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 E-HighYields.com
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.