Ostrich-Egg Scheme Under Investigation

Oh, the price of some unhatched eggs these days.

A state official says investors who sank money into an ostrich-raising venture paid about $1,800 for each egg.

Said Mike Stevenson, chief of enforcement for the securities division of the state Financial Institutions agency in Olympia: “It was a sort of a double-your-money type of thing. We believe at least 10 to 12 investors are involved.”

On Friday, Clark County Prosecuting Attorney Art Curtis said two members of his staff were approached with the egg-to-ostrich pitch. An unidentified person invested and is considered a victim in the case, Curtis said.

Vancouver policemen also were approached.

The state is investigating two Vancouver police officers for possible securities fraud in connection with an ostrich ranch in Arizona. No arrests have been made and no charges have been filed.

Sgts. Rex Gunderson and Byron Harada sold investment securities for the ranch, Stevenson said. Gunderson is a supervisor with the Clark-Skamania Drug Task Force and Harada is a patrol supervisor.

Under the plan, Stevenson said, investors paid about $1,800 for an ostrich egg, which would be hatched in Arizona. The hatched ostrich was supposed to be sold to breeders for a substantial profit in about six months.

It appears a total of about $100,000 was invested, Stevenson said.