Clean Energy & Power, Inc. (fka KEPI)

[nodummy]

The Boston regional office is quickly cementing their place as the most serious and hard working of all the SEC regional offices.

There are literally hundreds of other stocks out there that have the same issues as KEPI had with the non-disclosure to back up company statements and late filings and broken promises. And there are literally hundreds of other stocks out there that are far far worse that get to continue trading on a daily basis because they are in other regions outside of Boston.

At this pace we'll only see 12 - 13 suspensions all year. That is not going to cut it if the SEC's goal is to deter scams from occurring especially when there are literally hundreds of companies far far worse than KEPI still in operation.

Green is definitely the new black in stinky pinky land just like Daniel Fisher stated back in 2007.



Related article with a nice shout out to SV-90:

http://blogs.forbes.com:80/williampbarrett/2011/01/27/sec-issues-its-first-stock-trading-suspension-of-2011/?partner=yahootix

William P. Barrett
Informer

SEC Issues Its First Stock-Trading Suspension Of 2011
Jan. 27 2011 - 1:50 pm

On its website, publicly traded Clean Energy And Power calls itself a “global clean energy developer” with a number of foreign projects and a commitment to providing investors with “transparency and confidence.” But that stated philosophy of openness does not extend to timely filing of financial statements with regulators.

The Securities and Exchange Commission said today that the last set of financials Clean Energy last submitted was for the quarter ending September 2007. The agency suspended trading in Clean Energy stock for two weeks–its first such action of 2011–and began an administrative proceeding “for the protection of investors” that could lead to the delisting of the firm’s shares.

The stock of the Warwick, R.I.-based firm had been traded in the Pink Sheets, a well-known den of many sketchy companies. But even before today’s SEC action, that market had had second thoughts, discontinuing the display of Clean Energy price quotations because of a “public interest concern.”

However, that apparently hadn’t stopped investors from buying and selling. Other data sources report a recent average daily trading volume of 250,000 shares. Not that the price is exactly up there. The latest quote is $0.0038, or 263 shares for one dollar.

The laws establishing the SEC give the agency the power to halt trading in any stock for 10 business days. A trading suspension frequently is a signal that SEC investigators are taking a cold, hard look at the company. Many such sanctioned companies never resume trading, meaning, the SEC says bluntly on its website, their shares “may be worthless.” As a matter of policy, the SEC declines comment on suspensions beyond its form press release or even to announce their end. Last year, the SEC temporarily suspended trading in 240 companies.

Federal securities law require most SEC-reporting companies to file quarterly statements within 45 days and annual statements within 90 days. But a surprising number of smaller outfits don’t. We’ve seen companies 14 years in arrears. The criticized-for-being-asleep SEC, whose own records presumably can identify laggards, has been stepping up its efforts to root out tardy filers.

Last June, Clean Energy issued a press release saying it was in the “final stage” of completing its audits for 2008 and 2009 and expected to be current in a month. That prediction has proved to be wildly optimistic.

Clean Energy President Dennis K. Shen told Forbes this morning the missing filings were due to the departure of two previous chief executives “on very bad terms” who took paperwork with them. He said the company was working to get current on its filings, which would include audited statements for 2007, 2008, 2009 and, by this spring, 2010.

“This company has been generating revenue,” he declared, but he declined to provide specifics.

Shen’s own profile on the Clean Energy website includes claims that an unnamed company he led a decade ago earned an award from “Earnest and Young.” This is an unknown organization, although it is possible it’s a reference to the well-known accounting firm Ernst and Young.

Clean Energy’s current CEO is Erwin Vahlsing Jr. His own bio on the company web site talks, among other things, about his previous experience in complying with financial disclosure requirements. He did not immediately respond to a telephone call seeking comment.

Clean Energy certainly could use some spruced-up financials. The last set on file with the SEC, for the third quarter for 2007, cited just $1,944 in cash, a negative net worth and a going-concern warning. For 2007’s first nine months, the company lost $3.8 million on revenues of just $730,000.

Its history suggests a continuing search for business meaning. According to its earlier SEC flings, the company was incorporated in 1979 as Tesmark, changing its name to 5G Wireless Communications in 2001. From trying to provide wireless Internet systems, it became an equipment manufacturer and then a provider of Wifi networks to hotels. In 2009, the firm changed its name to Clean Energy, unveiling a strategy of pursuing solar and wind energy projects in Europe.

The SEC action today quickly triggered a new round of withering commentary on Internet message boards that follow Clean Energy. Critics posted links to the trading suspension and delisting proceeding. “The SEC is going to shut this scam down, finally … or force them to file, which will have the same net result,” said a poster using the name mgccrx on Yahoo Finance.

Over at Investorshub, someone going by the handle of SRV-90 wrote, “Congrats to KEPI for being the first stock of 2011 to be suspended! What an achievement! LOL.”

http://blogs.forbes.com/williampbarrett/2011/01/27/sec-issues-its-first-stock-trading-suspension-of-2011/?partner=yahootix