As everyone knows by this morning, Spot Runner–the heavily-funded and once-hyped online-offline advertising agency–is being sued by one of its more prominent investors.

Ad behemoth WPP essentially paints an ugly picture of Spot Runner as the Bernie Madoff of Web 2.0.

It is alleging in a lawsuit that Spot Runner, in a “pump and dump” scheme, sold over $54 million in “secondary” shares to line its own pockets without telling WPP much, all while losing money, running out of funding and not building a sustainable business.

Here’s the background and also an interview BoomTown did with CEO and co-founder Nick Grouf in better days.

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In what is both a surprising and not-so-surprising move, Yahoo has replaced its top U.S. ad sales exec with one from Microsoft.

The departure of Dave Karnstedt, who took over last year when longtime Yahoo ad sales exec Wenda Millard left Yahoo in the first of many controversial partings, has been long rumored internally.

Karnstedt will join Redpoint Ventures and is being replaced by Joanne Bradford, a longtime and well-known Microsoft exec who decamped from the software giant to helm national ad sales at the trendy start-up Spot Runner just six months ago.

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On one of my many trips to Los Angeles (what can I say? I like to hang where LoRo* hangs), I dropped in to see Nick Grouf of Spot Runner.

As many might know, Spot Runner is an online-offline ad agency play that has gotten big funding and even bigger hype of late.

Usually, BoomTown runs screaming from such Web 2.0 dandies, but there is definitely some there there at Spot Runner.

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Spot Runner, the online ad agency, delivered yet another Web 2.0 miracle today, raising another $51 million in funding from a diverse group of investors.
Among other services, Spot Runner makes and places low-cost television and radio ads for small businesses and is trying to bridge the gap between the traditional and online ad market.
In this [...]

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An interesting move with MSN exec Joanne Bradford heading over to the Internet-based ad agency Spot Runner, which helps companies create ads for radio and television.
She will be executive vice president of National Marketing Services, focused on national advertisers, for the ad-services company. Bradford was a VP and chief media officer of MSN Media Network [...]

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