FOR IMMEDIATE RELEASE
Contact: Pam duPré
(775) 684-5748 firstname.lastname@example.org
(Carson City, NV; July 26, 2010) – Investigators with Secretary of State Ross Miller’s Securities Division this morning arrested a 41-year old Clark County man on charges of securities fraud, theft, and forgery. Timothy John Shelburn is accused of bilking nearly $50,000 out of two investors in his company, Be Cool, Inc., and forging the signature of a patent attorney with the tool company, Black & Decker.
Shelburn told the two investors he was developing a device that would keep the inside of automobiles cool when not running and needed the money to close a deal with Black & Decker to purchase the patents that were pending on the device. The suspect claimed Black & Decker could offer $120 million for the device and that the investors would in turn make millions of dollars. When pressured for evidence that the company was interested in the device, Shelburn produced what he called a letter of intent from the company. The letter was determined to be a fake and included a forged signature of a patent attorney with Black & Decker. The U.S. Patent Office says there are no patents pending for a firm called Be Cool, Inc.
“The real nature of this so-called investment opportunity wasn’t revealed until someone started asking the right questions,” Secretary Miller said of the arrest. “I caution all Nevadans who are presented with an offer that sounds too good to be true to do their homework before they hand over even a dime. Always check before you invest.”
Investigators say Shelburn had filed for chapter 7 Bankruptcy in 2003 and had several civil cases filed against him in Indiana accusing him of violating that state’s securities laws.
The Nevada Attorney General’s Office has filed a criminal complaint against Shelburn in Las Vegas Justice Court. He is charged with a total of four felony counts.
Detailed information about safe investing and how to spot a potentially fraudulent scheme can be found under the Securities Center at www.nvsos.gov. Individuals who think they may be a victim of fraud or know someone who is should call the Secretary of State’s Securities Division at 1-800-758-6440.