, including seven in the Oklahoma City area and 16 in Oklahoma.

Big Lots, based in Columbus, Ohio, has 1,345 closeout stores in 45 states operating as Big Lots, Big Lots Furniture, Pic N' Save and Mac Frugal's Bargains-Closeouts.

Toys needed

The Salvation Army's Toy Shop has opened but there is a significant shortage this year in the Oklahoma City area, says Major Paula Johnson.

More than 4,000 families, representing more than 12,000 children in the Oklahoma City area, are depending on The Salvation Army to help this Christmas, Johnson said.

"This is something that has not been confined to Oklahoma City," said Major Ken Johnson, Oklahoma City area commander for the Salvation Army. "It seems the effects on local charities of the Sept. 11 attacks have carried through to the toy donations."

Financial contributions, marked "Toys," can be mailed to The Salvation Army, P.O. Box 2095, Oklahoma City, 73101. New unwrapped toys can be dropped off at The Salvation Army, 311 SW 5th St. or 5101 N. Pennsylvania Ave. Toys also can be dropped off at the Toy Shop in the Made in Oklahoma Building at the State Fairgrounds.

Investments frozen

The City of Ardmore has almost $1 million invested in a company whose assets are frozen by the federal government, officials said.