No Understanding

William Lee Stear says he doesn’t understand why the California Department of Corporations last Friday issued a desist and refrain order against several of his firms, which are now emerging from Chapter 11 reorganization bankruptcy.

Stear, who lives in Casselberry, Fla., doesn’t believe that the investment contracts he sold for his mining operations in southwest New Mexico had to be registered as securities.

Neither did the attorneys he consulted before he raised between $2 million and $3 million from 150 investors, 128 of whom were from California.

(A few of the investors were from San Diego and Stear’s companies, although incorporated in Illinois, were based in Mission Valley.)

Nonetheless, state regulators ordered Stear not to offer or sell any more securities in California. Although officials know Stear is not now offering his contracts, pending the outcome of his bankruptcy reorganization, regulators wanted “to make it a public record,” according to Dave Chang, an attorney in the Department of Corporations.

“If he later comes to this department, or if his name shows up in the file, we’ll take a close look at it,” Chang said. “He may never be the issuer or promoter, but he may be a salesman.”

What a Deal

Not everyone thinks J. David (Jerry) Dominelli cut a stiff deal when he pleaded guilty to four federal felonies that could bring him 20 years in jail.

Explained one local defense attorney: “Dominelli got a great deal. It’s a perfect example of class justice. That’s five years for every $20 million he spent. Hell, there are lots of poor people who get seven years in jail for stealing $50.”

Information Please

A funny thing happened on the way to this morning’s scheduled unveiling of San Diego Teleguide, a computer system designed to give tourists and residents computer access to local restaurants, entertainment, shopping and other activities.

Directors of the San Diego Convention & Visitors Bureau (ConVis) became confused when the system’s promoters began touting it as “officially” sponsored and embraced by ConVis, the tourist industry’s umbrella organization.

According to industry sources, Teleguide staff took a “hard sell” approach to the system. And so when some ConVis directors expressed doubt about what the system does, officials of Teleguide decided to put off introducing the system “for at least three weeks,” according to a Teleguide spokesman.

It may be just a coincidence, but another videotex service, called Infotel, begins operation next week. Interestingly, Infotel will inaugurate service at Mission Valley’s Radisson Hotel--a ConVis member.