A new legal approach.
It is now reasonably certain that virtually all SLJB shares entered the public marketplace as a result of Rule 144 violations. Therefore anyone who has lost money on a stock purchase should be able to sue not only the party who first sold the shares into the public market, but also the broker-dealer who facilitated the sale.
Broker-dealers are subject to the "know your customer" rule, and also are expected to know enough securities law to obtain their securities license. It must have been obvious to the facilitating broker-dealer that any source of hundreds of millions of shares in a "non-reporting" company had to be subject to Rule 144, and had to be violating that rule in dumping the shares on the public.
The SEC has already brought proceedings against at least one broker-dealer who was the source of much of the CMKX "counterfeit shares" that were sold.
The advantage to damaged buyers of SLJB is that while Sulja or the "insiders" may not have adequate discoverable assets to fully cover a judgement, the firms who allowed SLJB shares to illegally enter the public market do have significant assets, and possibly insurance coverage as well.
"Leaders" here ought to be talking to an experienced secutities attorney, as it will take some time and "discovery" to determine the identity of the securities firm or firms instumental in this gross violation of Rule 144.
