Spongetech Delivery Systems, Inc. (fka SPNGQ)

[cowtown jay]

Sandias Azucaradas

A number of Admin Proceedings announced by the SEC today were in regards to Moneyline Brokers and their affiliates, including Sandias.

"1. Sandias, incorporated in Costa Rica and domiciled in San Jose, Costa Rica, is a foreign corporation affiliated with Moneyline Brokers (“Moneyline”), a self-described broker dealer based in Costa Rica. Moneyline conducted some of its business within the United States
and abroad through Sandias and other foreign corporations...

3. The Commission’s complaint alleged that from at least January 2009 until at least September 2010, Moneyline and its affiliated nominee entities, including Sandias (“Moneyline Entities”), unlawfully operated as a broker-dealer on behalf of U.S.-based customers seeking to
conceal their holdings of microcap securities and to manipulate the market for these thinly-traded issuers. The customers, working with the Moneyline Entities, penny stock promoters, and other associates, engaged in numerous “pump and dump” schemes, including by manipulatively trading
the shares of microcap stock to create the illusion of genuine investor demand, orchestrating a promotional campaign to inflate the price of the stock, and then selling their shares into the demand that they generated."

https://www.sec.gov/litigation/admin/2017/34-80955.pdf

On January 5th, 2009, Sandias received their first OIS stock certificate from SpongeTech. Not surprisingly, these shares were deposited into an account with Penson Financial, until they were sold two days later.

And the SEC beat goes on, regardless of who sits in the Chair.