"Listeners may call in live at 877/266-7469 or listen live on the Internet at www.businesstalkradio.net. The program,
co-hosted by Tim Connolly of Corporate Strategies Merchant Bankers (www.corporate-strategies.net) and Mike King of
Princeton Research, is also carried on more than 275 local radio affiliates nationwide. "Corporate Strategies with Tim
Connolly" features financial experts providing the latest intelligence on equities, income investments and other investment strategies."
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Securities and Exchange Commission v. John Wesley Savage and
Princeton Research, Inc., Civil Action No. 98-CV-7179 (S. D.
Florida, filed October 27, 1998)
Litigation Release No. 15954, October 27, 1998.
FLORIDA STOCK TOUTER AND HIS COMPANY PAY CIVIL FINE OF $40,000 IN
CONNECTION WITH SEC CHARGES THAT THEY FAILED TO DISCLOSE THEIR
RECEIPT OF COMPENSATION FOR TOUTING
The Securities and Exchange Commission (SEC) announced that
on October 27, 1998 it filed a complaint charging John Wesley
Savage (Savage) and Princeton Research, Inc. (Princeton) with
having violated the federal securities laws in connection with
their touting of the stocks of seven different companies.
Simultaneous with the filing of the complaint, Savage and
Princeton consented, without admitting or denying the SEC's
allegations, to the entry of a permanent injunction and to pay a
civil penalty of $40,000.
The SEC's complaint alleges that Savage, who is Princeton's
president, received compensation in the form of stock or stock
options from five companies in exchange for touting those
companies or their securities. The SEC's complaint also alleges
that in violation of Section 17(b) of the Securities Act of 1933
(Securities Act), Savage and Princeton failed to disclose that
receipt of compensation in the newsletters and daily reports in
which Savage and Princeton touted those stocks and which they
disseminated through the mail, by fax, and over the Internet.
In addition, the SEC's complaint alleges that Savage and
Princeton made material misrepresentations concerning the stocks
of two other companies. According to the SEC's complaint, while
Savage owned shares of those two companies' stocks, Savage and
Princeton made baseless predictions about the likely future price
of those stocks and also made misrepresentations about the
financial condition of one of the companies.
Savage and Princeton consented to the relief the SEC sought
in its complaint, without admitting or denying the SEC's
allegations. Specifically, Savage and Princeton consented to a
permanent injunction against future violations of Sections 17(a)
and 17(b) of the Securities Act and Section 10(b) of the
Securities Exchange Act and Rule 10b-5 thereunder. Savage and
Princeton also agreed to pay a civil money penalty of $40,000. |
