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Friday, August 09, 2013 12:18:07 PM
I was thinking of why the SEC acted when they did and there are two obvious reasons.
The first is when BGMO defaulted multiple times on the SPA with VSTA. It would make sense for VSTA to report them to the SEC given statements VSTA had made in SEC filings. After all, in much of the securities world there is a duty to report so that once VSTA realized they were shown totally bogus documents by BGMO saying nothing implicates them too.
The second piece is the elusive 62 million shares that were sold to an unknown party. While we don't know the exact date when they can trade we know it is soon. If the SEC realized that an "insider" received them and that false information was being used to keep the stock price up so they could flood the market and harm other shareholders then they have BGMO management on securities and wire fraud charges.
This is a pretty reasonable theory as BGMO was actively promoted clearly false documents as real. If so much more serious legal action is coming from the SEC in the form of a civil complaint. HH and his cohorts should be quite nervous as this is a serious situation.
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