Teri Buhl’s certainly earning her keep at our once moribund local. Today she’s out with a story of WGCH’s owner Michael Metter’s other profession: selling soapy sponges and watered stock. The SEC’s after him and, poring over the various Internet hits on his company, here, here and here, just for instance,this has all the earmarks of the penny stock pump and dump schemes I used to pursue. It’s possible the poor guy’s the victim of nefarious outsiders seeking to profit at his expense. It’s also possible that Frankie Fudrucker will conduct his next political campaign dressed in a full burka. I’m betting I’ll witness Frankie’s comely form draped and hidden from sight before SpongeTech clears its name.
Besides, Metter ruined a dinky radio station that, while irrelevant, did once have its uses, like announcing snow days for the schools. Did you know that WGCH doesn’t have an Arbitron rating now because the audience surveyors could find no one who admitted listening to the station? I’m not sure if any of you are spending money on ads on WGCH but you could do just as much good by sending me the cash – I’ll take better care of it, I promise.
Michael Metter, president and part-owner of Greenwich radio station WGCH, is facing a federal securities investigation and multiple lawsuits against another business concern, his penny-stock company SpongeTech.
Metter, who lives on Tinker Lane in the backcountry [ Note to T. Buhl: Tinker is south of the Merritt, which puts it in mid, not back country – ed.], co-founded SpongeTech Delivery Systems Inc. in 1999. The company makes a sponge filled with soap, which is intended to eliminate the need for a bucket of soapy water to be used during a car wash. The company has been a prominent advertiser at Yankee Stadium and other sports venues, including Madison Square Garden, and co-branded with the cartoon character Sponge Bob in a marketing effort.
In October 2009, trading in the company was halted for 10 days by the Securities and Exchange Commission, which announced that it had “temporarily suspended trading in the securities of SpongeTech because of questions that have been raised about the accuracy and adequacy” of the company’s financial disclosures.
Then, in December, the SEC issued a notice to the company that its staff “intends to recommend that the Commission bring civil injunctive actions” alleging violations of federal securities laws.