FINRA's been more active in penny enforcement in the past couple of years. But their jurisdiction is limited; they can't bring actions against companies. What they can do is deny corporate actions, as they've done with ECOS. They also have an active fraud department that refers cases to the SEC for action.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.