Hi, berta! Good to see you.
Issuances made to members of the SpongeTech stock distribution network were fairly highly structured. When I would see an issuance made to Ringer, as in this case, then I could pretty well guess as to what other beneficiaries I would expect to see getting shares in that same transaction. The same applies to the cancellations. The shares issued to the various beneficiaries in a single transaction, would typically all be canceled at the same time time in a subsequent transaction. Not always, but often.
The SEC has now charged three outsiders with selling unregistered shares. The total amount being disgorged is now about $4.5 million.
There are also the four people I talked about in Dec 2011 who made $15 million, according to IIROC, who have not yet been charged by the SEC. But, the gates are finally open, as I expected they would be once Pensley's case was closed (at least for now). I'm still looking for dozens of people to be charged with selling unregistered shares, and a total disgorgement of about $390 million, excluding penalties, for this particular offense.
