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Cedar Rapids Gazette Newspaper Archive: June 29, 1974 - Page 8

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Publication: Cedar Rapids Gazette

Location: Cedar Rapids, Iowa

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   Cedar Rapids Gazette (Newspaper) - June 29, 1974, Cedar Rapids, Iowa                                The Cedar Rapids Gazette: Sat., June 29, SEC Warns Investors of Get-Rich-Quick Schemes WASHINGTON (AP) Twojcities, encouraging a insure to make a quick in- reoent alleged vestment decision frauds that may have cost un-] 1974jpeoplo involved, the terms jthe offering, the financial condi-j (ion of the enterprise and its prior business record. The promise of an instant so- lution to all of, one's financial of lime from the store. problems. invKtnn mnre than Mnft! V? Claims to ncw or Prod- wary investors more tnan in connection with'uctsor enterprises. ccmmuriicotious Oa mat Ihe potential in- opportunities. ,0 got The failure to receive full in on ihe "ground floor" of a written information about investment. curities and Exchange Commis- sion to warn anew about special financial offerings. "Recent fraudulent schemes have been promoted by claims of a quick and high rate of re- turn money agency said Thursday. "Unfor- t u n a t e 1 y, these investments often wera stimulated by tips and rumors spread by friends, relatives and neighbors." One of the alleged frauds in- volved investments in an oil- exploration tax shelter that attracted many persons prom- inent in business and enter- tainment. The second, already the sub- ject of SEC charges, concerns a wine venture. The SEC warned especially of so-called "Ponzi" or pyramid- type schemes whereby early in- vestors are repaid with money obtained from later investors but where the operation itself yields little, if any, income. The SEC listed these specific warning signals for potential in- vestors: Promises of spectacular re- turns of profits far above those normally expected. Sales approaches from strang- ers. Rumors heard from friends, neighbors and acquaintances about unusual investment op- portunities. Telephone calls fnm strang- ers, particularly from other In Theft from Younkers Store A 15-year-old youth was charged Kriday with grand lar- ceny iii the thefts of approxi- mately worth of merchan- dise from Younkers department store. The youth, who was anvsk'd ,HUT an investigation, ap- parently took the items over a Poweshiek Voters Pass Bond Issue with contracts signed by i construction of the 5i-bed fuctli- jverwhelmingly'the board supervisors Friday. ;ty. Police said the youth had access !to Ihe store because he was an; MONTE2UMA 'employe- of a firm dealing1 with'coui'ty voters overwhelming Younkers. ;approved Thursday a bond issue: County voters passed a! A contract was When arrested the youth had'10 ;in additional bond issue to a J20UOO contract for a hair brush, four men's shirtsj111 for building of the health care; (i U) of Waterloo, ;and stereo eqtnpment valued atjwruilructionof a county home. Ifacility one year ago. but was ___ in his car. After the car. A Mai 01 074 voles casl.sUuclion cosis have iistm Sim-, C0ntract for ihad been impounded, police dis-jin favor of spending Ihe addi-jthat time, lieebee said. 1 mechanical work and electrical covered additional merchandise.lional funds for the project, with revenue sharing funds for in the trunk of Ihe ear. only dissenting, niay not IK- nt't'deci to Electric, of Newton. I'oliee weiv checking further 1'oweshiek county Auditor construction, hut the board felt ________ ___ u> determine why the youth was Beebee said that construction of it should have additional fiiuui- ithe structure will begin immedi- cial assurance to go ahead wilhi Read the Want MOS Vandalism Up In Buchanan WINTHROP A large amount of vandalism has bsiu reported to the Buchanan county sheriff's department this week. In Winthrop, damage included broken signs at McLeroy's fooc market and the Tenth Inning cafe which were reported Wednesday to sheriff's officers. Additional vandalism was re- ported in Quasqueton at Find- er's Texaco station where a light fixture and a glass window block were broken. Other dam- age included broken glass in an ice machine and grease room. Goods stolen included sun- glasses, gloves, and a small amount of change. Fred Bardeson, of Quasque- ton, told authorities that tires on his camper van and boat trailer had been flattened and a foreign substance had been put in his gas tank. The tires on a semi-trailer truck owned by Buzz Oliphant were also flat Wednesday morn- ing. Wednesday evening vandal- ism was discovered at the Otter- ville store bwned by F. J. Schons. Money had been taken from the pool table, juke box, pinball and other machines. No estimate was available on dam- ages. Suspend Sentence for Cedar Rapids Man TOLEDO Michael Alvin Wanatee, jr., 503 C ave- nue NW, Cedar Rapids, who previously pled guilty to lar- ceny in the daytime, an amended information, was sentenced Wednesday in Tama county district court to five years in the state peniten- tiary at Fort Madison by Judge Clinton E. Shaeffer. On the recommendation of Tama County Atty. Jared 0. Bauch, the sixth judicial com- munity court services and the.- bureau of adult corrections, Judge Shaeffer suspended the sentence and placed Wanatee on probation. Wanalee is also to make restitution. Appeal bond was set at Wanatee and a juvenile youth were arrested March 24 and charged with larceny in the nighttime after a breakin a t Spooner's Grocery in Tama. An undetermined amount of cash was taken, also cigarets, beer and a radio. There was damage to the cash register, an ice ma- chine and two windows. GAZETTE TELEPHONE NUMBERS For Niwt, Sporti, Bookkeeping, General Infor- mation and Office! Not listed Below Call ............................398-8211 Cinulation-Subitription Dipt.......398-6333 MarUhru Sal. 8 a.m.'to 7 p.m. Simdayi Unfil 1? Noon Holidays 11 a.m. Io 7 p.m. Wont Adi........................398-823< Mon. thruffi. Sa.m, loSp.m. Saturday until 12 Nton am. to 5 p.m. Morion Offici ....................398-8OO The last word in a great book offer, Free from Bohemian! Whichever volume you choose after de- positing or more in a new or existing certificate account at Bohemian Savings, you'll have chosen a rich volume that will be valued for years. And, as your savings keep growing through the years, you'll have the comfort and safety of knowing they're earning the highest rates we're permitted by law. If you'd like a gift edition of either The American Heritage Dictionary or The Heirloom Family Bible in Protestant or Catholic versions, just walk in to either of our 2 Cedar Rapids locations, make your deposit, and walk out with the book of your choice. It's that simple. There's no waiting, and no additional costs. They're free with your deposit at Bohemian Savings. This generous 1600 page text includes entries, illustrations, hundreds of photographs. Thousands of new words from business, science, and technology keep you up-to-date with our changing-language. Many appendices, and the large type makes it easily readable. This luminously illustrated volume, available'in either Protestant or Catholic versions, is the latest original translation into English as we speak it. The padded cover is stamped with thick gold letters, and graced by a full color repro- duction. Includes almost 30 color plates of celebrated religious paintings. Or choose one Better Homes and Gardens book below when you add or more to your savings account. Take two from the selection below for depositing or more in a certificate account. M i improvemen I Home Canning Story Book CooWn'j Ground Meat Cooldna HOIIW Plinta r- j. 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