Paychest Inc (PYCT)

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Isn't the SEC supposed to protect investors from scams?

No. Their purpose is to enforce existing federal securities regulations. That's it. They have no authority to evaluate whether a company has a viable or bad business plan. They have no authority to tell investors to stay away from a particular stock. One of their main purposes is to ensure companies release accurate info. The thinking is if the public has accurate info, each person should be able to make a decision all by himself on whether to invest or not.


Wouldn't it make sense for the SEC to halt trading Monday morning if MLON is an obvious scam?

Congress and the President have given the SEC very limited powers. They can suspend trading on a stock for 10 trading days and reissue the order one or two more times. That's it. For anything more, they have to go court.

IMO there's no need for them to suspend trading here for 10 days. The stock is already in the grey market w/ unsolicited quotes on the pinks. This is where stocks usually end up after a suspension is lifted. Just being on this venue period should have been ample warning to every investor of its very high risk nature. Plus the last PR stated very clearly that nothing released before should be believed giving us accurate info. It is up to each investor now to decide if he still wants to put his money into the stock. In the meantime, the feds will continue to do their thing.