What EXACTLY would you have them "report" to the SEC? That the people running this thing are doing things that hurt the shareholders? Are these ILLEGAL things? I don't think so.
While distasteful to the shareholders, I think you'll undoubtedly find that everything they've done has been just within the letter of the law.
Unlike Huff, these guys are very smart and have been doing these same thing to "investors" for years.
Once in a while, they get tripped up by some minor technicality and they get some sort of fine.
But for the most part, they do as they please.
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