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On the topic of NSS and use of State courts:
Understand - as stated time and time again - short selling INCLUDING naked short selling is NOT against any law.
A co-ordinated attack on a company stock to lower its price MAY be...and if that includes naked short selling - maybe yet more so....but here - we've heard it too many times already:
A company making a sponge which costs more to make than it can sell it for, with fraudulent books, fabricated customers, all done as a pump and dump scheme (and condfessed as such by the promoters) is the exact opposite of where short or NSS could even be considered anything except the CORRECT way the market allows someone to take a position. The company was a fraud....a scam ...there can be no damage from shorting something that had only a fake inflated value. Short selling did not take down the value of the company - there was no value...except as part of a scam.
And all the Court did was say really was anyone/thing wanting jurisdiction can have it....basically they don't want anything to do with the whole thing! They did not in any way give any credence to any of the suppositions of the NSS crowd...in fact - the opposite.
First find a state with laws about NSS (only a few even have it)...then try and fit this in (you can't) and more importantly - see if any would ever consider pursuing it either...they won't. They didn't want to in the cases presented opting to say they couldn't - so the lusa's went to the S Court to get the decision that the State can ...but - they won't. Unless it is a real clear stock manipulation.....not a stock fraud.
How about just quietly waiting for the naming (and seizure of assets) of all those affiliated groups from a decade ago - (or whatever you want to call them)...a very infrequently used thing and only then very quickly after an event where those participants and the assets are easily identified, seen and reachable....which is also normally then fought about for a decade in court. Or maybe hold on - the recovery is getting near the $50 a person it takes to disperse. Ooops....fee's for doing so is lowering it!
yeah, that is the only "air shares" there were, for lack of a better term!!!
So, in this case you are defining "air shares" as the shares that were issued by SPNG illegally by using non-existent attorneys to write the fraudulent opinion letters to make the shares freely tradeable
and not the "air shares", that are claimed by the whacked-out tin foilers, that result from naked shorting by the EVIL NAKED SHORT SELLERS FROM MARS...
correct?
yep, a fair market allows short selling....logically, it must...
of course, illegal manipulation is, well....illegal!!!...long or short...but seems 99.9% of the time it is to pump up stocks to dump them, such as was the case here....
and same with "air shares", seems the vast majority (all??) of the time they come from someone looking to exploit the long side as well....as was the case here with the unregistered shares from SPNG themselves....
don't get why this is so complicated to understand???
madeindet, there are no more SPNG shareholders. EOM
you realize it was SPNG insiders who ripped people off, right???...not some mythical shorts, gesh.....
"It's a crooked system."
The system needs to be redesigned. Right now, our equity markets are largely governed by:
Self-Regulatory Organizations (SRO's), that have
discretionary authority, but don't have
subpoena power.
Watching over them are unelected bureaucrats, who also have discretionary power, and who also report to a politically-appointed chief.
What could possibly go...right?
It's a crooked system by design.
Fines against market participants should go in a fund that's goes to the shareholders. Ie: UBSS fined for naked shorting, Penson violating reg sho, the Canadian regulator fine against their broker.
Why don't they disclose the companies that were victimized by UBSS and Penson for their violations?? Allow the public and companies to sue for damages. These slap on the wrist fines go to regulators who are far from being the victims. It's a crooked system
This case is exactly where I/aye/eye want it to be right now. It's between those who administer justice, and those who seek justice. Perfect.
Too/to/two badd that the applicable statutes of limitations for state court claims against SPNG and associated parties have long since expired. No claims of this sort (state court claims only) can be brought against anyone for a SPNG-related matter.
This has zero applicability to any Federal court matter involving the SEC or DOJ.
So, this issue is OFF-TOPIC for SPNG, as it has zero applicability.
SPNG promoter Doug Furth (a/k/a 'Soapy Bubbles') just has his home foreclosed on by the bank:
https://www.dln.com/foreclosure/details/ref_index/128417
Date Filed May 31, 2016
Case Number 864049
Case Type Foreclosure
Judge Judge M. Clancy
Defendant
Douglas G. Furth, et al.
6442 Dorset Lane
Solon,, OH 44139
Plaintiff
Filed by.
