Good Gaming
Inc. Gives Response To Recent SEC Complaint
Involving
Fraudulent Hacking Scheme
Kennett Square, PA -- August
26, 2022 -- InvestorsHub NewsWire -- Good Gaming, Inc.
(OTCQB:
GMER) (the "Company"), an innovative brand leading the gaming
industry across multiple segments in the space since 2008, is
giving a response regarding a recent complaint filed by the SEC on
August 15, 2022, in The United States District Court, regarding
alleged fraudulent hacking scheme that took place in 2017 and 2018
involving Good Gaming securities indirectly owned and controlled by
Glenn B. Laken, the CEO of CMG Holdings, Inc. During the timeframe
of the alleged scheme, CMG Holdings, Inc. controlled a significant
percentage of Good Gaming shares.
The complaint alleges a
sophisticated pump and dump scheme involving 18 individuals,
several entities, and the hacking of retail brokerage accounts held
by innocent third-party investors to sell Good Gaming securities
owned by CMG Holdings at a significant profit. The complaint also
alleges Mr. Laken's failure to file required beneficial ownership
reports as outlined by The Securities Exchange Act of 1934. The
shares in question were issued to Mr. Laken before the current
board and management took control of the Company in
2017.
Good Gaming Inc. and its
management first became aware of this complaint when the SEC
published a press release on this matter on August 15th, 2022. At
this time, the Company, its board members, employees, or contracted
partners have not received any requests for documents, interviews,
correspondence, or any other material from the SEC, FINRA, or any
other related party regarding the investigation into this matter.
However, the Company is more than willing to cooperate by providing
any relevant information that could potentially be helpful in their
investigation or prosecution.
Good Gaming Inc. is one of
several brands owned by ViaOne Services, a private corporation
doing more than $100 million in annual revenue. Both transparency
and compliance are a cornerstone of ViaOne Services' ethics. ViaOne
Services is very accustomed to following the rules of and answering
to various government and regulatory agencies as it is frequently
required by the Lifeline divisions of their mobile
telecommunications brands.
To further clarify, ViaOne
Services first came into possession of Good Gaming Inc. after
previous management defaulted on loans made to Good Gaming back in
2016. At no time was Mr. Laken, his family, or any of the other
individuals named in the complaint an Officer, Director, or
employee of Good Gaming Inc. after ViaOne Services took control of
Good Gaming in May of 2017. Previously, his wife was a director,
and he acted as a member of management of the Company, which is
when he came to own his shares of the Company's stock.
After an internal investigation,
it became apparent that there were no connections between current
or former officers, directors, or employees or insider trading
issues because CMG Holding's conversion of preferred stock into
common stock and subsequent alleged fraudulent activity took place
in and after August of 2017, just months after ViaOne Services took
control of the Company. As such, current management would have no
direct knowledge of CMG Holding's securities trading activities.
Additionally, it is noted in paragraph 120 of the complaint filed
by the SEC, after Laken caused CMGO to convert some of its
preferred stock and seek removal of its restrictive legend with his
own legal opinion letter that "GMER's outside counsel objected to
the removal of the restrictive legend from Laken's shares, and
notified GMER's transfer agent that if CMGO owned 20,000,000
shares, it would then own over 87% of GMER's common stock and,
contrary to the opinion letter, be an affiliate of GMER."
Subsequently, any required SEC disclosures Mr. Laken failed to file
were based on the number of shares he owned and were his sole
responsibility to disclose publicly in accordance with The
Securities Exchange Act of 1934.
Additionally, since ViaOne
Services took over control of Good Gaming Inc., no Officer,
Director, or employee of either company has sold a single share of
stock in Good Gaming Inc. In the event that any officer or director
of the Company sells any shares of the Company's common stock, they
will promptly file any and all necessary securities
filings.
Moreover, The Company has
insulated itself with strict procedural guidelines created by the
best SEC attorneys, accountants, consultants, and auditors, to
ensure they follow all rules and guidelines set forth by the SEC,
FINRA, and OTC Markets. The Company implements these comprehensive
procedures, which include proper SEC filing disclosures, should any
insider want to sell shares of their stock which has never
occurred. In the pursuit of constant improvement, The Company
regularly evaluates its policies and procedures, sparing no
expense, to ensure the utmost regulatory, legal, and ethical
practices are in place.
David B. Dorwart,
Good Gaming CEO, stated, "We are appalled to see Good Gaming's name
appear in this complaint. Shareholders should have confidence by
knowing that current management is ethically and legally bound to
abide by all rules, regulations, and guidelines set forth by the
SEC, and as required as a fully reporting OTCQB company. We spare
no expense to hire the best talent to keep us compliant and
transparent through rigorous procedures, the way a public company
should be run."
About Good
Gaming, Inc.
Good Gaming is an interactive
entertainment company leading the evolution of gaming from
traditional gaming to creating digital playgrounds across a vast
array of interconnected platforms. Founded in 2008, Good Gaming has
continued to enable a strong sense of community, place, and purpose
within our interactive experiences. Good Gaming believes its
communities and experiences will redefine the digital collectibles
space and be pivotal in the transition and perception of ownership
of digital goods.
To learn more about Good Gaming
at: https://good-gaming.com/
To learn more about Microbuddies
at: https://microbuddies.io/
Safe Harbor: This release
contains statements that constitute forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements appear in a number of places in this
release and include all statements that are not statements of
historical fact regarding the intent, belief or current
expectations of Good Gaming Inc., its directors or its officers
with respect to, among other things: (i) financing plans; (ii)
trends affecting its financial condition or results of operations;
(iii) growth strategy and operating strategy. The words "may,"
"would," "will," "expect," "estimate," "can," "believe,"
"potential," and similar expressions and variations thereof are
intended to identify forward-looking statements. Investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, many of which are beyond Good Gaming Inc.'s ability
to control, and that actual results may differ materially from
those projected in the forward-looking statements as a result of
various factors. More information about the potential factors that
could affect the business and financial results is and will be
included in Good Gaming, Inc.'s filings with the Securities and
Exchange Commission, including those set forth as "Risk Factors" in
such filings.
Investor
Contact:
Joseph M. Vazquez
III
Phone: (888)
245-3005
Email: infinityglobalconsulting@gmail.com