New Jersey Man Indicted ... for Promoting Bogus Security Device

[Snazzy]

New Jersey Man Indicted on Fraud Charge for Promoting Bogus Security Device After Sept. 11

By Jeffrey Gold The Associated Press
Published: Jul 7, 2004


NEWARK, N.J. (AP) - A husband and wife have been indicted on charges they tried to pass off a filing cabinet as a security device that could protect people against chemical and biological attacks in the wake of the 2001 terrorist attacks.

Federal authorities say the filing cabinet, which was painted yellow and had a siren and flashing red light attached, was promoted by Stewart Kaiser in a press release that helped him sell his company's stock at inflated prices.

His wife, Nancy C. Vitolo, allegedly lied to investigators by saying that $400,000 in checks sent by investors and made out to her was transferred to their company, R-Tec Technologies Inc.

Instead, the money went for personal expenses, aiding in the purchase of the couple's six-bedroom home and other items, according to the three-count indictment handed up Wednesday by a federal grand jury.

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