Fifth Third Bank
9200 Montgomery Rd., Bldg 7b
Cincinnati, OH 45242
I believe that Aguirre is representing one such victimized company in a state court now. I also believe that he will be a formidable force in this effort (assuming that you're quoting comments made by Gary Aguirre).
Naked short cases have been slaughtered in federal courts,” Aguirre said. “Now there’s a crack in the door. But plaintiff lawyers will have to do a lot of creative designing in state courts to open it further.
While that regulation makes it illegal to use naked short sales to manipulate a security, cases against the practice haven’t fared well in federal court, attorneys said. That’s in part because the Supreme Court has required plaintiffs in federal court to cite specific statutes that they believe have been violated, Wharton’s Zaring said.
Under the Supreme Court’s latest ruling, plaintiff attorneys would still have to bring suits in jurisdictions with applicable anti-fraud or securities laws -- which also include California and Georgia -- and avoid conflicts with federal statutes, Aguirre said.
It's an option, maybe especially so here in Texas, where our state's Attorney General has recently gained some experience as the subject of an SEC investigation.
It didn't register with me that this was a unanimous decision on the part of the Supreme Court, to allow lawsuits against naked short sellers to proceed in state courts. The Court is so ideologically split that it seems unanimous decisions are becoming rarer. They didn't say that cases regarding naked short sellers could proceed on an interplanetary basis, though. So if these attacks are launched by Martians, as some here say, we may be out of luck. Otherwise, it would appear that the Supreme Court is unanimous in their opinion that these attacks have nothing to do with criminal actions by Martians.
The criminal court judge has said that the SpongeTech case remains open for further proceedings. I have been saying all along that there should be dozens of Relief Defendants named in this case. All I want is what you said, several years ago. "I think there are still undiscovered people or entities who have not been discovered and charged in this disaster. I want every last person or thing who profited illegally here brought to justice."
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=59799686
Hey Jayman any traction here?
Naked short sellers squeezed by Supreme Court
Published by AMI Newswire May 16, 2016
In a sweeping blow to Wall Street investment giants, the U.S. Supreme Court today unanimously allowed lawsuits against "naked" short sellers in state courts to proceed.
The high court ruled unanimously that shareholders are not confined to federal court when seeking recourse for securities violations. Granting due deference to the important role of state courts, the Court reinforced federalist principles while clarifying congressional intentions to limit the federal governments role.
The ruling, which could give a new boost to startups and small companies targeted by short sellers, showed a rare moment of ideological agreement in the court. Justice Elena Kagan authored the Courts opinion, and Justice Clarence Thomas, joined by Justice Sonia Sotomayor, issued a concurrence.
In 2012, businessman Greg Manning sued Merrill Lynch and other financial institutions in New Jersey state court for purposefully devaluing his company through systematic naked short-selling a term used to describe selling a stock a seller does not own and has not borrowed. In standard short sales, traders either borrow a stock or make sure that it can be borrowed prior to selling it short in the hope that its value will fall before the transaction must be covered.
The practice has come under increasing scrutiny and has been banned in Germany and other major economies.
Metter and Moskowitz stole munny from SPNG speculators who lost munny that could have paid for potentially life-saving medical treatments.
Instead, Mosky and Metter blew the munny on tranny hookers in Switzerland and had a good time with that munny. Mosky was pulling ~OUTT $300-600 a day from SPNG accounts from ATMs - wonder what he did with that cash every day?
Darwin works 24/7 on munny and on genes - munny will flow from those who don't take care of it to those who do. It's inevitable.
Great! I need an RMA for my sponge.
SPNGQ will be back in busy-ness in no time (literally - no time).
STEVEN YEHUDA MOSKOWITZ will be the new CEO.
David Pilon will be the VP, Psychiatric Division
Jay Booth will be Chief of Lost Potentially Life-Saving Treatments and also Conspiracist-in-Chief.
It will be getting the old band back together - the SPNGQ Dream Team.
