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The latest information is a confidential memo we saw from one of a money raising firms, claiming they were no longer going to raise money for the company because it was significantly late in the latest round of payments to investors. The latest rumor, and it is a rumor, is that the company received $600 thousand from one investor, and that was the source of the payments to the initial investors. If so, this is starting to look like a Ponzi scheme, whether deliberate or inadvertent.
UPDATE: We are also told Sterling Media has stopped payment to some investors claiming that someone has stolen his computer records so he couldn’t pay off investors.
UPDATE: April 98 – One of our members tells us the office of Sterling Media is closed, Mr. Stein has gone missing. The Nevada authorities are looking into the allegation by a former employee that Mr. Stein has done his disappeared with $30 million dollars of investor funds.
UPDATE: Mr. Stein has surfaced in a letter to investors on 4-13, admitting the company has been undergoing a difficult time. But telling everyone to hang in there and it’ll all be okay.
UPDATE: April 98 - Sterling Media has been closed by the FTC as a ponzi scheme. Nevada’s attorney general, represented by Charles Moore, has filed charges for breach of contract, misrepresentation, securities and wire fraud, misappropriation, etc, etc. Mr. Stein, with two others, Philip Balistrieri, and Ina Bell. Ms. Bell has been apprehended, but Stein and Balistrieri are still at large. The estimated losses to investors range from 18 to 60 million dollars. An attorney named Louis Sessions has filed a suit in San Antonio on behalf of some of those investors. We’re sad to say that recovery is not usually possible in scams. The coordinator of the telemarketers selling Sterling Media were Michael K and Denyse L Anderson of San Diego, through a companies called Financial Growth Consultants LLC, and Venture Capitalization Co. They Andersons also marketed KidzTyme TV (See above) through Continental Business Consultants. It is alleged that the Andersons may have $5 million in an account overseas. It is unknown whether or not this is from commissions on the sale of the Sterling Media investment. Charged are Eric Stein, Ina Liberty Bell, Ruth Stein, aka Ruth Garcia, Denyse L. Anderson, Michael K Anderson, George John McWilliam, and Edward James Hally. No. 98-16378 (9th Cir.) in Nevada.
NOTE: This is just one of many high front load investments that has gone sour. And the amount of defrauded money is 1/3 the amount of the largest such as 'International Heritage'. But for some reason it has caught the attention of the media. Eric Stein has been featured on Americas Most Wanted, and watch out for a Sterling special recovery room, ‘Global Investment Recovery‘.
BEFORE YOU INVEST IN A HIGH YIELD GROUND FLOOR COMPANY,
Investor Data Exchange, Inc.
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