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Radio Show Hosts Must Disclose Corporate Payments

Law360 (November 7, 2005, 12:00 AM EST) -- Requiring radio stations to disclose payments received for promoting certain stocks does not violate the First Amendment, according to a ruling by Denver’s U.S. Court of Appeals for the Tenth Circuit.

The ruling stems from the actions of Jerome (Jerry) M. Wenger, a self-proclaimed stock-expert and radio show host, who illegally received payment from Utah-based PanWorld Minerals International, Inc. to promote its stock on-air, according to the Securities and Exchange Commission.

The SEC sued Wenger in April 1998, followed by a criminal lawsuit the same month....
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