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twitterMan fined for scam
Wednesday, Feb. 20, 2002 | 9:49 a.m.
Lawrence Shaw, founder and president of Internet Solutions For Business Inc., a company that is accused of perpetrating a fraudulent cyber-investment scheme targeting thousands of investors nationwide, was ordered by a federal judge to pay $110,000 in civil penalties.
The SEC obtained a default judgment against Shaw, who is listed at the Nevada Secretary of State's website as a resident of Coventry, United Kingdom, after he failed to respond to the SEC's complaint.
The company, which is headquartered in England and has a Las Vegas address at 2949 E. Desert Inn Road, was accused by the Securities and Exchange Commission in March of issuing false and misleading press releases about the company's business relationships with prominent international companies and of falsifying its stock value and stock price predictions.
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