I copied this post from AEGY to bring here and ask for comments. When I went back to get the link to include here, the post had been removed. I'd like to hear what others think of this.
A PLAN FOR STOPPING SEC HALTS ON MJ STOCKS:
Dear Fellow Marijuana Stock Investors,
I have come up with an idea that may assist in ending these illegal targeted trading halts by the SEC. I will need the help of the community in executing this idea.
Let us start with the basics. What the SEC has done over the last few months is blatantly illegal. As a federal agency put in charge by Congress (who represent WE the people) to regulate and enforce securities laws, the SEC has no right to opine on speculation or the animal spirits in the stock market. Moreover, the SEC has no right to go on a witch hunt targeting stocks that are not directly engaged in the retailing of cannabis or are not violating any state laws.
The SEC and FINRA can issue warnings ad nauseum and warn us all about the risks involved with investing OUR hard-earned money. What they cannot do is arbitrarily destroy our capital.
What makes this entire situation even more disgusting is that they are destroying the capital of the 90% who are speculating in companies that have micro and sometimes nano valuations. In the grand scale of the overall economy or stock market these stocks represent less than a speck in the universe of fraud and speculation that takes place.
While the SEC let's hedge fund managers and investment banks engage in schemes that hurt a lot more people and cause orders of magnitude more economic damage (my 401K has still not fully recovered from the 2008 collapse, yet my marijuana stock portfolio has delivered me a 10x return), they put on this dog and pony show every time they halt (destroy) tiny companies engaged in this industry.
I am convinced that the SEC's actions fall outside the scope of the agency's charter. More importantly though, a common sense test of the situation at hand confirms that these actions certainly fall outside of what is supposed to be the spirit of the agency.
I do not for a second believe that the SEC or FINRA are protecting anyone with these trading halts. Investors that choose to speculate in penny stocks or marijuana stocks for that matter should be free to risk their hard-earned money as they see fit. If there is in fact fraud occurring then the SEC has the mandate to step in and investigate and even prosecute the wrongdoers. However, Due-Process is extremely important here and a trading halt or suspension affords no Due-Process and harms the actual investors in these companies.
The Hypocrisy doesn't end there. Take the Growlife, Inc (PHOT) situation. It has now been almost two months since the trading suspension destroyed over $200 million value for 20,000 investors and the SEC has not published one iota of evidence to support its actions. My father did not fight wars for this great nation to see us do away with the founding principles of due-process.
Our capital markets are supposed to be the most dynamic, innovative, and exciting. The marijuana stock trend was just that. On the margin, most of us made good money and good friends along the way and continue to enjoy being pioneers in this new industry.
So here is my plan:
According to my estimates there are over 100,000 of us out there. Between all the companies: MJNA, PHOT, CBIS, NVLX, HEMP, AEGY, TRTC, SKTO, MCIG, MDBX, CANN etc. etc. we are at least 100,000 strong.
Say what you say about President Obama but he does listen to his constituents. The easiest way to approach President Obama is via a White House Petition.
The url to start a petition is here:
https://petitions.whitehouse.gov/register?des...eate" rel="nofollow" target="_blank" >https://petitions.whitehouse.gov/register?destination=/petition/create
Unfortunately, I am not brave enough to start the petition as I do not want to be the torch-bearer of this movement. The purpose of my post is to share my views and knowledge of the situation at hand and hopefully empower the community to take action. I know that what is being done is wrong, and goes against the very principles which are at the heart of the SEC. If someone can start the petition, and even use some what I have written here, we can begin to distribute this around the boards and online.
I sincerely believe that we can obtain enough votes (only 5,000 required) for this petition to formally accepted. Once a petition is accepted, white house staff must provide a formal response as well as take action with the appropriate agencies.
In this case, our ask should be simple: The SEC should Cease & Desist from Arbitrarily Targeting Marijuana Related Penny-stocks by Halting Trading UNLESS they simultaneously file a formal litigation against the suspected wrongdoers with proof of the fraud that has taken place. We want Due-Process.
All we want here is for the SEC to have to actually prove that wrong-doing has occurred before being allowed to press a button and destroy our capital.
A year or so ago, there was a lot of news coverage about the IRS unfairly targeting Tea-Party related SuperPac's. That story received a lot of media attention as it was clear that the IRS was arbitrarily abusing its power. I believe that this situation with the SEC is even worst and once we have a formal petition we can all help distribute it to the media.
