OTC Enterprises

OTC Enterprises was a Maryland-based company, organised by Otis T. Carr in 1955 for the purpose of promoting and funding his flying saucer and "ultron electric accumulator" designs. The company was eventually dissolved following Carr's prosecution and conviction for violating Oklahoma state securities regulations in his sale of OTC stock.

Coverage

 * "In S.E.C. v. O.T.C. Enterprises, Inc. the defendants were offering shares in a company purportedly developing a spaceship to fly through the universe utilizing 'free energy.' A public inaugural flight of the prototype at Oklahoma City, scheduled for April 19, 1959, failed to materialize. Otis T. Carr, president of the company, publicly announced that a space craft designed by him would be constructed in which a flight to the moon would be made on December 7, 1959, re-turning to earth on December 15, 1959. In addition to selling shares to hundreds of investors, the promoters obtained additional income by selling plans for the spaceship and toy models at prices ranging from $5 to $10 a piece, and by organizing groups to study unidentified flying objects. They also attempted to promote a Space City, to be located near Washington, D.C., and to maintain direct contact with communities on other planets and stars. At least half a million dollars was obtained from hundreds of investors. Final judgment was obtained by the Commission permanently enjoining defendants from further sales or offers of sales. (U.S. D.C. W.D. Okla. No. 8452.)"

Related Companies

 * Carrotto Dynamics Inc., for development of the Carrotto Gravity Motor
 * Utron Atomic Development Inc.