WASHINGTON, June 9 (UPI) -- Two U.S. advertising executives said they would cease soliciting funds in a grassroots-style effort to buy the Pabst Brewing Co., regulators said.
The Securities and Exchange Commission said Michael Migliozzi II and Brian Flatow had agreed to stop an online campaign called BuyaBeerCompany.com that used Facebook and Twitter as launching pads for fundraising.
The executives were trying to raise $300 million, the SEC said.
However, the executives started the campaign "without first registering with securities regulators and making the necessary disclosures," the SEC said.
"Just because would-be investors are being solicited online doesn't make them less deserving of the protections under our securities laws," said Scott Friestad, associate director in the SEC's Division of Enforcement.
