The SEC has been struggling with the issue of How do they stop a criminal without victimizing the shareholders who have already been victimized by the offender. It's not clear what the new director is going to do in regards to pennystocks but the previous director came up with the best solution yet. That being enforcing proper disclosures. If you take a look at the new Bayside disclosure the charges brought against Renfro and Johnson years ago are now in the disclosure. If these things had been properly disclosed 3 years ago then the shareholders of Brazos and Fox Petro would never had been victimized.
Many pennystocks were given notice that their disclosures must be cleaned up with their annual filings and they have 90 days from Jan 1 to do it. That 90 days is almost up. How the new Director is going to handle the non-disclosed stocks is yet to be seen.
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