PR Firm ordered to pay $45 million by the SEC

Interesting heading isn’t it? It certainly got my attention.

The story is from Forbes via Reuters and concerns accusations by the SEC that Roberto Veitia failed to disclose sales of shares in company he was promoting.  Mr. Veitia is president of Stratcomm Media Ltd.

But when you go to Stratcomm’s website they look more like a third world publishing house than a PR firm. One hilarious section of their website covers their code of ethics which is built around:

  1. Integrity
  2. Accountability
  3. Client Disclosure
  4. Legality
  5. Confidentiallity

I particularly like this line “We comply with the laws governing our professional activities and expect the same from our clients, prospective clients, shareholders and go above and beyond by our labeling system.” Sure you do…

Mr.Veitia certainly sees himself as a PR pro as can be witnessed to his posting to the PRBytes mailing list back in 2001. Though I thought his wording was ominous given the recent SEC problems:

“I have been in the PR racket since 1985”

Racket indeed…