Spongetech Delivery Systems, Inc. (fka SPNGQ)

[cowtown jay]

FAVORABLE (?) jury verdict regarding SPNG's primary clearing firm.

"Hall repeatedly lied to Penson about liens on his additional collateral while obtaining fraudulently over $5.5 million in additional loans and other payments from the firm."

https://www.sec.gov/litigation/litreleases/2017/lr23759.htm

"1. These proceedings relate to approximately $100 million in failed margin loans made
by now-defunct Penson Financial Services, Inc. (“PFSI”)—which was once the second largest
clearing broker-dealer in the U.S.—to certain of its customers. PFSI made the bulk of these margin
loans between 1999 and 2008 to Christopher J. Hall and his affiliates, including a company named
Call Now, Inc. (“Call Now”), who invested in risky, unrated municipal bonds. Hall was the
Chairman of Call Now’s board of directors, and in 2006 Call Now became a large shareholder of
PFSI’s publicly traded parent company, Penson Worldwide, Inc. (“PWI”)."

https://www.sec.gov/litigation/admin/2015/33-9914.pdf