Replies to post #334815 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[MagShoe]

E-Trade Sues To Unload $1.6M In Spongetech Cash

By Richard Vanderford

http://www.law360.com/securities/articles/241057/e-trade-sues-to-unload-1-6m-in-spongetech-cash

Law360, New York (April 22, 2011) -- E-Trade Securities LLC filed a suit Friday in New York asking a judge to determine who — or what government agency — should get $1.6 million that came from a trader's suspicious sale of stock in now-bankrupt Spongetech Delivery Systems Inc.

Myron Weiner sold $1.6 million in Spongetech shares as the company headed to a pump-and-dump related collapse, according to the online brokerage. Though not a defendant in any criminal or civil enforcement action, Weiner's sales were flagged as suspicious and his E-Trade accounts were frozen....