SEC Cuts Off Online Pledge Drive To Purchase Pabst

Law360, New York (June 8, 2011, 2:25 PM EDT) -- The U.S. Securities and Exchange Commission on Wednesday put a stop to two advertising executives' quest to raise $300 million to purchase Pabst Brewing Co. through a Facebook- and Twitter-fueled online pledge drive because they did not file proper financial disclosures.

Michael Migliozzi II, 46, and Brian William Flatow, 41, agreed to a cease-and-desist order capping their push for pledges, according to an administrative order. The two men launched their campaign through a website, BuyaBeerCompany.com, in November 2009 and eventually expanded it to include a Facebook...
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