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‘TEXT CASH NETWORK’: RED FLAGS GALORE: New ‘Opportunity’ Linked To Ponzi Boards And To Phil Piccolo-Associated ‘Firms’: Hype, Vapid Claims, Alexa Charts, Launch Countdown Timer, Brand Leeching — And Possible Ties To Long-Running SEC Case
EDITOR’S NOTE: A “program” known as Text Cash Network (TCN) that purports to share “advertising” revenue from text messages is spreading virally on the Internet. This column includes information prospective TCN members might want to consider before joining and asking others to join. There are red flags galore. Last week, the PP Blog compiled some research and sought comment from the SEC about the emerging program because the name of Brett Hudson, billed in TCN promos as the firm’s “president,” appears in a 2005 “press release” that quotes Hudson and Richard A. Altomare. The SEC acknowledged receipt of the Blog’s inquiries, but did not comment. Altomare, of Boca Raton, Fla., was sued in this 2004 SEC action amid allegations of penny-stock fraud coupled with bogus press releases . The case, which involved an Altomare company known as Universal Express Inc., evolved to become an exceptionally ugly one. Altomare ultimately was found in contempt of court for flouting judici...