By the way, regulations are not laws. SEC enforces regulations that the SEC writes, that are its interpretation of the law written by congress.
The Exchange Act is a law written by Congress.
Only a judge can decide if the reg is legitimate and if it was breaking the law. Most people and companies do not have the resources to go to court.
For God's sake. What would STLT's defense be? It could hardly dispute the fact that it's delinquent with its filings.
What is wrong with being able to keep and hold my shares till hell freezes over in hopes the company survives and gets going again?
That is your choice. And your risk, since as you say, you knew the company was delinquent.
What gives the SEC the right to destroy my shares or the value of them?
The Exchange Act.
I think lotteries should be illegal.
Then why on earth do you invest in penny stocks?
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