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Police Raid Starnet

Early Friday, more than 100 officers from the Vancouver Police, the RCMP, a Coordinated Law Enforcement Unit, and others raided Starnet Communications, Inc., the Canadian Internet gambling and pornography provider. The raid was the culmination of an 18-month investigation. Starnet is alleged to have been involved in illegal gambling activities and the distribution of prohibited pornography. By the end of the trading day, panicked investors had dumped more than 10.6 million shares in Starnet - shearing nearly 70% off the price. In a statement late Friday, CEO Mark Dohlen said, "We are dismayed by this disruption of our three-year-old operations, have retained legal counsel and will vigorously defend our rights."

Tue, 16 Nov 1999 13:35:03 -0800