but the facts........remain the same
SEC temporarily halts cMoney share trading
Houston Business Journal
Date: Thursday, February 16, 2012, 11:29am CST
Related: Technology, Houston, Electronics
The U.S. Securities and Exchange Commission on Thursday temporarily stopped trading of cMoney Inc. , a Houston-based technology company.
In a regulatory filing first reported by the Houston Chronicle, the SEC said it stopped trading of cMoney, which trades on the Pink Sheets under the ticker “CMEY,” because of questions concerning the accuracy of cMoney’s public statements. In particular, the SEC said it was unsure of the identity of the people controlling the company’s operations, management and security, as well as the status of the company’s audit.
The company’s share trading is suspended until March 1. On Feb. 15, cMoney closed trading at .45 cents.
cMoney, which has created software technology that allows users to pay for items and transfer money via mobile phones, has faced a rocky road in recent years. In September 2010, the company faced an SEC investigation into whether the company’s founder allegedly gave illegal payments to her father. Then, in Jan. 2011, the company went through multiple executive changes.
In accordance with the company’s current trading halt, the SEC also is warning brokers, dealers, shareholders and prospective cMoney purchasers to carefully look over all cMoney information they have received from the company.
cMoney did not immediately respond to calls.