Replies to post #326184 on Spongetech Delivery Systems Inc (fka SPNGQ)

[wadirum1]

Nor were the illegal issuances reported by the Sichenzia firm, a firm populated with former SEC personnel and not named in the litigation as having any culpability even though it had represented Spongetech from the inception of the Spongetech Scam until about mid-2008 and had received over 2,000,000 shares of stock itself as reported in the Spongetech Form 10-KSB for the year ended May 31, 2008.

Ouch! That's going to leave a mark.

[wadirum1]

Further, there should be some semblance of honesty from the government. They examined the transfer agent’s files, they knew that none of these opinions came with manual signatures, that none of them came from Pensley’s office, home or computer. All of them came from Moskowitz and Spongetech offices. They probably should have made that known to the Court.

Some very interesting reading here. Thanks for posting it. Sure beats the book I have been reading...

[wadirum1]

And more on Sichenzia (which, along with Furth, is an interesting no-show in the various charges I've seen to date):

On the issue of knowledge of an illegal distribution, the Plaintiff fails repeatedly to establish that Pensley any knowledge of the intent of Moscowitz and Metter. No reasonable allegation can been made that Pensley knew or could have reasonably known in March 2007 of the plan of Moskowitz and Metter to conduct a fraud and no fact pattern has been disclosed by the Plaintiff establishing any basis for any one other than Moskowitz and Metter to have known what their plans were. Certainly, Pensley could not have known since he had not represented the company for years. That privilege has been taken on by the Sichenzia Firm which seems to have been wearing blinders as to many areas of their client’s activities including the flow of opinions through the transfer agent and the listings of contact information, including that of the attorney, on the Agent’s client form. If the Sichenzia Firm has not been charged by the SEC it is inconceivable to allege that Pensley had the requirement knowledge to constitute either scienter or the actual knowledge as to the purpose to which the draft opinion was to be put.

[overachiever]

In early 2007, Pensley was once again approached by Moskowitz to write a spin-
off opinion. Before Moskowitz received the draft opinion, he had already conceived of
the fraudulent scheme, most likely even before he had made the request. We know this
because prior to the receipt of, and perhaps the request for, the draft opinion, Moskowitz
had authorized the issuance of 250,000 shares to Pensley, forged his name to the stock
certificate issued for said 250,000 shares and illegally redirected it to Mazuma Corp., a
corporation that worked closely with Moskowitz.

The infamous scammer Curt Kramer shows up again. Mazuma is Kramer's operation and this is a guy who for reasons which remain unknown has been able to help companies scam at will for years through bogus issuances of Texas 504s written to what was a defunct Texas Corp.