TECHNOLOGY & TELECOMMUNICATIONS
<i> Times Staff and Wire Reports</i>
Incomnet Confirms SEC Inquiry: The company’s shares fell as much as 31% on the news, which came after two statements in two days by the firm denying the reports. Chairman Sam D. Schwartz said the federal investigation “was prompted by a report . . . that we were running a pyramid scheme.” Schwartz said the company has been “voluntarily and fully cooperating” with the Securities and Exchange Commission but did not elaborate about the nature of the inquiry. Woodland Hills-based Incomnet Inc. is the parent of National Telephone Communications Inc., a long-distance telephone time reseller.
