Ex-Spongetech Stock Promoter Admits To Perjury

Law360, New York (May 9, 2011, 12:11 PM EDT) -- Internet marketer George Speranza admitted Friday in a New York federal court that he lied to the U.S. Securities and Exchange Commission during its investigation of a massive pump-and-dump scheme allegedly perpetrated by soap-filled-sponge maker Spongetech Delivery Systems Inc.

In 2009, Speranza met with an SEC officer who was looking into allegations that, in order to drive up demand for its stock, Spongetech claimed fictional customers and grossly exaggerated sales figures through bogus press releases and fraudulent regulatory filings, according to prosecutors.

During his interview with...
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