Attorney General's News Release

February 2, 2000

Man accused of securities fraud arrested on charges filed by Nixon in Newton County

Jefferson City, Mo. — A Joplin man charged with five counts of securities fraud by Attorney General Jay Nixon was arrested last Friday by the Joplin Police Department. John Kevin Wedeking (DOB - 1/2/59) was taken into custody on the charges filed by Nixon in Newton County; he currently is out on $25,000 bond.

The five-count felony complaint accuses Wedeking of committing securities fraud on several occasions in 1998 by lying to investors in a corporation called Net Recovery Inc. Wedeking allegedly committed fraud by telling investors he owned the rights to a patent for a cellular tracking device when he did not, by not telling investors he was depositing the investment proceeds into his personal bank account, and by using investment proceeds for his own personal benefit.

A preliminary hearing on the charges has not yet been scheduled. Securities fraud is punishable by up to ten years in prison and a $500,000 fine on each count. The charges against Wedeking are merely accusations; as in all criminal cases, the defendant is presumed innocent until or unless proven guilty in a court of law.

Inquiries from consumers should be directed to consumer@ago.mo.gov or 1-800-392-8222 (from within Missouri) or 573-751-3321 (outside Missouri).

All media inquiries should be directed to Press Secretary John Fougere.

E-mail      Phone: 573-751-8844         Fax: 573-751-5818