The SEC shuts down very few scams - even the obvious failed scams, like EEGC.
They generally figure that stocks like EEGC are such OBVIOUS scams, and the lies people like MadMal tell are so transparently false and ridiculous.. there's really no urgent need to act.
I mean, it's not like anyone BELIEVES him anymore, right?
"Rich people don't buy penny stocks. They're too smart."
-Jordan Belfort, "Wolf of Wall Street"