#reply-9639607
>>you said>>>OK Zonkie, whatever you say! Just be careful whom you align yourself with! Take it for what it's worth.<<<
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Do you really think an entity should be careful of whom they are aligned with? Was that advice just for me or would you give it to a company too?
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sec.gov
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
LITIGATION RELEASE NO. 15955 / October 27, 1998
SECURITIES AND EXCHANGE COMMISSION v. EDWARD B. TAXIN and THE TAXIN NETWORK, 98 Civ. 7661 ( KMW) (S.D.N.Y.)
The Commission filed suit in federal court in New York yesterday against the host of a radio infomercial show, Ed Taxin. Taxin also publishes an investment newsletter on his website, Taxin.com. Taxin's show, "The Financial Hour," airs on six stations across the country, including New York, and is broadcast from Taxin's Shrewsbury, New Jersey residence. The Commission charged Taxin and the Taxin Network with promoting stocks on the Financial Hour and his newsletter, Investors Chronicle, without disclosing that he is compensated for the touts, as follows. The Taxin Network (owned by Taxin's wife, Joanne Pagano) has agreements with numerous small-cap companies, including Envoy Communications Group, Inc., PTC Group, Inc., Sungold Gaming International Inc., Telepad Corp., VentureTech, Inc., and Wolf Industries, Inc. These companies or their agents have paid the Taxin Network at least $200,000 in cash or stock for promotional services, including exposure on the Financial Hour and in the Investors Chronicle. On the Financial Hour, Taxin introduces a series of guests, including promoters from investor-relations firms and officers of the companies. Taxin joins with his guests in their rosy predictions for the companies they represent, mixing in Wall Street patter to convey the impression of objective financial reporting. Taxin introduces the promoters as Wall Street notables and stock-pickers, disguising their relationship with the companies they represent. The compensation received by the Taxin Network is not adequately disclosed on the radio show or in the newsletter. The only disclosure on the radio show is generally that the guests (or some of the guests) have paid a fee to appear on the show or that Taxin owns shares in some of the companies discussed. Taxin's internet site contained no disclosure at all of the compensation until Taxin was contacted by the Commission's staff; the new disclosure is not adequate. The Commission, seeking a permanent injunction and penalties, alleges that Taxin and the Taxin Network are in violation of Section 17(b) of the Securities Act of 1933, which requires that all such compensation, and its amount, be fully disclosed.
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sec.gov
COMMISSION SETTLES CASE AGAINST RADIO TALK SHOW HOST FOR FAULTY DISCLOSURE
The Commission announced that a final consent judgment has been entered in the Commission's action against Edward B. Taxin and the Taxin Network. On March 11, Judge Kimba M. Wood permanently enjoined Taxin and his company from further violations of Section 17(b) of the Securities Act of 1933, and ordered them to pay $30,000 in penalties. The Commission's action, commenced on October 27, 1998, was part of a large-scale effort by the Commission to address unlawful touting of securities over the Internet. The Commission alleged that Taxin received compensation for touting certain microcap stocks on a radio program, the Financial Hour, and in an Internet newsletter, the Investor's Chronicle, without properly disclosing the receipt of such compensation, in violation of Section 17(b) of the Securities Act. Taxin and the Taxin Network consented to the entry of the final judgment without admitting or denying the allegations in the complaint. [SEC v. Edward B. Taxin and the Taxin Network, 98 Civ. 7661, KMW, SDNY] (LR-16094)
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sec.gov
SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16094
March 22, 1999
SECURITIES AND EXCHANGE COMMISSION v. EDWARD B. TAXIN and THE TAXIN NETWORK, INC.,
98 Civ. 7661 (KMW) (S.D.N.Y.)
The Commission announced that a final consent judgment has been entered in the Commission's action against Edward B. Taxin and the Taxin Network. On March 11, 1999, Judge Kimba M. Wood permanently enjoined Taxin and his company from further violations of Section 17(b) of the Securities Act of 1933, and ordered them to pay $30,000 in penalties. The Commission's action, commenced on October 27, 1998, was part of a large-scale effort by the Commission to address unlawful touting of securities over the Internet. The Commission alleged that Taxin received compensation for touting certain microcap stocks on a radio program, the Financial Hour, and in an Internet newsletter, the Investor's Chronicle, without properly disclosing the receipt of such compensation, in violation of Section 17(b) of the Securities Act. Taxin and the Taxin Network consented to the entry of the final judgment without admitting or denying the allegations in the Complaint. For further information, see Litigation Release No. 15955.
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