Replies to post #337843 on Spongetech Delivery Systems Inc (fka SPNGQ)

[loanranger]

"Below is excerpt from the case, quoting then SEC Commissioner Paul S. Atkins, speaking of NSS (link provided):

"SEC COMMISSIONER PAUL S. ATKINS ADMITS THE SIZE OF
THE FRAUD IN THE OTC MARKET ALONE IS SO LARGE IT
COULD CAUSE A MASSIVE MELT DOWN OF THE MARKETS IF
THEY FOLLOWED THE LAW"

http://cmkx.info/CMKM-BRIEF-HISTORY-OF-SEC-CORRUPTION-2010-06-08.pdf "

Read your link. Is Atkins "speaking of NSS" and does he admit that "THE SIZE OF THE FRAUD IN THE OTC MARKET ALONE IS SO LARGE IT COULD CAUSE A MASSIVE MELT DOWN OF THE MARKETS IF THEY FOLLOWED THE LAW"?
If you think so, please provide the passage from Atkins himself that shows those things.

I won't be following up on your response, but suffice it to say that just because someone somewhere said something and someone else applied their own interpretation to it and wrote it down does not make it reliable reference material.

[toxicdebtspiral]

"These shares, however, are still authorized. We can, and do, agree that SPNG mgmt etal sold restricted shares on the open market via fake opinion letters. These shares are real authorized shares with the fraud being the opinion letters."

The problem with your assertion is that it does not fit the facts of the case. SPNG had sold at least 1BB over the authorized number when they tried to cover their tracks. The link below is the first filing indicating a change in the by laws to authorize 3 BB shares. At that point in time the SEC had begun their formal investigation.

http://www.sec.gov/Archives/edgar/data/1201251/000114420409050122/v161351_8k.htm