With all the investigations and Officer/Promoter confessions showing the company was actually a thriving manufacturing business with an exceptional distribution network all the technical things like missing reports (10 Ks, Qs, for all missing periods, other business/corporate filings fee's and taxes) are almost completed. As promised, Deloitte took over and while that means as befits an organization of this type - everything is done to the highest standards (of course that also requires a great deal of money and time to establish on going systems assuring the future security for all).
So no question - everything just really on the edge (a summer vacation or two of the hard working crew coming to an end clearing the backlog and it all happens) -
So finally - SOON!
Is SPNG on Nasdaq yet?
Is the 10K out yet?
Just be sure unlike the idiots that sold them advertising and put it on their walls for all to see that you get a cashiers check. Unfortunatly what does happen all the time is that those who invest in penny stocks need to trade them and not hold on for life.
Sure...happens all the time.
Stock in a scam of a company with no actual marketable product, that went C-7 Bankruptcy with millions and millions of $ more liabilities than the virtually no assets and a no customers behind the made up sales, is liquidated and de-listed, with the criminal and other actions of fraud and more against the promoters and officers proven to provide no recourse - just magically re-appears and distributes wealth to all.
Yup...as you say - many with the wisdom to buy it and stick with it (because it was destined to make them a millionaire) still think it isn't done. Can't be with the proof being - they aren't millionaires yet.
Check back often....make sure "they" have your address to send the check to.
In fact, why not just leave it and your SS#, bank account access code here and they'll deposit it directly.
is still possible a revival of that stock, some people saying its still not done, anyone ??
Was David Pilon still trying to get his $9,000 back from SPNGQ?
Yes that continuation of his fantasy as fact (well now covering a bit by saying "in his opinion") - which absolutely no one of any matter has been able to grant even a drop of credence to...making it BS is an extension of the same type of sickness that made him heads over tails a believer this stock was destined for greatness.
It is the same wacko-ness against all reality that still feels the need to claim that the SPNG product was good, desired and well distributed. All be clear: That whole line was part of the pump and dump....pumping a product that was terrible....and hiding a fraudulent stock with it. (
Those people telling you how great it was - the same telling you how great the investment, management, and other things were. They simply weren't...but sickos (or poor/ignorant investors) need to believe.....and believe they did.
REGARDLESS of how many other actual legitimate companies had competitive products - and were identified in many posts) and how many others failed. There were even people making almost religiously devout testiments to SPNG products which actually were never ever produced....delusionals. Be absolutely 100% clear - as a look back test: If there was amy real commercial demand or viability for this sponge - any number of other manufacturers would have been happy to fill the void. There ain't. (I do understand that dreaded Spongeables Co - does still exist).
No actual distribution "pipeline" - wasn't any need. Virtually no re-orders...and what Unkie Norm didn't buy back had trouble even finding a closeout market. That left in the warehouse at Dicon had NO MARKET at any price. The pipeline? Called "Retail Slotting Fee's"...remember all the posts advising of that - all you do is pay and your product is on the shelf. Sort of the same as what they did to get the stock to your broker.
That's how it works (It is not a distribution system...and As Seen On TV actually makes it even easier to get the space as they are essentially resllers of the retailer space (space is what the Big Box retailers have to sell! They don't really care much about whats in it)......and all that is one of the reasons that so many products appear for a very short while. An overwhelming amount of products on even the biggest retailers racks are gone within a short while. Having shelf space is NOT success.
All said to point - once again - that just about everything these delusional NSS and "everyone in the world let failed and didn't do what they should" says is BS at best. They willingly bought stock in a crappy company with a terrible product and got swept away in the marketing of it all....and have to find some one - or many - to blame.
LOLOL!! So much for the Citi conspiracy theorists and tinfoil hat wearing NSS hunters!
LOL!!!!
No, I haven't read any of Hodges' filings.
I agree that there are some well-informed posters on the DD Fraud Board. I've appreciated several discussions with some of those posters. I look forward to more of them.
Yawn. More tiresome bullshit.
You have zero evidence. Your ranting letters have been kicked from every court you've sent them too. Nobody, and I mean nobody on the DD Fraud board places any credence in those BizarroWorld claims.
What you post is quite simply wronGGG and unfounded - totally unsubstantiated by any evidence.
The only thing to find amusing is the futility of this bizarre, quixotic campaign. It is almost exactly the same as Krazy Al Hodges on CMKX.
