Pilgrim Petroleum Corp. (PGPM)

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An always interesting read from the SEC


Washington, D.C., June 7, 2011 — The Securities and Exchange Commission today suspended trading in 17 microcap stocks because of questions about the adequacy and accuracy of publicly available information about the companies, which trade in the over-the-counter (OTC) market.

“They may be called ‘penny stocks,’ but victims of microcap fraud can suffer devastating losses,” said Robert Khuzami, Director of the SEC’s Division of Enforcement. “The SEC’s new Microcap Fraud Working Group is targeting the insiders and promoters, as well as the transfer agents, attorneys, auditors, broker-dealers, and other “gatekeepers” who flourish in the shadows of this less-than-transparent market.”

http://www.sec.gov/news/press/2011/2011-120.htm?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+sec%2FlgHO+%28SEC.gov+Updates%3A+Press+Releases%29