Trucker/investment scammer collared

| 10/22/2001

A truckdriver who pretended to be an investment broker on the Internet has reportedly agreed to a permanent injunction from a federal court prohibiting him from operating as an unregistered broker. The trucker's web site promised investors returns ranging from 60 to 208 percent a year.

In a civil action against Mark Steven Snader filed in a Dallas, TX, federal court earlier this month, the U.S. Securities and Exchange Commission (SEC) alleged that solicited money from investors for a bogus "prime bank" trading scheme. The SEC said Snader, of Stevens, PA, became a "one-man show" behind the now-defunct investment web site.

Snader apparently told visitors to his site that he had a staff of analysts working for him and that he was advised daily by a network of consultants with access to information not available to the general public, according to published reports. Instead, Snader worked alone from his home computer. "Further, Snader, who claimed to be a former purchasing manager for one of the top 50 corporations in the world, was in fact a former truck driver and welder, with a high school education and no investment experience or acumen," the SEC said in a released statement.