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LOS ANGELES — Federal agents have arrested five employees of a San Fernando Valley telemarketing firm that sold initial public offering shares of a company that never existed. 

Hundreds of investors were promised that when Assured International Inc. went public they’d quickly double their minimum investment of $5,000 in 10,000 shares, said Assistant U.S. Attorney Robert Borthwick. Investors were told the company made and distributed latex gloves. 

Arrested Thursday were Terry Harding, 30, of Sherman Oaks; Sam E. Harris, 46, of Thousand Oaks; Henry Perrin, 58, of Van Nuys; Charles Peterson, 47, of Culver City; and Sharman Walker, 47, of Canoga Park. 

The suspects, who face arraignment Monday, were indicted by a federal grand jury in Los Angeles on Tuesday on charges of conspiracy, mail fraud, wire fraud and securities fraud. 

Harris owned and managed Assured International even though he was under orders from regulators in seven states not to sell securities, Borthwick said. He was censured and fined $20,000 in 1998 by the National Association of Securities Dealers. 

In addition to the conspiracy and fraud charges, Harris is charged with 13 counts of money laundering and criminal contempt of court and Walker is charged with criminal contempt of court. 

Two other Assured International employees, Max Becker, 77, of Newbury Park and Anthony Durant, 41, hometown unknown, have agreed to surrender, Borthwick said. Durant is charged with perjury in addition to conspiracy and fraud. Kirk Kuykendoll, 51, of Thousand Oaks, is a fugitive, Borthwick said. 

Harris and the other defendants continued selling Assured International stock despite cease and desist orders filed in January and February 1999, Borthwick said.