Spongetech's 'Unwitting Dupe' Gets 5 Years' Probation

Law360, New York (October 17, 2011, 9:48 PM EDT) -- A New York federal judge on Monday sentenced a marketing consultant to five years' probation for lying to prosecutors about his role in helping Spongetech Delivery Systems Inc. cover up an alleged pump-and-dump scheme.

George Speranza, an independent consultant hired by Spongetech to market its products, copped to one count of perjury in May, admitting to prosecutors that he lied during a U.S. Securities and Exchange Commission investigation about helping the soap-filled sponge maker mislead shareholders with fake client websites.

Speranza faced up to five years...
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