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ya I highly doubt we will know... and even if we do it won't be for years imho
we shall see what happens...
things do not look good at all for the US
I don't see where you are making that connection...
the company has until the 16th to get the 10k before the SEC would take any action on it... and the only action they would have taken was delisting to the PINKs..
and I was one of them....
RE: "there is never a shortage of new investors to swallow the NSS theory hook, line, and sinker."
Here is my response.
1.) yes the auditor got in trouble for their only other client... and now SPNG's numbers which were done by that audit are coming under question by the SEC. The SEC got SPNG"s books on the 18th of last month... and as of monday after looking through their books for two weeks determined they couldn't find where the numbers were coming from...
2. Yes they have to re-do prior years, however as stated above, one will have to question what sales were actually real... as clearly the SEC after looking at the books have had a hard time finding out..
3-4. The NY post is odd, and I agree it is kinda not the best journalism although it did save many who sold... so for that it was a good thing, Did the result justify the means, that's a question one will have to ask... but needless to say if they helped someone...
5 yes the company released info about exploding growth, and huge orders, and the SEC comes in and questions where these orders are coming from after looking at their books...
6. I don't think M and M are surprised because they provided the correct info... if they had done so, they would have dismissed what was said in their PR.. I think they were surprised because they got caught, I think they were surprised because I don't think they knew what they were doing was wrong..
7. Well they could have very well sold shares legally and not through RME, but if that's the case, and they did so while cooking the books as per the SEC it would appear they were... one must beg the question, how legal is this... Not only did they "cook the books" but also gamed the system to make it appear there were fewer shares to sell than there actually were... this just adds fuel to the fire..
8. individuals are individuals nothing will change how anyone acts or did act...
here are three reasons it could have been..
1. That the trader is ill as Schwab has told a couple of investors.
2. That the market making in the stock has caused large losses which is possible because the stock has been trading very heavily to the downside and UBSS may be honoring bids and asks of other MMs for Schwab to get the order flow. I have noticed that UBSS has often had to lock markets with AYME (as had NITE and ABLE) due to the fact that AYME is anot answering on their bids very fast.
3. That the MM got himself upside down on his trading book and has been taken off the stock.
the sec did not give us any reason to think there was anything to do with NSS...
they were clear that it was about only what is quoted below...
"SEC Cites Questions About Accuracy Of Sales, Order Information, Rev"
"SEC: SpongeTech Hasn't Filed Periodic Reports Since Period Ended "
if there was something regarding stock manipulation they would have cited it... but they didn't...
now where do we know about this NSS story? that's right the company... the same ones who are being questioned after the SEC had their books for 2 weeks... for their sales...
based off of my past and naive position here willingly trusting... I do not think I should be in that power... further I do not want anyone assuming my position hasn't changed if they haven't read my posts...
I don't know... My guess is the company could use any MM to sell...
And I think there are prob a lot of reasons why they aren't the MM any more...
and this happened because of something that they did or something that SPNG did? I don't think we know... and I doubt we will ever know... but my guess is it is something to do with SPNG
I removed myself from being a mod here because I do not want to condone anything these guys have done...
I feel as if I have been used and thrown out...
and todays PR from the company is like salt on a wound..
I can't believe SM has the audacity to say that he is surprised...
the SEC subpoenaed documents and then based their judgements off reading his books... I think he is in just as much denial about this whole thing as some others...
I don't think he knows what he did was wrong... but the SEC's action is clear...
I don't understand exactly why UBSS terminated being a MM however my guess is it isn't due to what they were doing and more so because of what the company was doing...
the revelation occurred when the stock got suspended after the SEC had SPNG"s books..
clearly something was going on that was wrong if that took place..
Spino...
the SEC had SPNG"s books... they were looking for the sales the claims where they came from...
after 2 weeks of looking over their books they couldn't find out who these people were where these orders were coming from... and I quote
"SEC Cites Questions About Accuracy Of Sales, Order Information, Rev"
this is after looking at and Having SPNG's books...
further "SEC: SpongeTech Hasn't Filed Periodic Reports Since Period Ended "
I know it's a hard thing to look at to understand... but this wouldn't happen, the SEC wouldn't suspend the stock unless the company was doing something very wrong...
their gig is up... sure we can hear the bs reasons as we have heard before why all of this took place... but we know they lied to us... why in the world would we ever trust them again???
this wasn't just a typo like they are normally doing this was much much worse... and shows they are taking advantage of you and us... it makes me sick to think about this..
ya well so did the company...
it went from what I though was a legit company to cooking the books and not reporting what they needed to which clearly appears to be able to sell stock... and to enrich themselves...
tturner...
I don't care if it was 80% or 1% the fact of the matter is they cooked the books...
and lied, and didn't file things they needed to...
they could have an EPS of 100 dollars a share, and I wouldn't put my money with them... even of the stock was at .0001
wow huge pop AH on Earnings!!!
nice!!
to be 100% honest I was looking to buy... which scares me...
no what'd it say?
what scares me is they had to know they did something wrong with their books...
which really makes me question their actions...
100% that it could be the reason for the reg sho listing...
call FINRA they will explain it to you.
that's fine and that's your views and I respect that feeling...
you have to do what you think is best for you... no one can tell you or make up your mind...
i wish you the best of luck.
