Californians Attempt To Scam Texans In Kids Internet Deal
Edward Bracken, the vice president of business development for the Children’s Educational Network and its Club Tuki site, and Gregory Writer, Jr., the CEO of the children’s network, are the subjects of a Cease and Desist Order issued on July 5, 2011 by the Texas security police, according to a news release by the State of Texas Securities Board.
The two men were accused of soliciting money for their ultimate kids Internet destination, Club Tuki, through high yielding promissory notes. Unfortunately, Mr. Write failed to disclose that he had filed for bankruptcy protection last year and was previously barred from association with any member of the Financial Industry Regulatory Authority (FINRA). Mr. Bracken was also barred from the securities industry in 2001 and had filed for bankruptcy protection last year. Furthermore, the promissory notes were not registered with the State of Texas and the two men were not registered to sell securities in the state.