All of them are known liars and con men. How much do you actually think a then 25 year old Hochstedler loaned BW? Or does claiming an old debt to issue tons of shares sound about right? Notice he never says how much the debt was for, only that he kept the excess. The deposition is several hundred pages and a fascinating read on how penny stock crooks work in general.
The SEC and State Securities Regulators aren't sitting around waiting for the next hot tip to come in and pounce on. Most go ignored and others can take years to go after with limited staffs and budgets. It's not so cut and dry.
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