BigHub.com Inc (fka BHUB)

[Doc Holliday]

Sure it was illegal. No doubt about it. X employee was out of the company and issued a ton of shares for himself to cash in in Florida. He issued so many that a judge halted the stock and said the symbol could never be traded again. What I didn't care for was on the last trade for the day before it was halted, the last trade that went in dropped the stock something like 95%. A MM knew it was going to be halted.

In the following few months someone found a bank that would take the shares, but that didn't last long. Probably only a couple people were able to dump their shares.

They were in the process of prosecuting the guy that issued the illegal shares, but he flew the coup and went to Canada and they couldn't touch him.

I got sick of looking at the dead shares in my account. Told Scottrade I wanted them voided out of my account. They said they couldn't just void shares out of a account. Bugged them off and on for a couple years to void the dead shares out of my account. They had me fill out some papers and they voided the shares out of the account. But the name of the stock still remained in the account with no shares in it. I wanted the symbol deleted out of the account too. They said I would have to fill out more papers to have that done. I didn't bother and let the name of the stock remain in my account with no shares in it.

Over a number of years brokers became annoyed that their clients had a stock that didn't exist anymore listed in their accounts. The SEC sent out a memo that the brokers could delete the stock symbol and void out the shares out of their clients accounts because the symbol could never be traded again as the judge ruled.