TO issue shares the way he did he needed to file a Reg D 504 form with the SEC. Even if you are a non-reporting company, you still have to register the sale of securities.
What may have happened is that the NAMES changed, but no actual r/m happened, and when Jason filed for a reverse split, the SEC did their DD and found that MNTY never completed a R/M.
If this is the case, there are a ton of shares (that we all own) that basically should have never been issued. This will be quite a problem when it comes to how shareholders will get their money back.
I forsee the SEC maybe cracking down hard and going after the company (MNTY), but if something did happen (like a reimbursement, or insurance, or something of that matter) this will become a very large topic, and probably make the news, AND change the way the SEC handles PinkSheets.
Or I could just be dreaming. Still looking for preferred shareholders for Lawson Capital Holdings, LLC (www.lawsoncapitalholdings.com). We are going to use initial capital contributions to secure real estate, then use revenues to go public to generate funds to expand (mouthfull)!
