The Biz Radio Network was a Texas-based radio network that owns three AM radio stations.

SEC settlement

In November 2009, the

Securities and Exchange Commission The United States Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street crash of 1929. Its primary purpose is to enforce laws against market m ...

(SEC) alleged that Albert Kaleta and his firm Kaleta Capital Management sold $10 Million promissory notes to investors, the proceeds of which were to be lent to small businesses at 12 to 14 percent interest. Instead, the SEC alleged, the money was used to prop up the ailing Biz Radio Network and a related investment advisory firm, Daniel Frishberg Financial Services (DFFS). As a result of these regulatory issues, Kaleta's interest was bought back by the company. Kaleta is also alleged to have used investors' money to pay $1.6 million in personal expenses, including $10,000/monthly credit card bills and a Mercedes. Kaleta denied the allegations of improper use of the money. These allegations were never proven and were not part of Kaleta's settlement with the SEC. Kaleta signed a consent order neither admitting nor denying wrongdoing, and while the radio network and DFFS were not accused of wrongdoing by the SEC, both the radio network and Frishberg's investment firm will need to repay the investors, as do all other borrowers.

Affiliates before closure

* KTEK, 1110 AM, Houston (2.5 kW) * KTMR, 1130 AM, Edna (Victoria) (10 kW)

References

{{American broadcast radio Defunct radio networks in the United States Companies based in Houston Radio stations established in 2005 Radio stations disestablished in 2012 Defunct radio stations in the United States 2005 establishments in Texas 2012 disestablishments in Texas