Because spamming is not a crime and is not what the SEC is charged with monitoring, the "halt" was imposed under a broad interpretation of Rule 15c2-11. That said, the SEC's actual press release does cite spamming as the reason for the halt. <A HREF="http://sec.gov/news/press/2007/2007-34.htm" target="_blank">http://sec.gov/news/press/2007/2007-34.htm</A> FWIW - The halt, IMO, was self-promoting crap by the SEC, and the heave-ho by The Pink Sheets was pure self-righteous, hypocrisy.