Stop Sleep Go, Inc. f/k/a Interactive Multi-Media Auction Corp., Jason McDiarmid, Kenneth George Cedric Telford Charged by SEC – Goodman & Nekvasil P.A. May Recover Investor Losses

Stop Sleep Go, Inc. f/k/a Interactive Multi-Media Auction Corp., Jason McDiarmid, Kenneth George Cedric Telford Charged by SEC – Goodman & Nekvasil P.A. May Recover Investor Losses

Securities and Exchange Commission Charges Stop Sleep Go, Inc. f/k/a Interactive Multi-Media Auction Corp., Jason McDiarmid and Kenneth George Cedric Telford

The Securities and Exchange Commission announced fraud charges against Jason McDiarmid, Kenneth George Cedric Telford, and Stop Sleep Go, Inc. (formerly known as Interactive Multi-Media Auction Corp) (IMMA), for their involvement in a pump-and-dump scheme affecting IMMA’s stock.

According to the complaint, McDiarmid and Telford incorporated IMMA and took it public through a 2013 Form S-1 registration statement, registering a public offering of the company’s common stock by selling shareholders, including two of McDiarmid’s and Telford’s nominees. IMMA’s Form S-1 and its amendments allegedly falsely claimed that IMMA’s chief executive officer, McDiarmid’s friend who had no corporate experience, ran the company, when in fact it was secretly run by McDiarmid and Telford. The complaint also alleges that the S-1s also included lies that certain selling stockholders purchased their shares in IMMA through private placements, which were sham transactions. The complaint also alleges that, after learning that the SEC had subpoenaed testimony from the sister of IMMA’s CEO, who was one of the parties in the sham transactions, McDiarmid suggested a “script” for her testimony, which included false information about her relationship with Telford.

The complaint further alleges that once the Form S-1 went effective, McDiarmid repeated these lies, along with others, to a market maker for IMMA’s stock, who included them in its successful application to obtain clearance from FINRA to quote IMMA’s stock, which was needed for the company to be publicly traded.

According to the complaint, McDiarmid and Telford opened brokerage accounts in the names of nominees in order to sell their stock and, when they deposited IMMA shares into the accounts, they lied about how much stock they owned, how they obtained it, and the relationship of the nominees to them. McDiarmid and Telford also prepared IMMA’s periodic filings made with the SEC, which largely repeated the same lies in the Forms S-1. The complaint further alleges that McDiarmid and Telford organized and implemented a promotional campaign, including email blasts and a boiler room that targeted senior citizens. IMMA’s stock price increased, from $0.93 per share on September 30, 2014 to $1.62 per share on May 1, 2015, during which time McDiarmid and Telford dumped their shares through the nominees, earning them net illegal profits of about $3.1 million.

Investors in Stop Sleep Go, Inc. f/k/a Interactive Multi-Media Auction Corp. May Recover their Losses with Goodman & Nekvasil, P.A.

If you invested in Stop Sleep Go, Inc. f/k/a Interactive Multi-Media Auction Corp., Goodman & Nekvasil, P.A. may help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has recovered more than $180 million dollars on behalf of victimized investors. 

All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years. 

There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.

If you incurred investment losses in Stop Sleep Go, Inc. f/k/a Interactive Multi-Media Auction Corp. and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.

Contact Us Today!

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