Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Whiplash_Investor, 20 years from now nobody who held their Spongetech shares will get one even penny back from their holdings.
Good luck
As Whip correctly pointed out the first time you made this statement, the stock is not revoked.
Wrong...still got all my shares. Ameritrade and Fidelity both say I can't get them out of my account until revoked, which they haven't been. So guess again.
cowtown jay, SPNGQ stock is revoked; there are no more shareholders because there are no more shares.
Good luck.
The important thing to me is that SpongeTech shareholders receive equal protection under the law. To date, the SEC has convicted insiders with selling $52 million dollars worth of unregistered shares, and they are seeking disgorgement of that amount to be paid to those who self-identified with authorities as victims of the fraud.
That's a complete farce. Insiders will be required to pay less than what I used to pay for child support each month.
Also, the identification of shareholders is not the responsibility of those shareholders. This identification is actually required in bankruptcy proceedings. The requirement was ignored because the judge and the trustee felt that there was no way to make that identification. The trustee stated that he didn't even think that the SEC could determine who the shareholders are. This is absurd.
In addition, MOST of the ill-gotten gain realized by selling unregistered shares, which I estimate to be about $390 million, went into the pockets of outsiders, people who were members of the SpongeTech stock distribution network. There were dozens of these individuals, but only three have been convicted to date. The amount disgorged from these convictions is, for the most part, slotted to be transferred to the general fund of the US Treasury. Effectively, our money is being stolen again, this time by agencies of the US government.
Yes, it's less than a shell. The corporation has been revoked. The stock is nott trading. There is no corporate existence for SPNGQ anymore. The liquidation (Chap 7) bankruptcy is long closed.
Spongetech is G-O-N-E and it isn't even a trading shell anymore and cannot be acquired for a RM or any other purpose, as it literally has ceased to exist.
No thorn, no briar patch, just OVER and G-O-N-E, baby.
But the ticker will never return, right? Thanks!
I think it is MORE than a shell. It could be described as a thorn in the side of government agencies, but I also think it is even MORE than that. It's more like a briar patch these agencies are going to have to work their way through.
The biggest bombs still haven't dropped.
Is this LESS than a shell? Thanks!!!
I have some of these dead shares as well. I tried to removed them from my Scottrade account and they couldn't because the transfer agent shows them as restricted. It'll happen at some point. Was looking to take the loss against other gains. It's the only value I see in these. LOL
TDA...ditto. However this is dead, move on.
Never bought into the illegal short propoganda. Did think alot of news put out was the type of news a "real" entity would put out. At the end of the day I didn't keep in mind this was a penny stock. Sadly I had the opportunity twice to make $200K on a $27k investment, lol let's call it a bet. So I lost the $27k instead. Expensive lesson. Greed that led to stupidity. I call it my investestor tuition.
As an individual investor you need to understand you will NEVER outsmart the market makers. Learn how to follow...
Hahahahahahaha am I on that board back then? Might be under munz951
I know... look @ the posters on this board...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=36741813
SpongeTech, corporate sponsor of Bucs and Rays, charged with securities fraud
http://www.tampabay.com/blogs/venturebiz/content/spongetech-corporate-sponsor-bucs-and-rays-charged-securities-fraud
Spongetech yes, they had banners here at Dodger stadium also I believe. Thought that was real made few bucks off them. But then I gave it all back then
Some
They had big banners in TAMPA football games...
I probably could find the old images if ya want...
every game we went to back then had SPNG signs all over da stadium... we used to laugh about it - even though we were in it and should have known it would end badly
People still blame me
Not revoked until SEC revokes it. As long as shares are in users accounts (everyone I know still has them). Ameritrade won't remove them from my account until SEC revokes them.
Yea, saw that after read few posts...
BoilerRoom, SPNGQ was revoked and does not trade anymore. EOM
The munny ripped from the SPNG scam is looong G-O-N-E. Never to return.
Metter and Mosky are living well - plenty of coin for potentially lifesaving medical procedures.
Wow this scam still trading? I remember seeing banners for spongetech at baseball games 9 years ago. Wow
I knew this was a scam when I purchased a couple car wash kits at Walgreens, and they had a wrong sponge in each of them! They were putting the pet sponge in the car wash kit! That's just one example but a funny one.
The pet sponge itself was terrible. I wouldn't dare trying to wash a kid with the Spongebob sponge! The desperation at the very end was hilarious. Remember the Boat Sponge and the football sponge? Yeah try cleaning barnacles with a wimpy sponge! Football sponge? Really? Bunch of sweaty guys going to get naked while tailgainting and use a football sponge in the stadium parking lot? LOL!
