The SEC is a regulatory entity. They have limited to ZERO authority over UNGS unless there is a sale of non-exempt, non-registered shares and I'm not aware of that having happened.
The charge would be one of manipulation and fraudulent information. That is a hard case to prove against a non-reporting company and takes years of Obvious evidence. The financials are not even audited, they can say about anything and later be claimed as an innocent "mistake". That is why the SEC says that people who invest in Pinkies pretty much ask to get screwed.
Even trading on insider info is usually a charge against the trader, not a non-reporting company. In a non-reporting company, there is no rule about giving out insider info. It is the person benefiting from trading on that info or giving it to someone else who benefits who is breaking the law.
Waybe avoids the requirement to file a form "D" by not selling shares in a PP, but pledging them to Toxic lenders he has no intention of actually paying at a tremendous cost to the shareholders.
Wayne's personal conflict of interest dealings are a matter of state law and he is granted no protection in Florida using the "business judgement rule".. So he is free game to anybody who wants to pay about $500K and 5 years to sue him for their $10K loss. Of course the defense cost by Wayne also comes from you, the shareholder.
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