December 12, 2002

Contact: Lynn Kimbrough,

720-913-9025

  GRAND JURY HANDS DOWN INDICTMENT IN

MILLION-DOLLAR SECURITIES FRAUD CASE

A Denver Grand Jury has returned a multiple count indictment against a man accused of racketeering and stealing more than one-million dollars from Denver-area car dealers and private investors through investment fraud.

Adelbert Bassford (DOB: 11-2-54) was indicted on charges of violating the Colorado Organized Crime Control Act (F2), twenty-seven counts of securities fraud (F3), and twenty-seven counts of theft (F3 and F4).

The indictment alleges that Bassford began an ongoing pattern of securities fraud and theft in September, 2000 using several of his companies, including Autobucks, Autobucks.com and Nunetco.  The indictment alleges that the victims were persuaded to invest in the companies but Bassford took the investor money and used it for his own personal gain.

The indictment also alleges that Bassford failed to disclose information about his financial situation including bankruptcy filings, civil lawsuits, and prior business failures. 

According to the indictment, there were 27 victims with losses totaling $1,300,000. 

The indictment was handed down December 5, 2002 and was sealed until after Bassford’s arrest on December 6, 2002.  He was released from jail on $100,000 bond and is scheduled to appear in Denver District Court, division 8, on December 20, 2002 at 8:30 a.m. to be formally advised of the charges. 

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*The filing of a criminal charge is merely a formal accusation that an individual(s) committed a crime(s) under Colorado laws.  A defendant is presumed innocent until and unless proven guilty.  See Colo. RPC 3.6 ____________