WiFi TV Inc. (WIFT)

[SamIam]

Live - Lightening Crashes #msg-12328341
Civ. Action No. CV-S-99-0967-JBR-LRL (complaint filed Aug. 2, 1999)
SEC Litigation Release No. 16233 (Aug. 2, 1999)

The complaint alleges that defendants Kanakaris and Valenti, both officers of Kanakaris Communications, Inc., fraudulently sold the securities of Kanakaris Communications and its predecessor company to individuals in several states using misrepresentations regarding the companies' financial condition and operations. According to the SEC, "some of these misrepresentations were allegedly also posted on KCI's web site." KCI, Kanakaris and Valenti reportedly have agreed to settle the action by consenting, without admitting or denying the allegations, to be enjoined from future violations of the registration and antifraud provisions of the federal securities laws and, in the case of Kanakaris and Valenti, paying civil money penalties of $25,000 each.