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Post No: 401692 February 05, 2010, 10:30PM
Guest wrote:

THE FEDS ARE CLOSING IN ON SPONGE TECH AND MICHAEL METTER

The president and co-owner of the only radio station in Greenwich, Connecticut, is facing federal securities investigations and multiple lawsuits.

According to reports, last October the Securities and Exchange Commission temporarily suspended trading in Sponge Tech Delivery Systems Inc. a company co-owned by Greenwich resident Michael Metter, who is also co-owner of WGCH radio station.

The Wall Street watchdog commission halted the trading after questions were raised about the accuracy and adequacy of the company’s financial disclosures.

Two months after those concerns were raised; the SEC issued a notice to the company that makes a car wash sponge made of soap, that they intend “to recommend that the commission bring civil injunctive actions alleging violations of federal securities laws.

In addition to their SEC problems, the company is also facing lawsuits from investors and Madison Square Garden for non-payment of advertising bills.

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