Spongetech Delivery Systems, Inc. (fka SPNGQ)

[loanranger]

"Can the SEC issue a cease and desist order to officers of a company?"

Yes, as per the previous Jim Bishop post. However he cited Section 8A of the 1933 Act and, if he's reading this, I hope he can confirm that the guiding regulation should be Section 21C of the 1934 Act.

Section 21C -- Cease-and-Desist Proceedings
a. Authority of Commission

If the Commission finds, after notice and opportunity for hearing, that any person is violating, has violated, or is about to violate any provision of this title, or any rule or regulation thereunder, the Commission may publish its findings and enter an order requiring such person, and any other person that is, was, or would be a cause of the violation, due to an act or omission the person knew or should have known would contribute to such violation, to cease and desist from committing or causing such violation and any future violation of the same provision, rule, or regulation. Such order may, in addition to requiring a person to cease and desist from committing or causing a violation, require such person to comply, or to take steps to effect compliance, with such provision, rule, or regulation, upon such terms and conditions and within such time as the Commission may specify in such order. Any such order may, as the Commission deems appropriate, require future compliance or steps to effect future compliance, either permanently or for such period of time as the Commission may specify, with such provision, rule, or regulation with respect to any security, any issuer, or any other person.

http://www.law.uc.edu/CCL/34Act/sec21C.html