Zion Oil & Gas Inc (ZNOG)

[DragonBear]

I thought in an active investigation those are frozen until findings

No, believe they are free to sell at will. Of course the SEC if they litigate successfully later against a Carrillo would force disgorgement of profits through increased fines.

They are suppose to be frozen until any forthcoming material event is disclosed to the market. In this case Carrillo has set himself up for insider trading charges. Possibly his resignation was an attempt to slither out of the way, but won't work. The only possible save he has is to produce a trading plan he filed with his lawyer, and contracted out to a broker. See Rule 10b5.

The only time I'm aware of where insiders are absolutely frozen is when the stock filing is in delinquency. In which case by definition no material disclosure is being made to the market.