There's a giant loophole in the law and it seems there are still not sufficient resources to enforce the law once a company reaches the relative safety and obscurity of the pink and gray.
I think a big part of the problem is that the automation of the Pink Sheets, and now the availability of what appears to be level two displays even for stocks where no 15c2-11 has been filed, gives this market the appearance of legitimacy. Quotations in any electronic medium for non-reporting fecaliths should not be permitted.
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