The Region - News from March 7, 1986

Raids at three Southern California “boiler-room” operations resulted in the arrests of 23 people and the issuing of citations against 23 others on charges of being involved in telephone solicitation businesses that are not registered with state authorities. Assistant U.S. Atty. Terree A. Bowers said federal authorities coordinated the raids at the telephone operations--International Metals & Currency Inc. in Torrance; Bonanza Savings in Redondo Beach, and Cambridge Financial Management in Garden Grove--in response to fraud complaints made by several victims, who allege that they did not receive free gifts or large investment bonuses as promised by the three solicitation operations. Bowers said a new state law that took effect on Jan. 1 requires telephone solicitation businesses to register as a means to combat fraud schemes that promise “free” gifts.