A former stock exchange officer was indicted.

Dean Williams Cluff of Orem, Utah, a former vice president of the Pacific Coast Stock Exchange, was indicted by a federal grand jury in San Francisco on 21 counts of mail fraud and securities fraud in connection with a scheme that cost 16 investors $1.2 million. Assistant U.S. Attorney Robert Dondero said the indictment accuses Cluff of running a Ponzi scheme, in which investors, told they were making a profit, were actually being paid with money from other investors.