Actually, the sad fact is, that the filings aren't "approved". Meaning, the reports are not looked at for accuracy. They just want all the info that they want. IF that info isn't there, it isn't "approved'. The info can be a pack of lies.
Years ago I called to find out why the numbers were allowed and why the info was allowed when it was fake. It was a company that claimed a subsidiary that didn't exist plus BS numbers.
The answer was "we don't care, it's not up to us".
Which, of course, makes sense. It was a harsh reality back 15 years ago. I would assume they care less now, too many scams.
It's why the guys that run the scams, don't end up in jail and half the time are never looked at. Hell think about Bernie Madoff and how big he was. SEC didn't believe he would be such a scammer. He was. It took years for him to be brought down.
ALL of it....Sad but true.
I remember calling NV SOS, too, just to tell the security area things that weren't true. "don't care".. was the answer.
Just the way it is.
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