FTC News Release FTC TO DISTRIBUTE NEARLY $338,000 TO VICTIMS OF HIGH-TECH FRAUD FOLLOWING SETTLEMENT: Funds to be Retrieved from Bahamas In a case that will mark the first time the U.S. government has obtained an asset freeze issued by a foreign court and returned the frozen funds to American telemarketing fraud victims, the Federal Trade Commission today announced that consumers victimized by a fraudulent paging license application mill will share $337,780 out of funds that a defendant in an FTC case allegedly diverted to a Bahamian bank. The defendant is Robert Corey (also known as Michael Allen), who was a hidden principal in a company called On Line Communications, Inc. that, while headquartered in Las Vegas, Nevada, actually conducted business out of Los Angeles. The FTC charged the firm and its principals in January with making false claims to investors about the nature and value of the paging licenses it could obtain for them. Corey has agreed to disgorge a total of $362,500, of which $337,780 is for the refund pool, as part of a settlement that will end the FTC litigation against him. The FTC said it has been working with such agencies as the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Justice Department to return funds hidden in overseas banks to American fraud victims, and this case is a successful example of that effort. [Ed. Note: Many details were snipped in length's best interest. If you'd like to receive a full-text copy of the 6K PR, send Email to: liz@kersur.net SUBJECT: FTC News Release ] [BY: Capitol NewsWire-D.C. Bureau-Law Correspondent <CapNwsWire@aol.com> ]