Replies to post #340537 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[236T568]

Seriously?

All charges were NOT dismissed

and

This is the criminal case, NOT the SEC case.

All charges against Metter dismissed!! The SEC must have been busy watching Porn.

www.nypost.com/p/news/business/fine_for_penny_stock_scam_zsphNfwXxUetGwOiEE2eEP

$100 fine for penny stock scam

By KAJA WHITEHOUSE
Last Updated: 12:39 AM, January 9, 2013
Posted: 11:29 PM, January 8, 2013

Former Spongetech CEO Michael Metter will get a slap on the wrist after prosecutors made a major misstep in their case against the penny-stock pump-and-dump scheme.

Under a plea deal announced yesterday, Metter will pay a puny $100 fine and be recommended for probation after admitting to one count of lying to regulators about some $250,000 he received from the sale of Spongetech stock between 2007 and 2009.

Metter caught a big break last year when a federal judge suppressed e-mails and other evidence after the government sat on it for 15 months without declaring which documents fell within the scope of the search warrant.
MICHAEL METTER - All wet exec.
MICHAEL METTER
All wet exec.

Metter is the last defendant to plead guilty in the case, in which prosecutors accused execs of fabricating the amount of sales and customers to pump up the stock’s price before dumping shares on unsuspecting investors.

“We are very pleased that all of those charges that were filed against Michael are finally going to be dismissed,” his lawyer, Maranda Fritz, told The Post.

[packerfan9]

Just shows why penny stock fraud is big business. CEO steals millions and beats the rap. Sec is the most inept agency we have.

[harvard homeboy]

The good news, however, is that SPNGQ will finally,
at last, get zeroed out now that the criminal cases have been resolved with Metter's guilty plea.

As previously predicted, the stock goes to $0.0000 once and for all, the security finally gets revoked and de-listed, and there is no residual value for anyone left holding the bag.

The SEC gets to recoup the monies Metter and Moskowitz stole from investors, and it goes into the pocket of the U.S. Treasury, not into the pockets of their business partners.

In other words, the good news just keeps coming with Spongetech as always.