Good Luck, and I look forward to being one of the first signers of the petition.
A PLAN FOR STOPPING SEC HALTS ON MJ STOCKS:
Dear Fellow Marijuana Stock Investors,
I have come up with an idea that may assist in ending these illegal targeted trading halts by the SEC. I will need the help of the community in executing this idea.
Let us start with the basics. What the SEC has done over the last few months is blatantly illegal. As a federal agency put in charge by Congress (who represent WE the people) to regulate and enforce securities laws, the SEC has no right to opine on speculation or the animal spirits in the stock market. Moreover, the SEC has no right to go on a witch hunt targeting stocks that are not directly engaged in the retailing of cannabis or are not violating any state laws.
The SEC and FINRA can issue warnings ad nauseum and warn us all about the risks involved with investing OUR hard-earned money. What they cannot do is arbitrarily destroy our capital.
What makes this entire situation even more disgusting is that they are destroying the capital of the 90% who are speculating in companies that have micro and sometimes nano valuations. In the grand scale of the overall economy or stock market these stocks represent less than a speck in the universe of fraud and speculation that takes place.
While the SEC let's hedge fund managers and investment banks engage in schemes that hurt a lot more people and cause orders of magnitude more economic damage (my 401K has still not fully recovered from the 2008 collapse, yet my marijuana stock portfolio has delivered me a 10x return), they put on this dog and pony show every time they halt (destroy) tiny companies engaged in this industry.
I am convinced that the SEC's actions fall outside the scope of the agency's charter. More importantly though, a common sense test of the situation at hand confirms that these actions certainly fall outside of what is supposed to be the spirit of the agency.
I do not for a second believe that the SEC or FINRA are protecting anyone with these trading halts. Investors that choose to speculate in penny stocks or marijuana stocks for that matter should be free to risk their hard-earned money as they see fit. If there is in fact fraud occurring then the SEC has the mandate to step in and investigate and even prosecute the wrongdoers. However, Due-Process is extremely important here and a trading halt or suspension affords no Due-Process and harms the actual investors in these companies.
The Hypocrisy doesn't end there. Take the Growlife, Inc (PHOT) situation. It has now been almost two months since the trading suspension destroyed over $200 million value for 20,000 investors and the SEC has not published one iota of evidence to support its actions. My father did not fight wars for this great nation to see us do away with the founding principles of due-process.
Our capital markets are supposed to be the most dynamic, innovative, and exciting. The marijuana stock trend was just that. On the margin, most of us made good money and good friends along the way and continue to enjoy being pioneers in this new industry.
So here is my plan:
According to my estimates there are over 100,000 of us out there. Between all the companies: MJNA, PHOT, CBIS, NVLX, HEMP, AEGY, TRTC, SKTO, MCIG, MDBX, CANN etc. etc. we are at least 100,000 strong.
Say what you say about President Obama but he does listen to his constituents. The easiest way to approach President Obama is via a White House Petition.
The url to start a petition is here:
https://petitions.whitehouse.gov/register?des...eate" rel="nofollow" target="_blank" >https://petitions.whitehouse.gov/register?destination=/petition/create
Unfortunately, I am not brave enough to start the petition as I do not want to be the torch-bearer of this movement. The purpose of my post is to share my views and knowledge of the situation at hand and hopefully empower the community to take action. I know that what is being done is wrong, and goes against the very principles which are at the heart of the SEC. If someone can start the petition, and even use some what I have written here, we can begin to distribute this around the boards and online.
I sincerely believe that we can obtain enough votes (only 5,000 required) for this petition to formally accepted. Once a petition is accepted, white house staff must provide a formal response as well as take action with the appropriate agencies.
In this case, our ask should be simple: The SEC should Cease & Desist from Arbitrarily Targeting Marijuana Related Penny-stocks by Halting Trading UNLESS they simultaneously file a formal litigation against the suspected wrongdoers with proof of the fraud that has taken place. We want Due-Process.
All we want here is for the SEC to have to actually prove that wrong-doing has occurred before being allowed to press a button and destroy our capital.
A year or so ago, there was a lot of news coverage about the IRS unfairly targeting Tea-Party related SuperPac's. That story received a lot of media attention as it was clear that the IRS was arbitrarily abusing its power. I believe that this situation with the SEC is even worst and once we have a formal petition we can all help distribute it to the media.
Good Luck, and I look forward to being one of the first signers of the petition.