Have you read Krazy Al's court filings and the courts' responses kicking him to DaCurb with this NSS ranting? I believe that is where one should start.
Seriously.
Of course the SEC has been negligent. If their charges of selling unregistered shares are correct, then there is (in my opinion) about $390 million of ill-gotten gain made by the stock beneficiaries who sold those unregistered shares. That's not counting penalties and interest, which could double or triple the amount charged.
In terms of naked short selling, we have the charges filed against our primary clearing firm for exactly that offense, as you know. We also have FINRA charges against certain brokerages, which I named previously, for violating RegSHO. The record shows that there appears to be significant and sustained violations in the trading of our stock by these very brokerages.
Meanwhile, the case drags on, with an admittance of guilt obtained by the SEC in the Halperin case, but no such admittance of his guilt in the DOJ case. This will likely be seen more frequently, as the SEC continues to be forced to do their job by the implementation of Dodd-Frank reforms.
We're even seeing Congressional efforts to make the DOJ do their job, such as in regards to the lead prosecutor in the SpongeTech case, Loretta Lynch. I find it all amusing, to say the least.
Ah, butt Moskowitz did in fact swindle you, nott the SEC.
The SEC was nott 'negligent', as the SPNG NSS unicorn is a figment of your imagination.
You've had the blue sheets for years now and you still cannot show a single share of the mythical NSS.
So, what is it that you claim cost you hundreds of thousands of dollars in opportunity costs while owning stock of criminal enterprise SPNG?
That's more like it. It has been the SEC's willful negligence to enforce the law that precluded a forced buy-in.
Moskowitz's swindling has NOT cost me hundreds of thousands of dollars, and I never said that it did.
"Is it alright with me that the SEC failed to enforce buy-in laws that could have resulted in hundreds of thousands of profit to me? Money that could be used to pay for such frivolous things as life-saving medical treatment?"
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=119010890
"At least one disgruntled shareholder has stated that Moskowitz's swindling has cost him the munny needed for 'potentially life-saving medical treatment'."
Actually, that's not what I said at all.
STEVEN YEHUDA MOSKOWITZ has swindled tens of millions of dollars and squirreled it away in Israeli accounts with his relatives and nominee accounts - and restitution will never be made.
At least one disgruntled shareholder has stated that Moskowitz's swindling has cost him the munny needed for 'potentially life-saving medical treatment'.
Oh well, that's why nobody - NOBODY - should throw munny into pennystocks. Ever.
uNBELIEVABLE....
THE FREAK STILL HAS SPONGETECH IN HIS PREVIOUS JOBS, AS IF IT WAS A GOOD THING
THATS LIKE PUTTING DOWN YOUR PROBABTION OFFICER AS A REFERENCE ON A JOB APPLICATION
--------------YOU CANT MAKE THIS STUFF UP
THERE SHOULD HAVE BEEN SPONGETECH Tv, AT LEAST A FEW EPISODES
WE COULD WATCH RE-RUNS....LOL
https://www.linkedin.com/in/steven-moskowitz-accepts-all-invites-5977999?authType=NAME_SEARCH&authToken=ZYzc&locale=en_US&trk=tyah&trkInfo=clickedVertical%3Amynetwork%2CclickedEntityId%3A28818691%2CauthType%3ANAME_SEARCH%2Cidx%3A1-1-1%2CtarId%3A1467050998584%2Ctas%3ASTEVEN%20MOSKOWITZ
I tend to believe that is actually about what you expected .... and if not, as it was always sufficent for Spongers before - be assured: the big $50 threshold will be reached - SOON
Received this email today, after updating my contact information with them:
Good Morning Mr. J,
We received your fax, in reference to U.S. v. Metter, et al. I have updated your address within our victim notification system, as well as passed the information to the clerk of court, since you are a restitution victim, the amount of $
I reached out to our financial litigation unit, to get an update on restitution payments. Here is the update I’ve received:
Tepfer: So far, he’s only paid $134
Moskowitz: $2,500
Eisenberg: $5,698.70
The Clerk of Court, who handles the disbursement of funds to restitution victims, cannot send out checks, unless there is a minimum of $50 per victim. Unfortunately, they haven’t collected enough as of yet.
