Promoters tend to wiggle out of these situations. Any promoter with any brains requires the company to handle the transfer and delivery of certs thus removing liability from the possibility of this very scenario.
Promoters are not the bad guys here, whether you agree or disagree with what they do for a living is irrelevant. This would be like holding the companies who manufactured the Spongetech banners at sporting events liable as well. Ultimately management of the company is responsible for these actions and the investor is responsible for mitigating his losses or gains. People have questioned the financial statements of SPNG for some time now and the company is run by known promoters. If this ends up just another P&D, then investors only have themselves to blame for their lack of experience in the market.
The SEC is not here to protect you, they are only here to regulate and govern the market.
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