the so called shorts or brokers had nothing to do with this scam
they were busted by the SEC for stock fraud and selling illegal shares
please get the FACTS correct!!!
SEC files suit against Prime Time Group
The SEC has filed a lawsuit alleging securities fraud by Prime Time Group (now known as Hunt Gold Corp.) and three former officers, for allegedly sending out false press releases about company acquisitions.
One of the former executives named in the suit is identified as a South Florida resident – Johnny Ray Arnold of Fort Lauderdale
He and one of Prime Time’s largest shareholders, John A. Mattera of Boca Raton, are charged with securities antifraud and registration violations for their participation in a scheme to evade registration requirements.
In a press release, the SEC said it temporarily suspended trading in the securities of Hunt Gold Corp. on June 15, because of questions raised about the accuracy and adequacy of publicly disseminated information concerning, among other things, Hunt Gold’s gold mining exploration business.
Hunt Gold President Michael Saner of Johannesburg, South Africa, said in a phone interview that his company had acquired Prime Time around 18 months ago through a reverse merger. Hunt Gold has announced several acquisitions of gold mines in recent months, but Saner said those were legitimate.
“These allegations have nothing to do with the incumbent board whatsoever. But the allegations have basically destroyed the company now,” Saner said.
The complaint, filed in Miami federal court, alleges that between February 2006 and November 2007, Prime Time, Arnold and two other officers – Dallas L. Robinson and Troy K. Metz, both Canadians – distributed false and misleading press releases concerning, among other things, Prime Time’s acquisition and ownership interest in a Puerto Rico convenience store franchise, agreements the company claimed to have with other wireless businesses, and its purported acquisitions of other companies.
The complaint also alleges that Prime Time, Arnold, and Mattera made false statements to the company’s transfer agent in connection with a fraudulent scheme involving the issuance of bogus promissory notes. The scheme allegedly allowed Mattera to obtain millions of unlegended shares of Prime Time stock, most of which he later sold in the open market in November 2007. (Legends are information, such as restrictions, often found on the back of share documents.)
The complaint further alleges that Prime Time, Arnold, and Mattera violated the securities registration provisions by engaging in unregistered distributions of Prime Time stock. For instance, the suit alleges that Prime Time, Arnold, and Mattera engaged in an improper “gypsy swap” transaction in which Mattera agreed to transfer his unlegended shares to various stock promoters on behalf of Prime Time. In return, Mattera received restricted stock from the company. The SEC said the scheme was designed to circumvent the securities registration requirements because Prime Time could not legally issue unrestricted shares to the stock promoters without filing a registration statement.
The suit seeks permanent injunctions and civil penalties against all the defendants, disgorgement plus prejudgment interest against Mattera, and penny stock bars against Arnold, Robinson, Metz, and Mattera.
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