Spongetech Delivery Systems Inc (fka SPNGQ)

[cowtown jay]

It's touching, especially after all this time, that the SEC would initiate an Admin Proceeding against SpongeTech, "...for the protection of investors..." that they never even bothered to identify.

https://www.sec.gov/files/litigation/admin/2024/34-101539.pdf

Would it be terribly rude of me to suspect that the timing of this Admin Proceeding might have an ulterior motive of the SEC, spurred on by the Presidential appointment of a new SEC Chair?

"Trump expected to name new SEC chair "as soon as tomorrow"
by
Vivian Nguyen
3 hours ago
Paul Atkins leads the betting odds with a 70% likelihood of taking the SEC chair position."

https://cryptobriefing.com/trump-new-sec-chair-announcement/

I would not be surprised to learn that the SEC's motivation for filing this Admin Proceeding at this time has an even more pressing reason. I think the SEC abused their discretionary authority by converting the disgorged funds they recovered to the use of the Treasury Department, instead of returning those funds to injured investors, who were not identified as required when the bankruptcy case was filed.

The question becomes, who was the beneficiary of these non-appropriated funds from the Treasury Department? This is exactly the kind of question I expect our new DOGE investigators to place as a top priority.