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February 27, 2004 310-822-4449

BOND FRAUD IN L.A.?

Full Disclosure Network® LAUNCHES TV MEDIA ON THE INTERNET:

Marina del Rey-CA—Bond Fraud in Los Angeles Unified School District surfaced as an issue in the closing days of the race for Los Angeles County District Attorney on the Emmy Award winning Full Disclosure Network® program with host Leslie Dutton. This astounding two-part, no-holds-barred interview with former Special Assistant District Attorney Anthony Patchett is set to air world-wide on the Internet Saturday, Feb 28, 2004 at www.fulldisclosure.net, 24 hours a day, seven days a week, free on demand as a public service.

District Attorney challenger Anthony Patchett, a 31 year veteran with the District Attorney’s office and former Special Assistant District Attorney in charge of the Belmont High School investigation unleashed details of his $1.5 million dollar investigation of Belmont High School, which has become known as the most costly high school in the United States.

Patchett told Full Disclosure Network® that Belmont was funded with proceeds from the sale of long-term indebtedness bonds, known as Certificates of Participation or COPs, without a vote of the people—a method intended to circumvent Proposition 13, which amended the California Constitution to require a vote of the people to incur long-term indebtedness.

Patchett also stated that the Belmont investors were not told of the extensive environmental hazards and clean-up costs prior to purchasing the bonds. He also cited inaccuracies in the District’s Official Statement offered to bond investors..

Patchett said his investigation discovered “multimillions of dollars of false claims, kick-backs, conflicts of interest, bid-rigging, and a license to steal” in what he terms the “$175 million fraud known as Belmont” and predicted the March 2nd Bond Measures will be approved by the voters and it will be “business as usual”.

You can view the entire two-part program on LAUSD School Bond & Securities Fraud on our website at www.fulldisclosure.net, (starting Saturday) via media streaming, in addition to our 40 cable systems throughout California during the next six months. A channel guide with airtimes is available on the website.

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