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Friday, November 23, 2012 5:47:12 PM
With that in mind you need to read FINRA Rule 6490 and FINRA or SEC Rule 10b-17.
First, the SEC and FINRA for the most part let the pinkies trade completely unfettered (they feel that it is just knuckleheads screwing other knuckleheads) until something grievous happens - see SAEI (which is very similar to the SRGE press release).
The rules state that issuers that pay dividends must ensure notice is provided to FINRA at least 10 days before the dividend record date.
Issuers who fail to provide the required notice to FINRA could be subject to a $5,000 fine.
There is NO INVESTIGATION, they don't verify the share structure or coordinate anything with the TA - it just doesn't happen.
For the pinkies it is a formality but you do have to provide notification. That is all FINRA is concerned about at this point.
Why don't I call them Monday and let them know about all the malfeasance that is going on with SRGE. I promise they don't know about the gagged TA and the over the top press release.
IG
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