It would take more than one nutshell.
But
the SEC couldn't find the 5 customers that the company said provided the vast majority of their sales, doubted the accuracy of their SEC filings and PR's and questioned the basis for the issuance of millions of shares so they instituted a formal investigation and suspended the stock for 10 days. Simultaneously the company failed to file its 2009 10K and as a result was removed from the OTC Bulletin Board trading system, resulting in the inability of any market makers to quote bid/asked prices. The officers and the company were then issued Wells Notices. The SEC then filed a complaint against them and certain related parties. The DOJ, through the FBI had the 2 officers arrested and yesterday, 2 months after their arrest, they were indicted.
That's only one nutshell's worth of WTF is going on with SPNG.
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