Replies to post #31374 on United States Oil and Gas Corp (fka USOG)

[liketotravel]

And you need to re-read what the SEC has to say, especially the part below. I have yet to see an OTC company under a 10 day SEC suspension/halt trade on anything but the grey market. Brokers just never take a chance until the SEC settles the dispute with the company halted.

"If a broker-dealer does not have confidence that a company’s financial statements are reasonably current and accurate in all material respects, especially in light of the questions raised by the SEC, then a broker-dealer may not publish a quote for the company’s stock. The OTC markets function through dealer systems where only broker-dealers may quote and facilitate trading in securities."

Now you may think all is in order but the SEC says otherwise and until then no broker will touch USOG or any other suspended/halted OTC stock. I take it you are new at this!

Please read this whole section the SEC has on this, along with their warnings.


http://www.sec.gov/investor/alerts/tradingsuspensions.pdf

[learjetman]

The mood amongst most of the longs here is that USOG has been unfairly caught up in an SEC sweep to teach other OTC traded companies to watch what they say in PR's and promo's. Crimi cited an instance of restating Q1 2010 earnings without following it with a press release, Hardly a suspendable event in my book. Some here say 99% of OTC stocks are scams, and most are. Does anyone one here think that USOG concocted this elaborate scam from the start? The uplisting, the transparency, audited financials. Not one of the company PR's were very flashy, most of them just the dull facts. This is my first endeavor in the OTC market, and wouldn't have selected USOG had it not been for the transparency. It was risky going in from the start because of the debt and their ability to pay it off, but it was a risk I took. Certainly didn't bet the farm. But I definately did not expect to be shut down because of shady dealings and unethical behavior. Who here thinks it was a scam, or just a black eye that we will never overcome??