The program is a failure. Why? Because the program misses the point of what happened to WGAS, namely the hyper-dilution and the misleading PR's to falsely induce investors to part with their dollars. Instead the program focused on lack of reporting increases in O/S greater than 5% between filings.
"...Form 8-K , Item 3.02 which requires the disclosure within four days of the sale of unregistered equity securities unless they constitute less than 5% of the number of last reported shares outstanding of the class ..."
If the conditions above had been met there would have been no violation, although shareholder accounts would still have been wrecked due to hyper-dilution and misleading PR's.
A $25k was fine levied and WGAS punished (if $25k is a punishment), but it won't deter others from the underlying issue.
The paradox of iHub: buy high, sell low
