The SEC is a joke. We contacted them regarding John Antonio - CEO of Wellstar International (WLSI) who did a reverse split twice, diluted shares and made off with $16 million of shareholder value. I was left with 23 million shares worth .0001 that I couldn't sell because the Ask and Bid never moved above 0.0000. We gave them the address and ...Nothing. The SEC just went away into a black that no one could find. I believe they don't have the budget to pursue matters below a certain dollar amount.
Nevertheless, the idea that I can buy so many shares into a company I believe in is what continues to attract me. But when they hint that they will dilute shares to raise money - I get nervous because they take the investor's money and give us nothing in return, no interest, no debt security, corporate bond...nothing.
