(HedgeCo.Net) Jason McDiarmid, Kenneth George Cedric Telford, and Stop Sleep Go, Inc., formerly known as Interactive Multi-Media Auction Corp, have all been charged with running a pump-and-dump scheme in Interactive Multi-Media’s stock. The complaint alleged that McDiarmid and Telford took Interactive Multi-Media public and then orchestrated a promotional campaign touting its stock while they dumped their shares, selling them through nominees. McDiarmid and Telford made approximately $3.3 million in profits.<\/p>\n
On October 25, 2018, the U.S. District Court for the Central District of California entered a judgment by default against McDiarmid. On November 19, 2018, the court entered a judgment against Telford and a judgment by default against Interactive Multi-Media. Telford previously consented to the entry of the judgment without admitting or denying the allegations of the complaint. The judgments permanently enjoin McDiarmid, Telford, and Interactive Multi-Media from violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder, and permanently enjoin McDiarmid and Telford from violating the registration provision of Section 5 of the Securities Act. The judgments against McDiarmid and Telford bar each of them from serving as an officer or director of a public company and from participating in any offering of a penny stock. <\/p>\n
The judgment against McDiarmid orders him to pay $3,177,268 in disgorgement, $291,035 in prejudgment interest, and a civil penalty of $1,644,766. The judgment against Telford orders him to pay $3,316,235 in disgorgement, $302,871 in prejudgment interest, and a civil penalty of $1,644,766.<\/p>\n","protected":false},"excerpt":{"rendered":"
(HedgeCo.Net) Jason McDiarmid, Kenneth George Cedric Telford, and Stop Sleep Go, Inc., formerly known as Interactive Multi-Media Auction Corp, have all been charged with running a pump-and-dump scheme in Interactive Multi-Media’s stock. The complaint alleged that McDiarmid and Telford took […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3,16048],"tags":[],"class_list":["post-67967","post","type-post","status-publish","format-standard","hentry","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/67967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=67967"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/67967\/revisions"}],"predecessor-version":[{"id":67968,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/67967\/revisions\/67968"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=67967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=67967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=67967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}