Spongetech Delivery Systems, Inc. (fka SPNGQ)

[patchman]

Interesting that the SEC has found 52 Million in ill-gotten gains and the shareholders blame this on short sellers. How exactly did RME obtain the ill-gotten gains? By dumping stock into the market as SALES.

As to what impact this had on overall shareholders, RME sold $52 Million worth of stock. In doing so they created selloffs that drove additional losses to everyone else. Unfortunately the law only requires that their personal profits are considered and not the losses their profiteering creates to a more open market. Some people made money in the fraud while others lost so to calculate total impact would be impossible.