Indeed -- this is a far cry from some of the kinds of open scams that have been suspended, like which put AWESOME out of business. With their offshore CEO's with citizenship from countries that lack extradition treaties with the U.S., which opened shop a week or a month earlier or keep reinventing themselves using new shells...
These guys are here and Allyn and Benz at least are communicating, burning the midnight oil with their accountants figuring out how to minimize damage to themselves and shareholders. (AND figuring out what they did wrong: yeah I know you and others "told them" but it's human nature not to listen to those who don't wish you well. Also the same people "warn" every company in the sector.)
(Not sure about Henry Jan operating out of a shell of an office space in FL, Hipple if he was involved -- hope not for their sake or some of the rest of them.)
And maybe the SEC also has to be concerned about people. "the small people" investors, becoming more and more resentful of the SEC and regarding them being on a witchhunt prosecuting not only co's but themselves since it's THEY the "small people" who lose their money.
Presumably the co's, top management anyway and toxic financiers and the usual, have already made their money back and then some, though not always -- in this case i-Equity and others involved seem to be out a lot of buck$ themselves -- but it's the "small people" who can least afford it, who lose almost everything typically when a company goes into the greys.
The SEC suspending co's without even giving advance warning or chance to fix the problem is as if when the gov't had evidence or even suspected evidence that a car manufacturer had a defective part which could pose a danger, instead of notifying the manufacturer to fix the problem and issue a recall, just seized the cars from the CUSTOMERS without notice. And HERE the SEC can't even claim potential harm -- except lamely to future investors...but they're the ones causing financial harm here.
So yes these suspensions mean less and less and it's the SEC not the company that is more often being blamed. AEGY/SKT* don't have their reputations tarnished nearly as much as some would love to believe and are working tirelessly to effect. I'm NOT saying they will or won't recover or to what extent...PHO^ is no Cinderella story at least not yet, they just had to file an 8-K reporting that the proposed merger with VAP^ is off for example. CAN^ and EVS^ are weathering the crisis better than had been expected tho.
This is grave but no longer a death sentence. And the SEC can thank itself for that.
AI
