Telemarketing Firm Fined $8,100 for Failing to Register

By EDWARD M. YOON

Nov. 6, 1998 12 AM PT

SPECIAL TO THE TIMES

The owner of a Woodland Hills-based telemarketing firm was ordered to pay $8,100 in fines and penalties for failing to register his company with the state as a telemarketer.

Syed Haider, owner of Softnet Venture Capital Inc., which is involved in the sale of investments in Holo-World entertainment centers, pleaded no contest to one count of failing to register with the California Department of Justice as a telemarketer, said Deputy City Atty. Mark Lambert, who is handling the case.

For the record:

12:00 a.m. Nov. 7, 1998 For the Record
Los Angeles Times Saturday November 7, 1998 Valley Edition Metro Part B Page 3 Zones Desk 2 inches; 45 words Type of Material: Correction
Telemarketing firm--The nature of a no-contest plea and resulting fines and probation were incorrect in a story Friday about a Woodland Hills telemarketing firm. Syed Haider, owner of Softnet Venture Capital Inc., entered the plea on behalf of his company. The company, not Haider, was placed on three years’ probation.

Los Angeles Municipal Court Commissioner Kristi Lousteau placed Haider on three years summary probation, Lambert said.

In addition, Lousteau ruled that Holo-World Inc., a sister company to Softnet, which was also involved in the sale of investments in Holo-World entertainment centers, register with the state and maintain a $100,000 bond, as required by state law, he said.

“The point of this case is to provide notice to businesses that are trying to raise money through telemarketing to get registered and bonded, or else they will face criminal charges,” Lambert said. “Telemarketers need to be registered and bonded in order to protect the public.”

In this particular case, Lambert stressed that no allegations of fraud had been leveled.

Lousteau ordered the company to show proof of compliance with the probation order by Feb. 2, Lambert said.

Haider said the ruling was appropriate and that he plans to comply with Lousteau’s order.

“I’m happy to put the matter behind us,” Haider said.

The case against Haider will be dropped if he complies with the court ruling, he added.