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NYLatenite's Gamer's Paradise News Archives
Tuesday, 16 May 2006
THE WHEELS OF JUSTICE DO INDEED TURN... JUST VERY SLOWLY
CNN Money is reporting that ex-Infinium labs chairman and former CEO Timothy Roberts has been charged with artificially inflating the stock of Infinium Labs while simultaneously selling off his shares of the company. CNN Money can explain the situation far better than I could;

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" The Securities and Exchange Commission on Tuesday accused Timothy Roberts of hiring a promoter to send junk faxes to tens of thousands of investors across the country, making it appear Infinium Labs was on the verge of launching a new gaming system, dubbed "The Phantom." Infinium, in actuality, had postponed the system's launch due to insufficient resources. It has yet to launch.

The SEC said Roberts made $422,500 from the scheme by selling more than 1.3 million shares of his own stock in the company - often without publicly disclosing those sales - and paid the promoter in Infinium Labs stock without registering the transfer with the SEC. Both activities violate federal securities laws. It is asking a U.S. District Court in Orlando, Fla., to force Roberts to surrender those proceeds, pay a civil penalty and be prohibited from ever again serving as an officer or director of a public company or participating in any offering of penny stock."
- CNN Money Article
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It somehow actually feels great to see some of the people behind the scam that was the Phantom game console finally get some kind of legal payback. It's still beyond me how they could have convinced anyone to pony up more money for the Infinium Lapboard after finally announcing the end of the Phantom. While I'd much rather see actual criminal allegation of fraud, at least someone is finally doing something - who knows, maybe the SEC filing will cause many of the former victims... err investors of Infinium Labs to file charges. We can all dream, right?

Click here to head on over to the CNN Money article and if you want a laugh, head on over to the Infinium Labs website here, where despite the announcement that they killed the Phantom off (at least for the time being) it's still prominently featured all over the site.

Posted by nylatenite at 9:59 PM EDT

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