SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 17166 / September 28, 2001

   SEC v. MARK SENDO AND INTERNET MONEY.COM, INC., U.S. District Court
   for the Eastern District of Michigan, Civ. Action No. 01-73698 (E.D.
   Mich. September 28, 2001)

   The Securities and Exchange Commission announced today that on
   September 28, 2001, it filed civil charges against Internet Money.com,
   Inc. (iMC) and its largest shareholder and former CEO, Mark Sendo, a
   39 year old resident of Ann Arbor, Michigan, with fraud in the offer
   and sale of iMC stock. iMC is an Ann Arbor based start-up company that
   purportedly is developing a secure Internet payment device. The
   Commission's Complaint alleges that, from at least December 1999 until
   March 2001, iMC and Sendo raised at least $440,500 through the sale of
   common stock to at least 23 investors. The Complaint alleges that iMC
   and Sendo made false and misleading statements in business plans
   provided to potential investors about the individuals associated with
   iMC. First, iMC falsely represented that various high profile figures
   in the Internet and "payment systems" industries had invested in iMC,
   served on iMC's Board of Directors or were a part of iMC's management
   team. These misrepresentations were designed to provide potential
   investors with the impression that highly successful business
   executives were guiding the development of iMC when, in fact, Sendo
   directed iMC's operations. Second, iMC's offering materials present a
   misleading portrayal of Sendo. Sendo is described in offering
   materials as a successful professional who worked for highly reputable
   brokerage firms. The offering materials, however, do not disclose that
   Sendo pled guilty to federal criminal wire fraud charges and was
   enjoined in a Commission enforcement action for his role in a
   securities fraud.

   The Commission seeks injunctive relief against iMC and Sendo for
   violations of Section 17(a) of the Securities Act of 1933, Section
   10(b) of the Securities Exchange Act of 1934, and Rule 10b-5
   promulgated thereunder, and civil penalties against Sendo.

   For tips on how to avoid Internet "pump-and-dump" stock manipulation
   schemes, visit . For more information about Internet fraud, visit .

   To report suspicious activity involving possible Internet fraud, visit
   .
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Modified 10/03/2001