Replies to post #292701 on Spongetech Delivery Systems Inc (fka SPNGQ)

[OldTymer]

overachier, No, the files would not be open to the lawyers...

"Yes it is. The SEC files will be open to the lawyers (FOIA) who are suing these con men and any admission of guilt through settlement will make their job a breeze."

Here's a link to the FOIA page on the SEC's website. There are 9 circumstances when the SEC does not have to release info through a fOIA:

http://www.sec.gov/foia/nfoia.htm

(#7 would pertain to your statement, most likely #'s a, d & e):

7. Compiled for law enforcement purposes, the release of which

a. could reasonably be expected to interfere with law enforcement proceedings,

b. would deprive a person of a right to a fair trial or an impartial adjudication,

c. could reasonably be expected to constitute an unwarranted invasion of personal privacy,

d. could reasonably be expected to disclose the identity of a confidential source,

e. would disclose techniques, procedures, or guidelines for investigations or prosecutions, or

f. could reasonably be expected to endanger an individual's life or physical safety;

The SEC does not have to release any information in their files to anyone when an investigation is still on-going. There could also be confidential sources for info they don't want to divulge.

[igotthemojo]

that aint necessarily so...

"and any admission of guilt through settlement will make their job a breeze"

just because they may find out what occured in regards to the sec investigation doesnt mean it will be admissable in the lawsuit..you are jumping the gun by a whole lot there...theres years to go with a whole lot of legal wrangling and bs to go thru before that lawsuit gets any where near a courtroom..

all kinds of things can happen before then...NOTHING is a lock to happen..