State seeks receiver in culture-growing case
- Select a language for the TTS:
- UK English Female
- UK English Male
- US English Female
- US English Male
- Australian Female
- Australian Male
- Language selected: (auto detect) - EN
Play all audios:
The state of California asked a San Diego Superior Court judge to appoint a receiver to handle money held in several California bank accounts opened by the operators of a nationwide
culture-growing investment operation. On Monday, the California Attorney General’s office filed a petition seeking the appointment of a receiver for funds held by the Bank of America in San
Francisco and smaller banks around the state. A hearing on the request has been scheduled for Sept. 23. Last month, the state obtained a court order freezing the funds because the companies
are the focus of on-going state and federal investigation. Most of the undisclosed amount of money belongs to Activator Supply Co., of Pahrump, Nev. Activator sold the culture-growing kits
to investors for $35 each. The finished cultures were to be sold back to Culture Farms, allegedly for use in a line of women’s cosmetics. Federal investigators believe an estimated $63
million was invested by 27,000 people across the country. Late last week, Culture Farms Inc., one of the three companies involved in the investment program, filed for protection under
Chapter 11 of the federal bankruptcy code. MORE TO READ