Securities Commission Issues Order against Spring Fresh Corp
Titus, Nancy Raiden, THE JOURNAL RECORD
Spring Fresh Corp. allegedly promised investors guaranteed profits for the in-home production of cleaning products, but the state found no evidence that the company had the financial ability to back up those guarantees.
An order to stop the practice was issued by the administrator of the Oklahoma Department of Securities. Earlier this month, the Oklahoma County district attorney filed 17 felony counts against Spring Fresh, along with Sherman Surface and Charlie Thompson of Oklahoma City.
An appeal from Spring Fresh and its agentswas rejected by the Oklahoma Securities Commission last week, making final the prohibition against the operation.
``This is the 12th `get-rich-quick' scheme that we have stopped in the last six months,'' said Susan Bryant, administrator of the Oklahoma Department of Securities. ``Our concern is that this is beginning to look like an epidemic. State residents should be aware that bogus business opportunity schemes flourish during troubled economic times, such as the current recession.''
The promoters of Spring Fresh asked small investors for $9,850. They provided equipment and chemicals for production of cleaning products such as shampoo, laundry detergent and window cleaning fluid. The products were then to be repurchased by the promoters at a guaranteed profit to the investors, but the state found that the promoters did not have the ability to repurchase the products.
``We estimate that Oklahoma residents lose hundreds of thousands of dollars each year to phony business opportunities,'' Bryant said. …