Investigation of Whitney Information Network, Inc. by SEC and federal grand jury

Whitney news

Real estate guru Russ Whitney sued me in 2002. The suit was settled in 2005 as I previously reported here. His publicly-traded Whitney Information Network, Inc. recently issued several news releases that might be of interest to readers who followed his suit against me.

Whitney Information Network, Inc. Receives Notice of SEC Investigation
Nov. 21, 2006--Whitney Information Network, Inc. … announced today that on the evening of November 14, 2006, it had been notified by the Securities and Exchange Commission that the Commission was conducting a non-public investigation to determine whether the Company has violated any securities laws in connection with (i) the efficacy or trading success of the Company's stock market education programs, and, (ii) the Company's acquisition of certain other companies. The Company intends to provide the Commission with any requested information.

Whitney Information Network, Inc. Receives Grand Jury Subpoena
Dec 15, 2006 Whitney Information Network, Inc. … announced today that the United States Attorney for the Eastern District of Virginia has notified the Company that it has commenced a grand jury investigation into certain of the Company’s marketing activities. The Company received a subpoena on December 11, 2006 in connection with this investigation requesting documents and information from January 1, 2002 to the present relating to its marketing activities. The Company intends to cooperate fully with this investigation.
Separately, the Company also announced today that it intends to withdraw its EduTrades, Inc. registration statement filed with the Securities and Exchange Commission.

Whitney Information Network, Inc. Announces Departure of Officers
Dec. 19, 2006--Whitney Information Network, Inc. … announced today the termination of employment of Nicholas S. Maturo, President and Chief Operating Officer and Rance Masheck, Vice President, Sales and Marketing of EduTrades, Inc. (a subsidiary of the Company).