Spongetech Delivery Systems, Inc. (fka SPNGQ)

[shajandr]

Dude, it's a broker transferring the shares of a client to the broker's house account. It's untradeable. It's worthless.

Some brokers will do that butt they will charge the client bunch more than the shares are worth.

It it irrelevant that a broker does a courtesy transfer for a client for a fee that exceeds the reported transaction. The stock is worthless. Go see a real CPA or better tax lawyer and you'll learn that.

Find a different broker who will do this if it makes you feel better, pay to transfer your account, then pay for the brokerage to take the worthless shares out of your account and transfer them to the house account - it'll only cost you maybe $50 to $150 total (depending on the brokerage that will do this for you).

Butt it's pointless. The shares are worthless whether they show on your account statement or not. Some people are bothered by seeing a reminder of their loss every statement and want the shares out of their account and will pay for the brokerage to do that for them.

It's really just a waste of money. Butt people are strange and will pay for irrelevant things that bother them.