TECHNOLOGY - Oct. 20, 1998

A Santa Cruz man was convicted on 54 counts of fraud for conducting a phony initial public stock offering over the Internet. The IPO, for a supposed high-tech company called Interactive Products & Services Inc. allegedly run out of Matthew Bowin’s house, was one of the first sold entirely over the Internet. Bowin was convicted Oct. 2 after a three-week jury trial. Authorities say he stole about $190,000 from 150 people who thought they were investing in the IPO. He was not available for comment.