No, the axe is the management of this company that authorized the issuance of shares at an obviously below market price. You can't blame market makers for price manipulation, they didn't one day invent millions of shares to comport with the conspiracy theories that pink sheet executives like to spread around.
I was watching the level IIs on the last dump which was 3 million shares and they had three market makers on the sell side including ETrade. I'm guessing Carnes' nominees use a few different brokers.