The State - News from May 19, 1988

The federal Securities and Exchange Commission has charged that two officers of a carburetor company illegally raised at least $12 million by selling stock since 1973. A complaint filed in U.S. District Court at Fresno asks that the president and the controller of Predator Automotive Concepts Inc. be prevented from selling more stock and be ordered to return money the government claims was obtained illegally from about 3,500 investors. Among other things, the complaint alleges the two officers fraudulently acted as unregistered securities broker-dealers, and failed to disclose that Predator was near bankruptcy. Brian Bardfield, vice president of corporate development for Predator, defended the company.”We can prove some of the things they’ve said are false,” Bardfield said.