Operation Shell-Expel
On February 3, 2014, the SEC announced the latest actions in its microcap fraud-fighting initiative known as Operation Shell-Expel, suspending trading in 255 dormant shell companies ripe for pump and dump abuse in the over-the-counter market. The SEC started the initiative in 2012 to clean up the microcap marketplace by scrutinizing penny stocks nationwide and identifying clearly inactive companies.
The SEC is to be commended for continuing to fight fraud in the microcap world.
Operation Comic Relief
On the same day, the SEC announced, under what should be called Operation Comic Relief,
that it had commenced stop order proceedings against twenty issuers that had filed resale S-1s. All issuers purported to be mining companies, they all filed their S-1 on the same day in January 2013, each showing a different CEO but other than that virtually identical. The SEC claims that all issuers are controlled by the same undisclosed individual, a lawyer with previous SEC troubles.
Really, what were these folks thinking.
On February 3, 2014, the SEC announced the latest actions in its microcap fraud-fighting initiative known as Operation Shell-Expel, suspending trading in 255 dormant shell companies ripe for pump and dump abuse in the over-the-counter market. The SEC started the initiative in 2012 to clean up the microcap marketplace by scrutinizing penny stocks nationwide and identifying clearly inactive companies.
The SEC is to be commended for continuing to fight fraud in the microcap world.
Operation Comic Relief
On the same day, the SEC announced, under what should be called Operation Comic Relief,
that it had commenced stop order proceedings against twenty issuers that had filed resale S-1s. All issuers purported to be mining companies, they all filed their S-1 on the same day in January 2013, each showing a different CEO but other than that virtually identical. The SEC claims that all issuers are controlled by the same undisclosed individual, a lawyer with previous SEC troubles.
Really, what were these folks thinking.
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