Busted Exec Has Poker Ties
The owner of an American radio network that aired the country's first nationally broadcast radio show about poker has been arrested on fraud-related charges.
According to media reports, Michael Metter of Greenwich, Connecticut, USA, was arrested last week by the FBI and charged with obstruction of justice and conspiracy to commit securities fraud--both felonies--in connection with activities surrounding another company, Spongetech Delivery Systems Inc., of which Metter is CEO.
Metter was arrested after a Securities and Exchange Commission (SEC) investigation revealed that he falsified company financial reports in a classic stock "pump and dump" scheme, where the share value of a company is artificially inflated in order to scam investors.
Spongetech designs and sells so-called "green" or environmentally-friendly custom-made packaging for consumer goods.
The firm has advertised at sports venues and on sports broadcasts and is currently being sued by CBS Radio, Madison Square Garden and the New York Mets over unpaid advertising bills.
Metter is also the owner of the Business Talk Radio Network (BTRN), a Greenwich-based radio network of about 50 radio stations than span the USA.
In 2003, BTRN started airing "Poker Night," America's first nationally broadcast radio show about poker.
The show was hosted by Los Angeles sportscaster Fred Wallin and featured discussions about poker current events and strategy, as well as interviews with poker celebrities and calls from listeners on a toll-free line.
Among the guests on the program, which lasted for three years, were World Series of Poker Main Event champions Chris Moneymaker and Greg "Fossilman" Raymer and actor and part-time poker pro Lou Diamond Phillips.
The show was sponsored at various times by some of the biggest online poker rooms on the Internet, including Poker Stars, Paradise Poker, Celeb Poker and Inter-Poker. Metter was arrested solely for activities connected to Spongetech--BTRN is not involved other than to the extent that Metter owns the network.
By Tom Somach
Gambling911.com Staff Writer
