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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
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To: Buckey who wrote (90321)8/15/2001 8:54:10 PM
From: Taki  Read Replies (1) of 150070
 
SEC Sues and Settles Case Alleging Online Stock Touting by Three Defendants
On August 15, the US Securities and Exchange Commission announced that it filed a civil complaint in the United States District Court for the Southern District of Texas against Merger Communications, Inc. and its two owners, Jukka U. Tolonen and David A. Drake of Houston, Texas. According to the complaint, Merger distributed press releases and other communications via the Internet touting numerous Over the Counter and NASDAQ-quoted stocks without properly disclosing that the companies compensated Merger. The defendants reportedly settled the case without admitting or denying the allegations. They agreed to be enjoined from future violations of Section 17(b) of the Securities Act of 1933. Additionally, the proposed judgment orders Merger to pay a civil penalty of $50,000 and Tolonen and Drake to pay a civil penalty of $10,000 each..
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