Feds investigate wireless stock sales

Feds investigate wireless stock sales

There are 1775 comments on the StarTribune story from Sep 27, 2007, titled Feds investigate wireless stock sales. In it, StarTribune reports that:

“Anderson told the [witness] that he invested $2,500 into each of the water projects and gifted $5,000 worth of shares into the EPCOM venture”

For seven years, Eldon P. Anderson of Burnsville has been selling stock in a wireless rural communications network to investors in Minnesota, Iowa, Wisconsin and the Dakotas, authorities say, promising returns ... via StarTribune

Join the discussion below, or Read more at StarTribune.

message to Eldon

Saint Paul, MN

#21 Oct 7, 2007
Look at the "Economic Crimes Press Release" for MN and there is someone just sentenced for the exact crime you did. 8 years in prison!!!! Whats Kathy going to do while you are paying for your crime.
so sad

Saint Paul, MN

#22 Oct 7, 2007
she will be in Pekin federal prison if she had anything to do with this
About Time

Saint Paul, MN

#23 Oct 7, 2007
Where exactly is the article within the website?
About Time

Saint Paul, MN

#24 Oct 7, 2007
I found one on a Coon Rapids guy. He's facing 20 years on each count.
Fraud is Illegal

Saint Paul, MN

#25 Oct 7, 2007
Do you think that he started working a new town when he wore out his welcome in each city? Do you know if there are victims from AZ or NV?
so sad

Saint Paul, MN

#26 Oct 7, 2007
shades are drawn, no kids on bikes going to school, he is gone and so is his family. so much for justic

Since: Oct 07

USA

#27 Oct 7, 2007
so sad wrote:
shades are drawn, no kids on bikes going to school, he is gone and so is his family. so much for justic
Are you serious!!! They're gone?!
Fraud is Illegal

Saint Paul, MN

#28 Oct 7, 2007
You don't think the Feds arrested him and his wife left with the kids? You think he's on the lam? What day did you notice them gone?
Not Gone Yet

Burnsville, MN

#29 Oct 7, 2007
Eldon was seen mowing his front lawn Sunday! They
were gone for a while. Now they're back. What are the feds waiting for. He's going to flee.
Interesting Info

Saint Paul, MN

#30 Oct 7, 2007
Okay. Some of the people on this board seem to have some pretty close connections as to what's going on. I'll keep a close eye on this board. It is all so interesting.
Interesting Info

Saint Paul, MN

#31 Oct 7, 2007
There are so many curiosities. My guess is there are so many things that we'll never know unless it's posted on something like this. I doubt we'll get too much from the newspapers. Unless, of couse, we're privy to court documents.
Poor kids

Burnsville, MN

#32 Oct 7, 2007
What is he (they) teaching the kids? These poor kids don't know what it's like to make a living. Everything has been bought with other people's dirty money. For the sake of the kids - put this man away. White collar crime is still crime. Pay the piper! Why doesn't she leave him and take the kids?
Interesting Info

Saint Paul, MN

#33 Oct 7, 2007
What's she like?
so sad

Saint Paul, MN

#34 Oct 8, 2007
Interesting Info wrote:
What's she like?
She is the one that lived in an apt on welfare before she married Eldon. She likes to throw parties and it appears she thinks she is a little better then everyone else. She sends out Christmas letters every year to let everyone know how wonderful their life is. I dont think they will flee and leave behind the boat, cars, and all the other worldly goods. I think he will get a good lawyer and
expect a little jail time then when he is out continue to sell epcom.
wow

Saint Paul, MN

#35 Oct 8, 2007
This is interesting, does anyone know if he has a job besides his epcom business? If not he has to be swindling at least 10k a month to keep that place going with all the cars, kids, etc. It does not look like a cheap neighborhood to live in. I wonder if his wife even saw the newspaper article, he probably took them on vacation to avoid her seeing it.
Not Soon Enough

AOL

#36 Oct 8, 2007
Anderson bought the cars, boat, landscaping and more large ticket items within days of each other. Why did he have to spend that money so quickly? Perhaps because he could only have the money in the bank for a short time before the large deposit was reported to the IRS. I have a feeling there is a lot more fraud here than we or the Feds know about.
Epcom Victims

Salt Lake City, UT

#37 Oct 8, 2007
Original article is below
http://www.msnbc.msn.com/id/21016509/

I'll be the first to admit I was swindled from Epcom in 1999 for $8000.00. Im part of a group who lost roughly $120,000.00 There is another group in ND for roughly another $100,000.00. That group has a civil judgment. This is only a very small group and all this happened prior to 2003. I have letters, emails, a stock certificate, letters asking for more investors, denying fraud after asking, and the last time he communicated with me when I asked for my money back and Anderson said "the statue of limitations is 3 years in MN...." That was August of 2003 and thats when he quit communicating. All correspondance stopped at that point. I have been contacting every law offical many times over ever since. I have even communicated with a family member that is as close as you can get and that person denied knowning Mr. Anderson. Another person really close to the family spilled the beans on the whole Eldon Anderson fantasy world. It all is a very easy to understand and its pretty simple. So whats up with the bottled water company? Riding the latest wave of scamming? Affordable rural wireless service in the midwest in the early 90's, bottled water in 2007?
wow

Saint Paul, MN

#38 Oct 8, 2007
Not Soon Enough wrote:
Anderson bought the cars, boat, landscaping and more large ticket items within days of each other. Why did he have to spend that money so quickly? Perhaps because he could only have the money in the bank for a short time before the large deposit was reported to the IRS. I have a feeling there is a lot more fraud here than we or the Feds know about.
He also did the pool and sauna in the backyard. If the outside looks that good can you imagine what the inside looks like. The property info says 5 bedrooms 4 baths! For all those investors out there the money was well spent.
Not Soon Enough

AOL

#39 Oct 8, 2007
Not Gone Yet wrote:
Eldon was seen mowing his front lawn Sunday! They
were gone for a while. Now they're back. What are the feds waiting for. He's going to flee.
Anderson is not going to get away with this. From the only newspaper article written by the Star Tribune, I quote,

"Strande does not say how many investors have filed complaints about Anderson. But he said in his affidavit that, from July through August, investigators reviewed Anderson's personal and business bank accounts and "determined that a multitude of personal checks and wires were submitted to Anderson by investors."

Anderson spent the money on personal expenses, Strande said.

According to Strande, Anderson repeatedly misled investors, telling them that his wireless communications company would go public by a set date, most recently March 20. But the dates kept expiring and Anderson kept making excuses, he said."

Anderson is not going to get away with this!!!!!
Epcom Victims

Salt Lake City, UT

#40 Oct 8, 2007
Another link. Make sure you click on EPCOM WIRELESS CORPORATION This will open the door to what has lead up today.

http://www.state.mn.us/mn/externalDocs/Commer...

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