Tags: US | Beer | Campaign

US Stops Facebook, Twitter Campaign to Buy Pabst Brewing After Promoters Fail to Register

Wednesday, 08 Jun 2011 02:11 PM

It seemed like an innovative way to buy a beer company: Start an online campaign to purchase the iconic Pabst Brewing Co. and sell shares on Facebook and Twitter to cover the $300 million cost.

Michael Migliozzi II and Brian William Flatow found 5 million people who said they would invest a total of $200 million. But the federal government halted the venture after it informed the two men of one major oversight — they neglected to register the public offering with the Securities and Exchange Commission, a violation of federal law.

The SEC says it reached a settlement with the two advertising executives. The men agreed to stop selling shares to the public.

The case spotlights a growing challenge for regulators to patrol the Internet for business ventures.

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It seemed like an innovative way to buy a beer company: Start an online campaign to purchase the iconic Pabst Brewing Co. and sell shares on Facebook and Twitter to cover the $300 million cost.Michael Migliozzi II and Brian William Flatow found 5 million people who said...
US,Beer,Campaign
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2011-11-08
 

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