CMKM Diamonds Inc. (fka CMKX)

[rabblerouser]

Anybody remember IBC radio? check this out lol


SEC files suit against stock talk show host

2008-02-01 15:16 ET - Street Wire

Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission

by Mike Caswell

The U.S. Securities and Exchange Commission has filed civil charges against Daryn P. Fleming, a B.C. man who ran the Internet radio show Stock Talk Live. The regulator claims that he dumped shares of his radio company, International Broadcasting Corp., while he issued false news releases saying the company was affiliated with AM stations in Florida.

The SEC filed the complaint in U.S. District Court in Washington State on Jan. 23, 2008. It names as defendants Mr. Fleming, 43, and a Florida man, Mathew Bruce, 60. It identifies International Broadcasting as a Spokane-based company that traded on the OTC Bulletin Board.

In its complaint, the SEC says International Broadcasting transmitted the Stock Talk Live show over the Internet and through two AM radio stations in Sarasota, Fla., WTMY AM 1280 and WWPR AM 1490.

The problems began in October, 2005, after the company stopped broadcasting through the Florida stations, but claimed it still had a deal with them. International Broadcasting had sent its feed to the stations through a satellite transmission, but shut it down due to budget constraints. Once the radio shows stopped, Stock Talk Live was only available over the Internet.

In spite of having ended its deals with the AM stations, International Broadcasting issued a news release on Oct. 28, 2005, claiming that it was still affiliated with them and that it had acquired another AM radio affiliate, WIBQ-AM 1220, in Sarasota. The news release quoted WIBQ's manager, Scott Jacobson, as expressing enthusiasm for International Broadcasting's programming, particularly Stock Talk Live, but the SEC says the news was untrue. The deal did not exist and no one named Scott Jacobson worked at WIBQ.

On Nov. 10, 2005, Mr. Fleming directed the company to issue another news release, this one saying it had increased its number of radio station affiliates to four. It claimed that the company had an agreement with an FM radio affiliate, WTKS 104.1 FM in Cocoa Beach, Fla., and that WTKS program director Katherine Brown had expressed enthusiasm for Stock Talk Live.

The SEC says the Nov. 10 news was also false, but this time, at least one investor noticed. During a Nov. 14, 2005, show, an International Broadcasting shareholder called in and said he had talked to Ms. Brown, and she said the Nov. 10 news release was untrue. Mr. Fleming tried to persuade him otherwise, by saying that the there was a miscommunication because the station was in the process of being sold.

The same day, International Broadcasting issued a news release retracting the Nov. 10 news, "due to erroneous content and fabricated quotes."

In later broadcasts, callers again questioned International Broadcasting's deals with radio stations, and the SEC says Mr. Fleming and Mr. Bruce misrepresented them as true. In a Nov. 28, 2005, broadcast, Mr. Fleming brought Mr. Bruce on the show to address investor worries. He explained that International Broadcasting had an agreement with potential buyers of a radio station, but the purchase fell through, so International Broadcasting's deal fell through too. In the wake of his explanation, the stock gained 15-100ths of a penny, to close at 35-100ths.

When SEC staff members later asked Mr. Bruce about the show, he said he was just doing PR. "It's done all the time in the radio business."

Between Oct. 28, 2005, and Jan. 13, 2006, Mr. Fleming sold large quantities of International Broadcasting stock, the SEC says.

The regulator is seeking an order permanently banning Mr. Fleming from acting as an officer or director. It is also asking for appropriate civil penalties against Mr. Fleming and Mr. Bruce.

In a separate action, the SEC made similar allegations against International Broadcasting (now known as Copper King Mining Ventures). The company settled the suit by agreeing to an injunction barring future violations of portions of the U.S. Securities Act.

Mr. Fleming resigned from International Broadcasting in 2006, and now operates Wall Street West, another Internet talk show.
http://www.stockwatch.com/swnet/newsit/newsit_newsit.aspx?bid=Z-C:*SEC-1455020&symbol=*SEC&news_region=C