If the SEC can be satisfied that the money is real, then, what happens?
Some will say that all is well.
I am not so certain and here is why...
All of the financial statements and press releases issues by BGMO to OTC Markets, reputable media outlets and to the shareholders have been proven by the accountant to be unsubstantiated. Further, our President has also attested to this material fact.
From the regulatory perspective of protecting the shareholders, the SEC would keep a very watchful eye on BGMO. The SEC would probably force BGMO to be clearer in the language of its press releases, web site and financial statements that the content could not be deemed as misleading.
The mere fact of saying that BGMO has title to the money or includes it in its balance sheet would not be allowed. The documents, if proven real, would show that the title is elsewhere and that BGMO can use it as collateral to generate income.
I would suspect that as a minimum that BGMO would need to register with the SEC as an issuer and file regular audited statements. This is a far cry from a compliation.
The SEC would also be concerned about the absence of shareholder meetings which is contrary to the laws of Delaware.
The SEC would also be concerned about the two directors issuing commissions and BGMO securities to themselves without the proper approval by the shareholders.
With the concern of the share purchase warrants being granted to a insiders or close associates of the insiders, there is still a real issue of an IRS investigation for the probable non-reporting of income. Should the current BGMO insiders not report that income then the SEC may suggest that the Board be changed out.
