My experience is that the SEC doesn't get involved with penny stocks. The FBI doesn't take an interest in matters where an individual's loss is less than $50,000. The Secret Service (yes, they deal in financial crimes) says if you invest in penny stocks, you are on your own. We took a gamble with CLYW and we got barbequed. Everyone associated with CLYW has either fled the country or disappeared. I know a broker whose loss is in the six figures.
What is most disappointing is the court's utter disinterest in what happened and who is to blame. The courts are not supposed to care the dollar amount of the crime.
Remember the names of the guilty. I'm sure they will be back some day.
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