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by Mike Caswell

The U.S. Securities and Exchange Commission has negotiated penny stock bans and $199,000 in penalties against three defendants in the Prime Time Group Inc. fraud. (All figures are in U.S. dollars.) The SEC claimed that the men, including Vancouver's Dallas Robinson, were officers or shareholders of Prime Time Group when it issued several misleading news releases in 2006 and 2007. Among other things, the company touted a 7-Eleven chain in Puerto Rico that it did not entirely own.

The case had been headed for trial in Florida, but Mr. Robinson and the others agreed to settle before the hearing. Details of the settlements are contained in motions for final penalties the SEC filed on Aug. 6, 2010. According to the motions Mr. Robinson, who was Prime Time's president, has agreed to pay a $25,000 civil fine and has agreed to serve a five-year penny stock ban. The other Canadian defendant, Saskatchewan resident Troy Metz, negotiated an identical deal to that of Mr. Robinson. He had been the company's chief executive officer for part of the scheme.

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