Doug Furth got off too easy it seems. His ill gotten gains in SPNG was much worse than that. Anyhow, thanks for posting.
Thanks for your efforts.
Lost considerably on this and didn't get on the list as well.
LOL! Really?
Oh my!
I'm shure that will gett absolutely nothing, just like all your prior 'communications' with judges, Loretta Lynch, etc.
Meanwhile, Metter and Mosky have plenty of munny for potentially life-saving medical procedures.
In fact, Mike Metter is living the high life right now. He's all over the party circuit in CONnecticut and New York.
But futile gestures are always appreciated. So please keep shipping those letters and emails directly into the circular file/spam folder/autoanswer queue.
Please keep us posted hourly on Steve Mnunchin's action on this top-level important matter. I'm shure he'll gett right on it.
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
Yep, it shure does. Nott that any knowledgeable person put any credence in that goofy hypothesis anyway ...
SpongeTech's Transfer Agent Busted
https://www.sec.gov/litigation/admin/2017/33-10303.pdf
CONvicted felon STEVEN YEHUDA MOSKOWITZ has plenty of illegally obtained munny to pay for his 'potentially life-saving medical procedures'. Munny that Moskowitz swindled from SPNGQ shareholders.
At least Stevarino and his fambly have DaMunny and it ain't never coming back.
As far as former SPNGQ shareholders are CONcerned, DaMunny is all G-O-N-E.
To be more correct and as clear as possible:
NO MUNNY FOR ANYONE.
The filing made it possible, if certain amounts were ever recovered (enough to clear the custodial fee's and prior claims) and realistically - (albeit the zealot believers are anything but realists) - that ain't going to happen.
re: Doug Furth
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 23716 / January 10, 2017
Securities and Exchange Commission v. Douglas Furth, Civil Action No. 14 Civ.7254 (LDW) (E.D.N.Y.)
SEC Obtains Final Judgment Against Douglas Furth
On December 22, 2016, the Honorable Leonard D. Wexler, U.S. District Court Judge for the Eastern District of New York, entered a final judgment against defendant Douglas Furth. The final judgment permanently enjoins Furth from future violations of Sections 17(a) of the Securities Act of 1933 and Sections 9(a)(1) and 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, orders Furth to pay disgorgement of $56,000, which is deemed satisfied by the forfeiture order entered against him in a parallel criminal action, and imposes a penny stock bar on Furth.
The SEC's complaint, filed on December 12, 2014, alleged that, from at least September to December 2010, Furth engaged in a fraudulent broker bribery scheme designed to manipulate the market for the common stock of SearchPath HCS, Inc. through matched trades. The complaint further alleged that Furth engaged in an undisclosed kickback arrangement with an individual who claimed to represent a group of registered representatives with trading discretion over the accounts of wealthy customers.
The SEC acknowledges the assistance of the U.S. Attorney's Office for the Eastern District of New York and the Federal Bureau of Investigation in this matter.
For further information, please see Litigation Release No. 23157 (December 15, 2014).
http://www.sec.gov/litigation/litreleases/2017/lr23716.htm
Awwww, no munny for anybuddy who's nott already on the restitution list.
Bummer. Maybe a call to Moskowitz and he'll send some tickets to the Touro JV basketball games.
Some of the later issuances were from WorldWide. Most were from Olde Monmouth.
Who was the transfer agent worldwide transfer?
re: Dennis Ringer and SpongeTech.
I looked a little more into the Administrative Proceeding filed against Mr. Ringer by the SEC. That Admin Proceeding reads, in part, as follows:
"4. Ringer purchased the 78 million shares from RM Enterprises in fifteen transactions,
and at discounts from market prices...
8. Ringer purchased the shares at a discount to the then current market price. On May
12, 2008, Ringer paid RM Enterprises $80,000 for the four million shares, or $.02 per share. The
market price of Spongetech stock on that day ranged from $0.037 to $0.047 per share.
9. On May 14, 2008, RM Enterprises transferred four million Spongetech shares to
Ringer’s brokerage account. The shares were transferred to Ringer’s account without an
appropriate restrictive legend. On May 16, 2008, after holding the Spongetech shares for only two
days, Ringer began selling the shares in the public market at prevailing market prices. Ringer sold
the four million shares at prices ranging from $0.03764 to $0.05300 per share, resulting in profits of
$93,867.31. These transactions were not registered with the Commission, and no exemption from
the registration requirements applied.
