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Friday, November 26, 2021

Walnut Creek: Feds Arrest Man By Telegraph On Securities Fraud Charges

SAN FRANCISCO. A federal grand jury indicted a 59-year-old man from Walnut Creek with electronic fraud and securities fraud in connection with decades of attempts to attract potential investors to support online services targeted at children, the US Department of Justice said. Wednesday.

According to an indictment filed Oct. 13, Alan Anderson “used misrepresentation to attract investment” for Imbee, Anderson’s Delaware corporation’s social networking platform for children, and Fanlala and Fruit Punch, which is focused on streaming music for children. services owned by Anderson within California corporations.

The indictment alleges that Anderson used documents and statements to distort the profitability of companies from April 2010 to May 2019. Prosecutors say he raised money by claiming that one or more of his companies were targeted, and changed contracts by stating partnerships with outside firms.

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Anderson was arrested Wednesday in Walnut Creek and was scheduled to appear in federal court before Judge Thomas Hickson at 10:30 am Thursday morning. He was charged with four counts of electronic fraud, each with a maximum sentence of 20 years in prison and a $ 250,000 fine, as well as a single securities fraud charge with a maximum sentence of 20 years in prison and a $ 5,000,000 fine.

Contact George Kelly at 408-859-5180.

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