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Resource ID: #16031
Subject: Fraud
Source: Business Journal (Sacramento, CA)
Affiliation: 
Date: March 5, 1999

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Description

The Sacramento Business Journal reports that "Level One, a leading-edge telecom(munications) company specializing in building integrated circuits that allow voice and data to be transferred at ever higher speeds through copper phone lines, got conned into buying technology it thought was real, but was faked in a rigged demonstration. The company paid millions in cash and stock for it, but got nothing. So Level One sued in federal court, naming Teddy Turner, son of media giant Ted Turner, as one of the swindlers..." Turner has denied all charges.

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