Son of Reagan

Michael is under investigation I don't believe they'd be doing this if I my name was Jones." So complained a California businessman who, according to court documents disclosed last week, is being investigated by the Los Angeles County district attorney for allegedly selling stock in violation of state securities laws. The businessman is not Jones but Michael Reagan, 35-year-old son of the President, which guarantees that the probe will get extensive public attention.

A former world-class motorboat racer and boat salesman with a persuasive personality, Michael made more than 250 campaign speeches for his father.

At the same tune, he was setting up his own business, Agricultural Energy Resources, intending to sell gasohol manufacturing equipment to grain farmers.

According to court records, Reagan is accused of selling stock in his business before it was incorporated and then using $17,500 of the investors' funds for personal expenses.

Reagan's attorney, Donald Wager, maintained that only legal "technicalities" were at issue. Protested Michael:

"I'm $10,000 to $12,000 in debt with attorneys' fees, and I haven't done anything wrong. I've lost my money, my business and 17 pounds. I'm a victim."

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