Buckey -- it was Ameritrade that helped Pearce. The SEC has the evidence of it from their investigation of the whole deal. It was not released public. But you have to know they talked with not only Pearce and Kirchner, but Ameritrade, Knight, eTrade, and any market maker that was upside down on the deal.
But NASD rubber stamped the solution when every broker dealer and market maker who processed GVRP and MAMG trades realized they would be in violation of the net capital rule when they looked at who in their book of business held GVRP/MAMG and who the market participants were that had processed the trades.
Their risk account by account was minimal. Their risk in aggregate -- all the accounts that held the stock -- was HUGE... They were at huge risk in aggregate.
They -- primarily Ameritrade -- demanded relief from Pearce and Kirchner's operation -- and after all, it was a Boca Raton pink sheet scam -- so they got relief.
This is all my opinion, of course, but it's based on my inspection of conversations people had and posted on iHub with insiders, regulators and brokers.
All this may be in the past, but it is going to happen again and again if companies and/or their agents (attorneys) are allowed to break the law with impunity. There are no consequences for their actions. As I have said before, it's who yells the loudest and has the most ot gain/lose that wins these arguments.
I bet you Kirchner has made money on some other non-filing pink sheet scam to pay him back for his disgorgement and penalty.
It's my understanding of the law that, despite his illegal actions in the GVRP/MAMG deal:
1. There's nothing that prevents him from owning a brokerage account
2. He may invest in PIPE deals as an "accredited investor"
3, He is eligible for 504 shares, too.
If this is true, these are all loopholes in the law that should be changed. People who have their licenses yanked via SEC litigation should not be eligible for any of these things.
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