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Friday, May 23, 2008 6:26:32 PM
I think the answer to that is that the SEC generally regards penny stocks as an annoyance rather than a serious problem. Of course they know that serious crooks--including some organized crime figures--have always been involved in the pennies, but I'm not sure they understand that thanks to the Internet and online brokerages, playing penny stocks is now accessible to many more people than it was, say, twenty years ago.
I think they need to realize this, and need to increase their enforcement efforts. The establishment of a separate penny stock enforcement division would be a good first step.
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