Posted On: 03/17/2015 3:48:14 PM
Post# of 43065
Re: PaperProphet #18317
The SEC should have simply suspended JBII from trading and sent them to the grey sheet graveyard a few years back instead of handing them that Wells Notice, and that would have been that. "The SEC can suspend trading in any stock for up to 10 days when it believes that information about a company is inaccurate or unreliable." That's a pretty low bar. I've seen dozens of companies get the axe for far fewer and less egregious acts of fraud than PTOI.
That's how the SEC has dealt with hundreds, if not thousands of other microcrap frauds. They could have saved even more money if they had done so in this case.
The theory that people have enough brains to see the bright red flags the SEC paints by going after these companies for fraud has been proven false, repeatedly, by the thousand of counterexamples who donate their savings to these scams.
Just immediately suspend any obvious fraud like PTOI, and if the amount they've stolen surpasses some level that makes it profitable for the SEC to sue, then the SEC can do that as a follow-up.
That's how the SEC has dealt with hundreds, if not thousands of other microcrap frauds. They could have saved even more money if they had done so in this case.
The theory that people have enough brains to see the bright red flags the SEC paints by going after these companies for fraud has been proven false, repeatedly, by the thousand of counterexamples who donate their savings to these scams.
Just immediately suspend any obvious fraud like PTOI, and if the amount they've stolen surpasses some level that makes it profitable for the SEC to sue, then the SEC can do that as a follow-up.
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