Box Ships Inc (Preferred) (TEUCF)

[ivfk]

We know that the CEO already holds 208,000 shares of TEUCF. That represents almost 23% of the outstanding shares. There are only 916K outstanding. What would prevent the CEO or one of his affiliate companies (Neige, Paragon, AllSeas...etc) to buy more TEUCF shares on the grey market for $2.50. TA said himself that the "Grey Sheets' are completely unregulated. He would then reap a 100% dividend annually and get back 10 times his money when the shares are called. Not a bad deal.

My original question was if he an insider can get away with buying or selling preferred shares on the grey sheets without having to file an SEC form?