Spongetech Consultant Should Pay For Lying To SEC: Judge

Law360, New York (September 23, 2011, 6:47 PM EDT) -- A New York magistrate judge said Thursday that an Internet consultant who helped market Spongetech Delivery Systems Inc. should cough up $135,000 for lying during an investigation into a pump-and-dump scheme allegedly perpetrated by the soap-filled-sponge maker, which is also facing criminal charges. 

Magistrate Judge Joan M. Azrack recommended default judgment against George Speranza as well as co-defendant RM Enterprises, an affiliate through which Spongetech allegedly dumped shares, as the two parties have yet to defend themselves against claims brought by the U.S. Securities and Exchange...
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