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Tuesday, February 23, 2016 2:53:29 PM
Geez, by that i meant it costs money im sure to have a broker back any security, they don't work for free.
FINRA prohibits any broker or market maker from receiving any payment for submission of a 15c2-11 or for making a market in a security. So FITX cannot pay them for helping them with the submission to get off the gray market.
In lieu of payment, a MM does it because they feel they will make money on the trading of the security. Not because of any payment.
But no MM will submit a 15c2-11 on an SEC suspended security currently under SEC investigation. They are legally required to vouch for the accuracy of the financial information and disclosure presented on the 15c2-11, which the SEC suspension notice states is not accurate. Which means a 15c2-11 is absolutely impossible to submit at this time.
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