Replies to post #4202 on GLUV Corp (fka GVRP)

[jobynimble]

Boy, you do like worms, that can open again? lol....

[nwsun]

have you looked at bcit and the situation shareholders are in there? the shareholders, who the ceo believed were not legitimate, were sued by him claiming we bought fraudulent shares.. he basically accused all of us of securities fraud even though we bought our shares on line and through legitimate brokerages. the suit was eventually dismissed... the stock hasnt traded for over 2 years...

[Mr. Bill]

5:08p ET September 17, 2007 (MarketWatch)
WASHINGTON (MarketWatch) -- The enforcement division of the Securities and Exchange Commission should establish written procedures and criteria for reviewing and approving new investigations as well as take other steps to improve itself, an independent governmental review released Monday said.

The report by the Government Accountability Office also said the division hasn't taken needed steps to help ensure data about investigations are entered into a new system on a "timely and consistent" basis, and that the division's plans to more promptly close investigations won't fully resolve the backlog of open probes.

It also said the division's approach to distributing funds to harmed investors "may have created inefficiencies," resulting in delayed payments.

The report was requested by Sen. Charles Grassley, R-Iowa, in September 2006.

"We heard an allegation last year that many of the cases that the SEC tells Congress it's pursuing are really just at a standstill, waiting to be closed, and this report confirms it," Grassley said in a statement.

In addition to establishing written procedures for new investigations, the GAO recommended that the division consider new procedures for closing investigations that aren't actively being pursued and improve the fund-distribution program by defining the mission of a new office being set up to manage the program.

In a statement, SEC Chairman Christopher Cox said his agency concurred with the report's conclusions and its recommendations.

"We agree with the GAO that improved procedures and systems will allow the division to more capably manage its operations, to better allocate resources to priority investigations, and to more effectively oversee the prompt distribution of [funds] to injured investors," Cox wrote.

Linda Thomsen, the SEC's enforcement director, also pledged to implement the GAO's recommendations.