Spongetech Delivery Systems, Inc. (fka SPNGQ)

[Playtowin]

I'm not buying any more at this point but I am playing on their money now. I've taken my initial investment plus back. So I look at this as gambling now. Thanks to all for the advice on how to bet this but gambling is gambling. I'm holding my current shares and betting the river card is millions of naked short shares. Easy come easy go at this point. I filed a complaint with the SEC and received the following answer. That complaint was in April. Here's the answer:

Dear Mr. XXXXX,

Thank you for contacting the SEC regarding your concerns. We welcome hearing from you because we keep a database of information about the complaints and inquiries we receive.

This database allows us to track whether a troubling situation may be developing about a particular issue, company, broker, stock, or other securities product. The information you have provided will be reflected in our database.


Sincerely,

SALVADOR P NERI
Office of Investor Education and Advocacy U.S. Securities and Exchange Commission 100 F St, NE Washington, DC 20549-0213
[phone]



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COMPLAINT
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Submitted: 2009-04-09
Send Copy: A copy of this may be sent to the entity.


INVESTOR INFORMATION
Name: Mr. XXXXX
Address: XXXXX
XXXXX
XXXXX
UNITED STATES
Day Phone: XXX-XXX-XXXX
Alt Phone:
Fax:
Email: [e-mail]


ENTITY INFORMATION
Name: NITE, UBSS
Type: Market Maker
Rep.:
Address:



SECURITY INFORMATION
Name: Spongetech
Symbol: SPNG.OB
Type: Penny stocks


COMPLAINT INFORMATION
Providable Documents:
- Nothing is Available to me.

Description:
As long as these market makers are not regulated they continue to NSS to their delight and Advantage. Counterfeit shares are everywhere. The only liquidity they provide is for themselves and the shorts as they attempt to drive statups and others into the ground so no one has to cover. Also where can we begin comment on the new shorting rules during the next 60 days. It is rumored that SPNG.OB is massively shorted. Nothing shows on Regshow lists because the mm's cover each other within the proper time frams. All this is IMO of course At least put a mechanism in place so there is transparency in OS sharesand TA's cannot be gagged. There is just as much illegal activity in the OTC market as there is in the larger markets. This is where the poor people live and try to invest. Hire more people to police activities but don't get them from wall street.

ACTION INFORMATION
Complained to:
Legal Action:
Description:

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I think I got it right but only time will tell. I feel the mm's abused their privilege to sell these shares. As in the past it would surprise me if the SEC ever came down on these mm's. These mm's have been mentioned in today's posts. I'm not the only one of this opinion. I am holding my remaining shares because I am too stubborn to think any different. I've learned the hard way before but it was with my money. As I said it will be easy come or easy go. Save your easy go answers for someone who cares. AJMO