Spongetech Delivery Systems, Inc. (fka SPNGQ)

[patchman]

Interesting discussion on the SPNG-Long board regarding Weiner and E-Trade. Somehow E-Trade is being portrayed by some as being guilty of wrongdoing. I guess these people just don't understand that their actions SAVED $1.6 Million from going into the hands of the crooks.

1. ETRADE is responsible under Anti-Money Laundering to review suspicious activity. Their actions follow this requirement.

2. Weiner created two accounts and split up the shares into the accounts. It is clear that questions were raised about the two accounts initially and Weiner made claims about his intent on holding those shares. He didn't so they responded.

3. The assets were frozen based on the SEC actions taken. ETRADE prohibited Weiner from taking out the funds because of concerns of fraud raised by the SEC.

4. Why didn't ETRADE just track the trades? Because they don't do that. ETRADE doesn't have the authority to see who bought or sold from other brokers and they don't have the authority to pay back funds to those people. They had not even had a legal action taken that allowed them to keep the money from Weiner.

ETRADE acted in the best interests of the shareholders and yet they still don't get it. amazing. shareholders shout from the roof tops "conspiracy" and yet when somebody steps in to protect them (SEC, DOJ, ETRADE, etc...) they all appear to shoot the messenger.