SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 21706/October 22, 2010
DISTRICT COURT ENTERS FINAL JUDGMENTS IMPOSING CIVIL PENALTIES 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 October 20, 2010, the Honorable James I. Cohn, United States District Court Judge for the Southern District of Florida, entered final judgments imposing civil penalties against Defendants Prime Time Group, Inc., n/k/a Hunt Gold Corporation (Prime Time) and Johnny Ray Arnold (Arnold). The final judgment orders Prime Time to pay a civil penalty of $325,000 and orders Arnold to pay a civil penalty of $65,000.
Previously, the District Court entered default judgments against Prime Time and Arnold. 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) and Rule 10b-5 of the Securities Exchange Act of 1934. In addition, Arnold is barred from participating in the offering of any penny stock.
On June 25, 2009, the Commission commenced this action by filing its complaint against Prime Time, Arnold and others alleging 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), LR-21590 (July 8, 2010) and LR-21627 (Aug. 18, 2010).