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Affiliate of former BSX-listed firm accused of securities fraud

The Hartcourt Companies has become the latest affiliate of Bermuda-registered Mezzanine Capital, whose shareholders have included subsidiaries of Lines Overseas Management and the Bank of Bermuda, to be accused of securities fraud in the United States. A civil lawsuit was filed by the SEC at the U. S. District Court for the Central District of California on May 27, 2003 against The Hartcourt Companies Inc., which is registered in Utah and based in California; Alan V. Phan, 57, of Long Beach, California; and Yongzhi Yang, 45, of Los Angeles, California.