I am not a Penny trader... I further am not looking to change my alias... my history is what it is... if people don't trust me then that is my fault not theirs...
I am done with penny stocks.... as what I have found they are very dirty ways of making money...
each and every one is a mini ponzi scheme, and someone always ends up holding the bag...
not a way I want to ever make money... I'm done with pennies...
and as toward posting on the SPNG board I have and am...
further the company put out a PR monday morning which very much appears they had no idea they were going to get shut down... have the stock suspended...
which really scares me...
not really actually, if they sold R144 stock it would cause a reg sho listing...
hahaha who knows, but there was always the material there...
not sure if they didn't know how to treat a black presidential candidate, or if they favored him before... or what... but something has changed...
further I'm not trying to cleanse myself...
I was in the wrong... I fell for a scam... there is nothing more I can do... I helped them because I fell for it...
I ignored many many warning signs because of my own greed and hopefulness that what they said was true, and further because I was too naive to believe they would break the law... to make money off of myself, and others who were long the stock..
I attacked many who were trying to show me what was really going on, and I pumped a scam stock...
There is no ways around it.. it is what I did, it's my history...... no cleansing attempt... I'm just telling what I did... what mistakes I made...
you can take it for whatever you want...
yes but you also have to factor in more shares...
if they have sold up to 2-3 billion shares... then you have to reduce the value of the stock after the 80% hit again about 80%
so the .06 would be worth $.0024 although my guess is some of that first 80% hit has taken place... however my guess is not that much considering that if this is true... and that the company did cook the books and sell stock while they said they were buying back stock... those two hits are far far less than what will actually happen....
yes because I was so stupid... and believed that they wouldn't break the laws to make money...
my naive and stupid way of looking at things allowed for the company to continue their criminal acts, while naive individuals like myself defended them...
lol, i wonder what it means to the public opinion of Obama...
I mean SNL had a love of him before, now... it's like they are turning on him a bit...
i wish you the best of luck but am very worried .075 is a lot...
about 80% of sales can't be verified and as per the SEC who has looked through their books they are concerned enough with this that they don't want anyone else buying into the stock...
now if these sales are fake... they needed to get the money from somewhere else... they had to have sold shares... to pay for all of their high and expensive advertising, ect.
if they sold shares... my guess is there is prob closer to 2-3 billion shares OS...
now take a earnings reduction of 80% and a OS increase of about 5 times... and factor that in, if we even start trading... it doesn't look good for any of us who still own any stock...
it doesn't look good at all, hopefully this isn't the case... and I'm wrong.. and you and others can get out... I've got my fingers crossed...
no, and further I don't think a short squeeze is even at all possible.
we have to look at the facts.
the sec got documents from SPNG... two weeks later they could not figure out where the sales were coming from after looking at the documents so they suspended the stock... further the company didn't report fully what they should have... (this most likely has something to do with the AS)... and maybe other things we don't know about..
Regardless of what happens, the company screwed up and not just a typo this time... they screwed up and did something very illegal...
Now if they ever get back to trading, we are going to have to factor in what is real... we know that the US sales are real... if this means that there were only 15-20% of the sales, well then the stock is going to need to take a 80% hit... and then if we find out if the company has been selling shares... it's going to have to take another hit... and frankly because their sales can't be verified even by the SEC who had their books... and were looking at their books... my guess is the only way they could pay for advertising they did was sell stock...
Remember selling R144 stock causes FTD's in the system...
Myis it doesn't look good... these guys look like they seriously took advantage of us....
and further I and many others ignored all the warning signs because we thought they wouldn't do anything illegal... well here we have it... as per the SEC they have done a few very illegal things... and we fell for it all, hook line and sinker...
that's what bothers me the most... that they did this to us... threw us under the bus... it makes me sick to think about it...
Obama's accomplishments...
http://www.hulu.com/watch/99945/saturday-night-live-obama-address
see that's the thing that bothers me so much...
individuals like yourself lost so much... money they couldn't afford to loose... and why? If it turns out they did sell shares, which it is very likely they did imho... then it was nothing more than the directors to put money in their pockets...
and when it comes down to it imho people will still buy the lies... the crap... thinking that there is a naked short position...
there is not much left to talk about...
we were had... the company screwed us over for their own personal gains... and fed us BS stories to get us to support them or explain what they were doing...
it sucks... but it is what it is. Hopefully those at the company who knowingly deceived us and got us to support them, to put our money to work with them and stole our money will get what they deserve... Jail time.
what was done here was a crime... and I was naive enough to assume that those at the company would not commit a crime to benefit themselves.. that was a HUGE mistake... and a mistake I will never make again... but something I have to live with... I unknowingly did part of the dirty work for a bunch of criminals. that's a hard pill to swallow...
ok the obama skit got taken down from youtube... here it is on hulu.com
http://www.hulu.com/watch/99945/saturday-night-live-obama-address
no I didn't read it sorry. please pm it to me on friday...
well the nice thing is eheath is kinda immune to this all... imo
and even if they do change it drastically, or what would be drastic to many it'd take 10-20 years before it started to have any real changes...
now the health care system is an interesting system it clearly needs changes.. I am not smart enough to say well this will cause this... but I do know specific things need to be done.
anyways Like auto insurance I see online brokers taking a big market share in the future...
we have to note that the majority of uninsured are the younger generation... if these people have to get insurance they are going to turn to companies such as ehealth insurance