The Region - News from May 27, 1985

Only about $200 was found in bank accounts seized by federal officials investigating the activities of two men suspected of having fraudulently obtained about $10 million from investors recruited from Christian Bible study groups. U.S. District Judge A. Wallace Tashima appointed a temporary receiver to look for other assets of Clifford Lampman and Robert Matson, and of several companies they ran from offices in Covina. He also granted a Securities and Exchange Commission motion for an order barring the two men or their companies from making fraudulent representations to clients or selling unregistered securities. A former accountant for Lampman said investors were told they would get a 20% to 25% return on their money--and were promised that 10% of the funds would be used to “spread the gospel” in Mexico and South Korea.