That's true, though the recent Big Board scandals are far rarer events than failed penny stocks. And even when they do fail, the investor has a chance of recouping something, if he's patient. Healthsouth is a good example. The difference is that real companies with real business and real revenues are unlikely to disappear altogether, which can't be said of pennies.
Hey, it's hard to get rich, period. As I said before, if it were easy, we'd all be on our yachts off the coast of Mexico right now.