10. Between June 2008 and July 2009, Ringer continued to obtain Spongetech shares
from RM Enterprises at significant market discounts."
I cannot reconcile what the SEC said in the preceding paragraphs with the information available in the TA Transaction Journals. For instance, I only see 12 issuances made to Ringer, not the 15 claimed above. I don't see any issuances made prior to Sept 5, 2008. None were showing in May or June 2008, as the SEC claimed. Finally, I only see 65+ million shares issued, instead of 78 million shares.
I balanced with the number of issued shares the TA's and the SEC reported in the original SEC Complaint. That total did not include all of the 78 million shares the SEC has now claimed were issued to Ringer.
Another outsider named separately for selling unregistered shares of SPNG was Curt Kramer and his entity, Hope Capital.
https://www.sec.gov/litigation/admin/2016/33-10239.pdf
Kramer's Hope Capital received shares of SPNG from the same transaction in which Ringer received 10 million shares on Jan 13, 2009.
Kramer was also charged in a subsequent case with purchasing misappropriated shares of Bederra from the owner of that company's Transfer Agent.
"According to the SEC’s order, Kramer and Mazuma Holding Corporation acquired more than one billion shares of Bederra in 2009 and 2010 through 21 separate transactions from the principal of Bederra’s transfer agent, who had misappropriated the Bederra share certificates. Again they purchased the shares at a significant discount from prevailing market prices. Kramer and Mazuma Holding Corporation re-sold the misappropriated Bederra shares to the public without any registration statement for a profit of $934,404."
https://www.sec.gov/News/PressRelease/Detail/PressRelease/1370540410863
I don't see how Ringer received almost 13 million more shares than the Transfer Agent reported. But, as we see from Kramer's purchase of Bederra shares, anything is possible.
Sorry, butt those who failed to submit and Affidavit of Loss by the deadline, and thus y'all won't see a penny of any munny recovered.
That's just a fact, as stated by and ratified by the Court and also the SEC.
What one thinks "should" happen is entirely irrelevant.
Notice was given (and I and others even tole all peeps on this board at the time):
https://www.scribd.com/document/197761540/USA-v-Metter-Et-Al-Doc-343-Filed-08-Jan-14
"...The Affidavits of Loss
At the outset of this case, THE GOVERNMENT USED print advertisement as well as A SECTION OF THE WEBSITE of the United States Attorney’s Office for the Eastern District of New York to identify victims of the defendant’s fraud..."
Ya snooze, ya lose.
So, no munny for you!!
We certainly should get our money back. A significant number of unregistered shares were sold by people who were previously convicted of this same offense, and they were ordered to repay investors in those cases. SpongeTech investors are entitled to equal protection under the law. I expect Pete Sessions to enforce the law, once he is confirmed as our new Attorney General. I have no delusions about Loretta Lynch paying any attention to the law at all, at least not publicly and with full transparency. This is especially true since she was the chief prosecutor in the SpongeTech case as the US Attorney for the Eastern District of New York.
and that form was mailed or emailed to shareholders
I have an uncle norman pet sponge, I bought on line years ago, with a carwash sponge, piece of shit fell apart before I washed my whole car.I'm saving the pet sponge for... who knows?
"any chance get some of are money back still have my shares"
Nope. Anybuddy who had nott submitted their claims and were put on the restitution list will gett NOTHING. That deadline has long passed.
Those on the restitution list with the court will be lucky to get a penny on the dollar of their losses, if that.
You and Jay Booth and anyone else nott on the restitution list will gett exactly ZERO.
As it should be.
vegasrob, they actually were. Bought 2 at separate times. EOM
Are the Sponge Bob sponges in Walmart yet?
Actually you still do in some ways.
The revocation just was for the corporation and trading of stock.
The stock itself, for what it is, still exists.
It still, as always - represents your ownership of a possibly forged share in a corporation that was made to commit a stock fraud, had no real operations of any kind (except to promote the fraud), with minimal assets at anytime (far outweighed by unpaid liabilities to creditors) and certainly none for the past few years (especially after any even remotely being one were sold for chump change) when disposed as part of a dissolving Chapter 7 bankruptcy, and has had its registration and rights to be traded revoked.
One could get the idea it is and never was worth anything...
topsy267, SPNGQ was revoked. Nobody holds any shares. EOM
The idea he clings to is used only to QUICKLY (6-7 years is NOT quick), as in days/weeks maybe months - seize assets that are at risk of being lost by when the (known and underway) legal proceedings that would restore them are resolved. INJUNCTIVE RELIEF.....
