Another law breaker on SI:
To: wallstreetreporter (199 )
From: flodyie Thursday, Mar 25 1999 12:09PM ET
Reply # of 202
Dear SEC law violator. You have not been disclosing your compensation and it is against the law. The SEC will be notified. Did Berg and Ray set you up with SFLK and ITOY.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
LITIGATION RELEASE NO. 15950 /October 27, 1998
SECURITIES AND EXCHANGE COMMISSION v. STARWOOD MEDIA GROUP,
INC., and JACK MARKS a/k/a JACOB MESTECHKIN, 98 Civ. 7659
(RO) (S.D.N.Y.)
The Commission sued a New York public-relations firm
and its owner for disseminating information about stocks on
their website, Stock-Line.com, without fully and accurately
disclosing that the featured companies had paid for the
touts. Jack Marks, formerly named Jacob Mestechkin, heads
Starwood Media Group, a small firm in lower Manhattan.
Starwood also publishes a monthly print version of the
internet site, Wall Street Reporter, which is distributed
free of charge. The Commission's complaint alleges that
Starwood's publications do not accurately describes the
compensation arrangements with featured companies, as
follows. At least three of the featured companies have paid
consideration to Starwood Media, in cash, stock, or options,
exceeding $10,000 in value. The three companies are a
start-up motorcycle manufacturer, American Quantum Cycles,
Inc.; a golf-course developer, Golf Ventures, Inc.; and a
technology personnel firm, Infocall Communications Corp.
The stocks of all three companies trade on the Over-the-
Counter bulletin board.
Stock-Line's disclosure, buried in a mislabeled
linkage, understates the amount of compensation received for
the touts, and fails to disclose Starwood's receipt of
potentially valuable options. The disclosure in the Wall
Street Reporter is also misleading in stating the featured
companies either "have purchased or may purchase" investor
relations services, when all companies have paid to appear
in the journal. According to the Commission's complaint,
Marks was on notice of the disclosure requirements, and
persisted in his unlawful conduct even after consulting an
attorney on the legal basis for a competitor's disclosure of
specific amounts of stocks and options from featured
companies. The Commission is seeking permanent injunctive
relief and penalties based on the alleged violations of
Section 17(b) of the Securities Act.
Without admitting or denying the allegations in the
Complaint, defendants Marks and Starwood have consented to
the entry of an order permanently enjoining them from
violations of Section 17(b) and requiring them to pay a
civil penalty of $15,000.
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