"that's completely false, they weren't outsiders, they were the people that the scammers behind SPNG, Moskowitz and Metter, used to illegally sell shares at a discount."
So in other words, they were members of the SpongeTech stock distribution network. A network which included dozens of people who illegally profited from the sale of unregistered shares. This includes several people who were recidivist offenders. That's what I have been saying for years. It's good to see this Pandora's box being opened, and I still look forward to seeing dozens of more people charged for this particular offense.
Will the disgorged money be returned to injured investors, as is routine in cases like this, and in previous cases against some of these recidivist offenders? Well, that's a problem, because the government has not identified SPNG stockholders. Why not? Because there are more shares in the market than the company issued, placed in the market by illegal naked short selling, even while the company was on the RegSHO Threshold Security List. There were thousands of such transactions, everyday, for months at a time, as I previously reported to the Court.
The evidence is clear. The law is clear. The SEC and the DOJ are intentionally negligent in their duty to protect the investing public.
