On the surface, it looks like Pinedo thought he was slick enough to pull this off without the attention of the SEC. Similar to his trying to file for bankruptcy to get out of paying debts to TX (fail) and trying to use the court system to delay his eviction from his house (another fail). I posted during the run up that he was putting his reputation out there (what little if any was left) because his PR's were either going to have to be true, or he was opening himself up to an SEC investigation. Unfortunately I didn't expect a suspension this quickly.
I don't expect the company to follow through on any audit. I suspect they thought that if they put that out there the stock price would stabilize and they could make a last mad dash for the money and disappear. The SEC had other ideas. Not so fast Raffy!
One other note, the company emails always state that they are not operators, which I think they are going to try to use that defense in trying to get out of paying for the plugging of the wells. That doesn't look like its working either. IMO, they are going to die on the Greys and hope they don't end up in jail.
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