PROPOSAL FOR SEC SCRUTINY AND ACTION ON PUMPERDUMP
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PROPOSAL FOR SEC SCRUTINY AND ACTION ON PUMPERDUMPERS:
1. When a PUMP & DUMP play in on and the SEC is alert and awake, the SEC investigates if a company press release has been published as part and parcel of the manipulation to accompany the promotion and other incitements.
2. If the SEC discovers a less-than-accurate company press release has been published in conjunction with the PUMP & DUMP, the SEC suspends trading in the company's shares citing the lack of accuracy in the press release of the company "reporting" company operations.
3. The SEC begins investigating the company for fraudulent practices.
4. If there is sufficient evidence of fraud, the DOJ begins a prosecution by bringing a case(s) in civil and/or criminal court(s).
A systemic approach seems to be needed if the SEC is going to fulfill its mandate to protect the honest investing public from the white collar criminals who manipulate share prices as a profession. The suspension route may be quicker than the cease-and-desist pathway.
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