Securities Exchange Commission (SEC) filed an action against Punch TV Studios

On September 30, 2021, the Securities Exchange Commission (SEC) filed an action against Punch TV Studios and its CEO Joseph Collins alleging that they raised more than $1.2 million from nearly 700 investors through unregistered offerings of Punch TV’s common stock. The company and its CEO Joseph Collins believes that that SEC has it wrong and will seek to vigorously defend itself from such an aggressive action by the SEC. The SEC’s complaint, which charges the defendants with violating the securities registration provisions of Section 5(a) and (c) of the Securities Act of 1933, seeks injunctive relief, disgorgement plus interest, civil penalties, and penny stock bars. This is a terrible horrible mistake by the SEC, this critical decision will influence race and ethnic relations in the United States which have been amplified following the Black Lives Matter social movement. On the one hand, the President of the United States, Joe Biden, and the President’s Administration, have engaged in a public campaign announcing a “Plan to Rescue and Revitalize Main Street2 .” The Plan is designed to help black and minority-owned small businesses access capital. The Plan compliments the SEC’s mission to facilitate capital formation and assist small businesses access capital pursuant to the final rules in connection with amendments to Regulation A in 2015 (“Regulation A+3 ”).

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