Thank you.
Tamara C. Williams
Victim – Witness Assistant
US Attorney’s Office – EDNY
271-A Cadman Plaza East
Brooklyn, NY 11201
718-254-6160 phone
718-254-6329 fax
yep mounted it yesterday...
not the ride I dreamed of all these years
...lol
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6652537
http://www.walmart.com/c/brand/spongeables-llc-
meanwhile, the legit guy is still in biz
GO FIGURE...lol
Anybuddy found that rainbow-colored NSS unicorn yet?
Nope. Oh well, the munny is G-O-N-E and the imaginary NSS unicorn didn't eat it. Good luck geting Moskowitz to open up his Israeli bank accounts registered to his family members. Nott one shekel of those million of dollars will ever be paid as restitution by Mosky.
And the SPNG munny that Mosky and Mett paid those Swiss hookers using their SPNG credit cards will never be recovered either.
It's all G-O-N-E.
And 'potentially life-saving treatments' will just have to be scratched off the 'to-do' list for shareholders.
Yes, they may do that for him now (although all brokerages have different qualifications to do so). Even though delisted, locked, corporation revoked for failure to file/pay, etc., the shares actually still exist, in an odd way.
That is why some have had them removed already and some couldn't. Other brokerages (on legal advice) actually buy them from you for a small amount - most commonly equal to the amount of the service fee - and end up holding them in their own trash basket.
BUT - maybe he should just keep them there - as a reminder of the hopefully learning experience, for forever.
By even bringing the money in the account up, I'm not sure he does appreciate the separation and differentiation: The stock still represents a fairly large LIABILITY (of debts and unfulfilled obligations of the business), that if it wasn't a corporation (which then discharged these in C-7 Bankruptcy) and he simply owned a part of the business directly - that money would have been subject to seizure by those that were owed the debts.
topsy267, maybe call Capital One so they can declare them worthless and remove them. EOM
Still have my shares and the money in my Capital one account
don't forget the CNBC ads, lol!!! Uncle Norman indeed......
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=44413523
I wonder if Pensley has finished his court-ordered financial accounting yet. It's been about six years in the making, as I recall.
SEC Obtains Final Judgment Against Attorney Charged in Pump-And-Dump Scheme
The Securities and Exchange Commission announced that on May 13, 2016, the Honorable Judge Dora L. Irizarry, United States District Judge for the Eastern District of New York, entered a Final Judgment against Jack Halperin, a former attorney engaged by Spongetech Delivery Systems, Inc. ("Spongetech").
The SEC's complaint, filed on May 5, 2010, alleges that Halperin participated with Spongetech and others in a pump-and-dump scheme of Spongetech common stock, by writing dozens of false and misleading opinion letters to lift the restrictive legends from over 900 million shares of Spongetech, when he knew or was reckless in not knowing that no safe harbor or exemption applied to these transactions. The judgment against Halperin permanently enjoins him from violating the antifraud and securities registration provisions of the federal securities laws and from providing legal services in connection with the unregistered offer or sale of securities, bars him from participating in any offering of penny stock, and orders him to pay a civil penalty of $100,000 and disgorgement of $44,537 plus applicable interest. Halperin also agreed to the entry of an order permanently suspending him from appearing and practicing before the SEC as an attorney. The order, which was entered as part of an administrative proceeding instituted on June 1, 2016, prohibits Halperin from representing clients in SEC matters, including investigations, litigation, or examinations, and from advising clients about SEC filing obligations or content.
Halperin consented to the judgment's entry and the SEC's order without admitting or denying the allegations in the SEC's complaint or the findings of the SEC's order.
For further information on this action and on judgments obtained against other defendants in this action, please see Press Release No. 2010-70 (May 5, 2010), Litigation Release Nos. 21515 (May 5, 2010) and 22586 (Jan. 4, 2013), and Exchange Act Release Nos. 60788 (Oct. 5, 2009) and 67899 (Sept. 20, 2012). The SEC's litigation continues.
http://www.sec.gov/litigation/litreleases/2016/lr23557.htm
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
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