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...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

U.S. Securities & Exchange Commission v. Spongetech Delivery Systems, Inc. et al


Case Number

1:10-cv-02031

Court

New York Eastern

Nature of Suit

Securities/Commodities

Judge

Dora Lizette Irizarry

Date Filed

May 5, 2010

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.