Spongetech Delivery Systems, Inc. (fka SPNGQ)

[toxicdebtspiral]

"Why is the SEC allowing SPNG that is in BK and having already bilked shareholders and committed fraud to the tune of $100s of millions.....STILL TRADING!!"

Because there is a legal process that must be followed before the next step - revocation - can occur. Unfortunately this can take years although the SEC has recently been clearing their backlog and seem to be doing it much faster (relatively).

The Commission is authorized, by order, as it deems necessary or appropriate for the protection of investors to deny, to suspend the effective date of, to suspend for a period not exceeding twelve months, or to revoke the registration of a security, if the Commission finds, on the record after notice and opportunity for hearing, that the issuer, of such security has failed to comply with any provision of this title or the rules and regulations thereunder.

http://taft.law.uc.edu/CCL/34Act/sec12.html