The SEC obviously has no interest in shutting down penny scams—I know of several which are still twitching after years of obfuscation…
I know of only one case off the top of my head where the SEC stepped in and halted trading in a biotech scam: BOCX. Alas, the halt was temporary and the scam continues to this day, as can be seen by the activity level on the BOCX board on iHub.
Paradoxically, BOCX is not one of the scammiest of biotech scams—on the scam-o-meter, it ranks well below such companies as HEB, CVM, and the latest member of this club: GVPB.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”