Former governor demands name be removed from promotional material for Texas biomedical company
Since leaving government, former Wisconsin governor Tommy Thompson has used his name, connections and expertise to land jobs and board memberships on a wide range of companies - everything from snagging a partnership in a powerful national firm to monitoring safety for thoroughbred racehorses. Now, Thompson finds his name is being used to hype a penny stock of a Texas biomedical company - a promotion that falsely claimed Thompson was a member of the company\'s board of directors. The unauthorized use of Thompson\'s name can \"create a real headache,\" said Peter Henning, Wayne State University law professor and expert in stock fraud. \"He can\'t be happy about this at all.\" If the ad causes the stock price to skyrocket, only to plummet later, an investor who is burned might sue, Henning said. \"You look for every deep pocket you can,\" said Henning, who prosecuted penny stock fraud cases at the Securities and Exchange Commission. \"These are the types of advertisements that are on the edge of the securities law.\"