Is Air America Now Running a Stock Scam?

Brian Maloney of the Radio Equalizer has been all over the Air America story and the story of the strange angels that the radio network has. The angels, Sheldon and Anita Drobny are alleged to have used what sound like shell-game companies in order to keep Air America afloat. The Radio Equalizer is now reporting that Air America has been having trouble securing a station in Milwaukee. Apparently the radio station owners of Milwaukee can read the ratings. What really struck me about the Business Journal of Milwaukee article the Brian linked to this tidbit:

In Milwaukee, the Drobnys are seeking larger investors as well as average folks who would invest $10 to $100 toward acquiring a station. Nova M wants to lease with an option to buy, and struck such a deal in April for a station in Little Rock, Ark.

Are these people registered to offer securities? Is “Nova M” registered to issue securities? Does the SEC know about this? Are these people trying to claim “private placements” to people “investing” $10 to $100 in order to avoid legal requirements? Would this qualify as a “culture of corruption”?