Wednesday, October 18, 2006

Investors Are Children, Too

By Chris Thompson
Wed, Oct 18, 2006 at 3:22 PM

You might say it's tough times for Pleasanton's The Children's Internet Inc. Not only is the Securities and Exchange Commission suing the cuddly kiddie content company for stock fraud, but its auditor, Marc Lumer & Co., has quit faster than you can say "Daddy, where's my college fund?" The East Bay Business Journal (subscription required) reports that company founders Sholeh and Nasser Hamedani allegedly suckered investors into buying $5.5 million in shares that didn't exist, and spent the filthy lucre on "luxury cars, gambling debts, and personal expenses." The Hamedanis, who live in Danville, have denied the charges, but there's an easy way to put their claims to the test. Danville readers are invited to keep their eyes open for the two Hamedanis; if you spot 'em tooling around town in a Cadillac Escalade, or dropping a wad at Golden Gate Fields, snap a pic and send it to us.

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