Fraud Public Case Identification:

This is filed on the website of the state of Nevada

http://sos.state.nv.us/securities/enf_act.htm#clear

Clearwave Communications Inc.

On October 1, 2003, a 9-count felony criminal complaint was filed against George Regner, Elden Chang and Frank Spady, for their involvement in an investment scheme that allegedly bilked two Nevadans out of more than $200,000. Regner, Chang and Spady each face one count of securities fraud, one count of sale of unregistered security and one count of transacting business as an unlicensed sales representative.

The criminal complaint alleges that Regner, Chang and Spady solicited the victims in person, telling them they would sell them stock in a company called Clearwave Communications Inc. Additionally, their investment funds would be used in establishing Internet hubs in third world Asian countries. Regner, Chang and Spady allegedly lured the victims with promises of a risk free investment, an upcoming initial public offering and a full return of their investment plus interest in 18 months. It is also alleged that the victims viewed Regner as a close family friend and spiritual advisor. Regner convinced them to invest by claiming to have received divine information regarding one of the victims' sons.

An indictment is merely an accusation. Defendants are presumed innocent unless proven guilty in a court of law