Unfortunately, it's hard enough to get the SEC to actually do anything about even obvious scam issues, and that goes doubly for any otc scam.
Sad and oh so true.
If everyone would listen to the SEC's warning about not investing in non-reporting companies, then there simply wouldn't be non-reporting companies like FFGO. But people will always take such chances if they feel that the return outweighs the risk. However, when it doesn't work out, they usually expect the SEC to drop what they're doing and bail them out, no matter what the cost.
Having been burnt myself, I do know all the stages of anger upon realization that I had been duped and even had gone as far as provided the SEC with a deposition at their request. I would love to hear that FFGO shareholders were being asked for depositions but in my case, I was asked not to discuss it until the formal charges had been made...which still took well over a year. The SEC moves at a snail's pace and silence from them should never be construed as a sign of innocence.
Of course, most people feel that the SEC could do much more upfront, like suspending non-reporting companies far more quickly than they do. It really shouldn't take years for so blatant a violation and I fail to see why it would be so difficult to enforce a 3 Strikes & You're Out program, that is, fail to file for 3 consecutive quarters and it's an automatic suspension. If that had happened with FFGO, I doubt they would have had the time to have laid all the groundwork they had needed to pull off their scheme.
Public companies would quickly learn that they would have to be accountable to investors or else lose the opportunity to feed at the public funds trough.
“It's easier to fool people than to convince them that they have been fooled.” - Mark Twain
AI
