This is why we are having them looked at as we file our formal complaints to them. There is just as much attention that can be brought to them and Finra. They are not above the law either. Nor are they out of reach of being investigated. If people sit back and wish to believe they are a government all onto themselves and Cox cannot be held accountable, and choose to do nothing it will continue on in this manner. People once thought this of the IRS. This turned out not to be the case, as many had to sit their butts in front of Congressional committee's. The Congress to at one time thought this way as well, things have changed. At one time they did not have to live under the same laws every American was held to obey. Now its the Sec's turn.
What causes the corruption in this sector can be easily identified with 3 culprits, 504's, S-8's, and the selling of non-registered securities. This is where all the attention needs to be focused. We stop this in its current form, eliminate all but the 504's.
When any company files one they will have to intemize, and show accountability thru a paid audit, even if its semi annual. Every dollar would have to be itemized for what it went for and then the Ceo will have to sign on the bottom line.
No Ceo should be able to salary himself from this filing, and no partners, "only hired employee's", until the company can generate revenues to cut them a check......No family members can be directors due to this being a conflict of interest. If this is what they have to do, stock in lieu of cash for hired employee's on a seperate form will have to submit this information to the Sec and to the IRS.
Owner/owners would have to sell their own personal stock and file a 144 in conjunction with this if they wish to salary themselves. 504's would have to have a gap period of one year, and only 3 over a 6 year period or 3 for the life of the company could be filed.
Pretty simple to stop people like RB and RA from emerging into this sector. If the Sec is serious and wants to end the corruption and fraud in this sector, and drive the crooks out this would be a good place to start.
Shut the doors on these loopholes and things will dramatically change in this sector.
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