Completely impossible at this point in the game...and there is NOTHING BUT THE MOST ADMINISTRATIVE matters left. Nothing even suggesting any other recovery is forthcoming. Again - Relief or Nominal Defendant is NOT ACTUALLY a RECOVERY! It does not ever get dispersed (or seized) unless there is ANOTHER case where it would be needed and is at risk of being lost if not seized NOW and then that other case is decided for the prosecution and these assets are in fact found to be the correct ones for repayment. (See years later...if your even able to suggest the stuff is still able to be located and handed over --- it is clearly not at imminent risk of being lost). Duh. The he/it with it is NOT considered to have done anything wrong....simply holds the item of value subject to an ongoing (pretty well defined) case. And even he see's the only actions (if actually any) are entirely administrative...ad not even in prep (actually complete opposite - in tieing up...not starting any new) prosecution or legal actions.
"A relief defendant is a person or entity who has received ill-gotten funds or assets as a result of the illegal acts of the other named defendants. A relief defendant is typically named because the plaintiff(s) seeks injunctive relief to protect the sought funds or assets and apply them to any eventual recovery in the case. A relief defendant may also be called a nominal defendant."
Nope...Cowtown, with all his great understanding, I guess because of the great conspiracy against him by all those so much more foolish they actually didn't make a bad investment in this stock of destiny....and instead were involved with wasting their time in institutions - regulators - and disclosures saying others shouldn't either is left to insisting (again) 10 ways from Sunday on another thing that is ridiculous 11 ways from it!
Yup...games over - he's not finished - please just give him his money back!
Why not? Because there are more shares in the market than the company issued, placed in the market by illegal naked short selling, even while the company was on the RegSHO Threshold Security List.
that is absolutely and completely 100% wrong again cowtown.
the shares showed up on the RegSHO list because M&M illegally sold restricted shares.
this has been known for years and only ignored by those who refuse to accept the reality that Moskowitz and Metter ran this share printing scam.
any chance get some of are money back still have my shares
"that's completely false, they weren't outsiders, they were the people that the scammers behind SPNG, Moskowitz and Metter, used to illegally sell shares at a discount."
So in other words, they were members of the SpongeTech stock distribution network. A network which included dozens of people who illegally profited from the sale of unregistered shares. This includes several people who were recidivist offenders. That's what I have been saying for years. It's good to see this Pandora's box being opened, and I still look forward to seeing dozens of more people charged for this particular offense.
Will the disgorged money be returned to injured investors, as is routine in cases like this, and in previous cases against some of these recidivist offenders? Well, that's a problem, because the government has not identified SPNG stockholders. Why not? Because there are more shares in the market than the company issued, placed in the market by illegal naked short selling, even while the company was on the RegSHO Threshold Security List. There were thousands of such transactions, everyday, for months at a time, as I previously reported to the Court.
The evidence is clear. The law is clear. The SEC and the DOJ are intentionally negligent in their duty to protect the investing public.
In a search for a contractor to replace my roof I had 5 estimates provided from 5 different companies. STEVEN MOSKOWITZ of Renovex LLC gave me the best price by over a couple thousand dollars. This was too good to pass on, so I hired Renovex to do the job.
Steve immediately demanded 60% of the cost to be paid upfront. I was hesitant so I told him once the material arrives on site I would give him the 60%. He rudely told me "I am not a bank, and I won't lay out that kind of money." We eventually came to an agreement. The following day, 80% of the material arrived and so I paid him in good faith. That was my second mistake. My first mistake was hiring him in the first place. I was initially promised that the entire job would be completed in 3-5 work days. Over the course of 3 weeks I've heard one excuse after the other. It went from bad weather (which never came) to family emergencies, to sick days (6 in a row, with no communication) This company left my roof unprotected which lead to a semi-major leak in multiple areas of my home. I am currently in the process of filing a claim against his insurance, which I'm beginning to think is fraudulent. I have gotten no where. After over three weeks from the start date they were only competent enough to complete 45% of the job. I had finally had enough of the excuses and contacted Steve. I told him I have no other recourse at this point. I need to hire someone else to complete the job. His response was, "Why didn't you tell me that my workers haven't been there in over 5 days? You are just trying to steal my materials and I will see you in court!" As if I'm responsible for managing his labor force. Save yourself the headache, don't use Renovex LLC for ANYTHING! It was a waste of my time and money in the long run. It was the least professional management I've ever dealt with in my entire life. PLEASE DON'T BE TEMPTED BY THE LOW COST, IT IS A FACADE THAT IS WELL WORTH AVOIDING!
Ross G. and 1 other voted for this review
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |