This is why I am trying to get more focused on Filing stocks!!!!
Everything that we are in IS filing or is about to/in process of. I will not even discuss stocks anymore that aren't filing or not in the process of it! That will only be done in the OTC BB letter. And that will probably be short-lived by the looks of this new bill, if passed! LOL For now, we can make a little $$$ until they crack down on the stocks, not that I would ever pick a stock that I was not very comfortable with.
biz.yahoo.com
U.S. senator introduces microcap stocks fraud bill
WASHINGTON, June 9 (Reuters) - A key U.S. Senator Wednesday introduced legislation intended to give the Securities and Exchange Commission new tools to crack down on fraud perpetrated in thinly-traded, low-priced securities.
''By giving the SEC the tools it needs to combat such fraud, this legislation will benefit not only individual investors, but also the vast majority of legitimate small companies who contribute so much to our country's growth and prosperity,'' said Sen. Susan Collins, a Maine republican.
Microcaps are prime targets of scam artists who often will artificially pump up share prices with false statements and then sell them at hefty profits to unsuspecting buyers.
Microcaps include penny stocks and generally describe the low-priced securities of companies with market capitalizations of less than $300 million.
The bill, known as the Micro-cap Fraud Prevention Act of 1999, will allow the SEC to bring enforcement actions against securities fraud violators on the basis of enforcement actions brought by state securities regulators.
''Unfortunately, as our markets bring benefits to more Americans, they also attract those who would exploit unsuspecting investors through manipulative practices,'' said Collins, chair of the Senate's Permanent Subcommittee on Investigations.
The bill, co-sponsored by Sen. Max Cleland, a Georgia Democrat and Sen. Judd Gregg, a New Hampshire Republican, will also help the SEC keep unscrupulous individuals from other financial sectors, such as banking or insurance, out of the securities business.
Other provisions include strengthening the SEC's ability to take enforcement actions against repeat violators. Currently the SEC must request that the the U.S. Department of Justice initiate criminal contempt proceedings, which can be a timely process.
''This legislation, if enacted, would give regulators even more tools and weapons to rid the securities industry of this scourge,'' said Peter Hildreth, president of North American Securities Administrator Assn., the umbrella group for state securities regulators.
The Securities and Exchange Commission said it endorses the legislation, saying: ''This bill would give us valuable new tools to close of participation in the microcap market by those who would prey on innocent investors.''
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