U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 21590 / July 8, 2010
DEFAULT JUDGMENTS OF PERMANENT INJUNCTION AND OTHER RELIEF ENTERED AGAINST DEFENDANTS PRIME TIME GROUP, INC., n/k/a HUNT GOLD CORPORATION AND JOHNNY RAY ARNOLD
Securities and Exchange Commission v. Prime Time Group, Inc., et al., Civil Action No. 09-80952-CV-Cohn/Seltzer (S.D. Fla.)
The Commission announced that on May 25, 2010 and June 11th, the Honorable James I. Cohn, United States District Court Judge for the Southern District of Florida, entered default judgments of permanent injunction and other relief against Defendants Prime Time Group, Inc., n/k/a Hunt Gold Corporation (Prime Time) and Johnny Ray Arnold (Arnold), respectively. Prime Time and Arnold defaulted by failing to appear, answer or otherwise plead in response to the Commission's complaint. The default judgments permanently enjoin Prime Time and Arnold from future violations of Sections 5(a) and 5(c) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder. In addition, Arnold is barred from participating in the offering of any penny stock. The default judgments order Prime Time and Arnold to pay civil money penalties, in an amount to be determined at a later date.
On June 25, 2009, the Commission filed its complaint against Prime Time, Arnold and others alleging that they participated in a fraudulent scheme to evade the registration requirements of the securities laws and antifraud violations.
For more information on earlier actions in this case, see LR-21105 (June 25, 2009).