According to the two news articles, link-1 link-2, the top executives of Spongetech Delivery Systems Inc. (SPNG.PK) were arrested and charged Wednesday in an alleged scheme to defraud investors by reporting falsely and grossly overstated sales figures.
"The defendants in this case--Spongetech's highest corporate officers--are charged with executing a bold scheme to portray Spongetech as a company that was performing at a level far above reality," U.S. Attorney Loretta Lynch said in a statement. "As detailed in the complaint, the audacity of their scheme was matched only by their obstructive efforts during the course of the SEC's investigation."
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Wednesday, May 5, 2010
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SEC charges LINK
ReplyDeleteprice prediction for tomorrow, please? most active forums today on any message boards are SPNG forums, have you noticed.
ReplyDeleteIt's down 83% today with 178M volume. I wonder why the volume was so low as compared to last time when the volume was close to 250M. There will be a dead cat bounce soon, but when, is hard to say. Probably better to watch than trade this one. Not bad to put a few hundred to test, but not not a substantial amount. Just my opinion.
ReplyDeleteWe will see him in American Greed. He will be a hero
ReplyDeletehttp://www.cnbc.com/id/19279099
Date short total|total volume
ReplyDeletemay/03 2,231,561|7,502,040
may/04 1,894,236|5,399,717
may/05 52,526,133|176,900,373
Date short total|total volume
ReplyDeletemay/03 2,231,561|7,502,040
may/04 1,894,236|5,399,717
may/05 52,526,133|176,900,373
may/06 5,430,875|52,674,806