Not true, you go to the grey sheets if you get suspended, grey sheets mean there are no L2 quotes.
Stocks generally end up as what is commonly called Grey Sheet stocks after an SEC suspension. Technically, it is the Grey Market. Other OTC or otherwise known as the "GREY Market" is the trading of a security that is not listed on any stock exchange or quoted on the Pink Sheets or the OTCBB.
Um? Well that's not true at all. Grey Market is where SEC suspended stocks go to die. This is exactly what the OP is referring to. Several have stated reporting shady dealings to the SEC already.
Guess what... The SEC frowns upon securities fraud :-(
HAHAHA.. grey market is before you go public. You don't know what you are talking about.