Replies to post #58147 on Pilgrim Petroleum Corp. (PGPM)

[easyme]

Methinks the sec is like the FDA: full of crooks. The system stinks, IMO. Just look at how many fraudsters are in business in penny stocks. This happened to me with KMAG. Just can't trust anything or anyone.

[lucky, mydog]

here's the contact;

If any broker-dealer or other person has any information which may relate to this matter, the
New York Regional Office of the Securities and Exchange Commission should be telephoned at:
Lara Mehraban, [phone] or [e-mail]
Associate Regional Director, New York Regional Office
George N. Stepaniuk, [phone] or [e-mail]
Assistant Regional Director, New York Regional Office

[janice shell]

Forget the attorneys. The SEC will get your monies back.

In reality, that rarely happens for holders of penny stocks. Even in the case of exchange-listed issuers, what shareholders get back is pennies on the dollar. Same with class actions.

Investigation and litigation by the SEC is expensive, and those costs come off the top. And while the agency may win big judgments, the perps often don't pay those judgments. Some claim they've spent all the money; others leave the country, or at least squirrel the cash away offshore.

Ed Durante, who ran a scam involving VGTL, owed the SEC more than $30 million in connection with an earlier fraud for which he'd done prison time. He still hasn't paid a dime of it. And is now facing a new prison term.