INVESTOR ALERT FOR IMMEDIATE RELEASE
Contact: Nicole Y. Roane, Securities Investigator and Examiner
Phone: (302) 577-8920
Date: January 10, 2005
ATTORNEY GENERAL INDICTS PALM BEACH, FLORIDA MAN FOR SELLING FRAUDULENT UNREGISTERED SECURITIES
Additional Victims Sought by Securities Unit
(Wilmington, DE) - Attorney General M. Jane Brady announced that the New Castle County Grand Jury today indicted Florida insurance broker Michael D. Shuda for selling fraudulent investment products to a New Castle County family. Mr. Shuda was indicted on seven counts of Sale of an Unregistered Security, one count of Securities Fraud, one count of Theft and one count of Sale of a Security by an Unregistered Agent.
This indictment marks the second time that Attorney General Brady has taken action against the sale of fraudulent securities issued by the First International Bank of Grenada. In 2004, Brady's Securities Unit prosecuted Dennis N. Carlson for selling these same fraudulent securities. As in the Carlson case, the investors' principal has not been returned, the securities sold by Mr. Shuda were not registered, and he was never registered to conduct business in Delaware. Last year, Mr. Shuda was indicted for multiple securities fraud and RICO violations in Florida.
Investigators are searching for other potential crime victims. If you have information about the sale of any investment products by Michael D. Shuda in Delaware, please contact Securities Investigator and Examiner Nicole Y. Roane at (302) 577-8920.