The SEC doesn't have the staff to chase all the dudes with their pump and dump schemes...takes a lot of effort, as it is not against the law to trade corp. shares on a note for cash, then within the time requirements, the note holder converts the notes to stock and sells on the market. U will normally see the company put out a lot of fluff PR's, hire "market awareness" firms, who also will hire "market awareness" stock board posters to help with the pump.
If the scammer company management is very skillful, they don't get caught. The penalties, if caught by the SEC seem to be much too low to matter, so it is a risk/reward scenario for them. gltu
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