PRESS RELEASE
STATE REGULATOR HALTS ACTIVITIES OF CRESCENT BASED INVESTMENT PROGRAM
 
For Immediate Release
Friday, October 15, 2004 
 
Contact: Irving L. Faught
  Oklahoma Department of Securities
  405-280-7700
 
 
Oklahoma City/////  The Oklahoma Department of Securities filed a civil action yesterday in Logan County District Court alleging the fraudulent and unregistered sale of securities in the form of interests in an investment program. The petition alleges that the Defendants sold securities promising profits in excess of thirty percent (30%) to investors. Investors have not been provided supporting documents or other evidence of their investments.

As a result of the civil action, a Temporary Restraining Order, Order Appointing Receiver, Order Freezing Assets and Order for Accounting was entered against Marsha Schubert, an individual and dba Schubert and Associates; Richard L. Schubert, an individual and dba Schubert and Associates; and Schubert and Associates doing business in Crescent, Oklahoma.

Douglas Jackson is the court-appointed receiver and has the authority to take custody and control of the assets of Marsha Schubert, Richard Schubert, and Schubert and Associates. Douglas Jackson is an attorney with Gungoll, Jackson, Collins, Box & Devoll, P.C. in Enid, Oklahoma. If you have any information regarding assets, please put that information in writing and direct it to Mr. Jackson by email at Jackson@enidlaw.com, by fax at (580) 233-1284, or by mail to P.O. Box 1549, Enid, Oklahoma 73701.

Mr. Jackson is taking immediate steps to establish open communications with the Schubert Investors. He has announced a Town Hall Meeting on Wednesday, October 20, 2004, at 7:00 p.m. at the Crescent Community Center.

The Department's suit seeks restitution for investors, a civil penalty, and an injunction against further offers or sales of securities in or from the state of Oklahoma. “This action was filed in order to put a stop to the Defendants’ activity in violation of the securities laws in this state,” said Irving L. Faught, Administrator of the Department of Securities.

Copies of the Department's Petition and the Temporary Restraining Order can be found on the Department's website at www.securities.state.ok.us. The Department requests that investors fill out the Investor Questionnaire located on the website.

The Administrator of the Department of Securities is charged with administration and enforcement of the Oklahoma Securities Act. The Department investigates securities fraud, the offer or sale of unregistered securities, and the sales practices of stockbrokers and investment advisers. The Administrator may seek administrative or civil sanctions against any person who violates state securities regulations and, when appropriate, make criminal referrals.
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This press release, and related information, is available on the Securities Commission's web site at securities.ok.gov, by phone at (405) 280-7700, or in writing at:  Oklahoma Securities Commission, 204 North Robinson, Suite 400, Oklahoma City, OK 73102.