The fine was was less than 1% of the company's market cap, which basically means a slap on the wrist, AKA "an SEC pound of flesh" for all the many hours the SEC spent on the JBI case. They went through the company with a fine tooth comb. They found no wrong doing, except for the accounting treatment of a one line item, after JBI acquired some media credits from a prior subsidiary. The company that sold JBI those media credits was never even questioned by the SEC about the valuation.
The Alberta commission and the Ontario commission in Canada were involved in interviewing locals about JBI. I suspect they then reported to the US SEC their findings. Perhaps shareholders owe them a vote of thanks? Because subsequently...
The chief investigating officer of the SEC on the case was likely shit-canned, and ran back home to Maine where she appears to be downwardly mobile. The company survived and has grown stronger.
As has been noted, they actually do have a partnership with CRAYOLA, owned by Hallmark.
Thus, all the talk about "fraud" and "scam" is actually false.
John Bordynuik got SHIT-CANNED and FINED six-figures for FRAUD, and a couple folks are still doing a Happy-Dance about it. Go figure.
The only one who is really Happy is John Bordynuik, because he got to keep the millions he defrauded from investors.
Everyone else lost their savings because Mr. Market pummeled the PPS as a consequence, and JBII never recovered.
But hey, this 30-month trend of going straight down 92% might immediately reverse itself any second, because, after all, Bordynuik wasn't also disgorged on top of getting SHIT-CANNED and FINED for FRAUD:
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