Excellent post! Love the progression of what would have to be proven to bring down SST. And even if you could prove all 4 points, what's the possible upside vs such a huge downside for Bogutski, a guy who's own brother was imprisoned for TA fraud. He would know better than anyone not to go down that road.
My guess, we don't even have to go past (A). The shares were eligible because they were written in as back dated to June 30 for issue date. And the clearing firm's duty to review the documents was done flippantly, probably just skimmed the papers or fanned them in front of their face on a warm August evening.