SCOOBEY-DO,
Interesting but it still doesn't tell me whether WAMX was/still is a legit business not meant to defraud investors.
Herzog went to short a stock because they felt it was BS, not to forced it down. They were not hyping the stock, in order to later dump it @ .001 cents to the $.
You can't (or it's very hard to) suspend a legitimate business for more than a few days, and I don't care what some Website thinks about it. If WAMX indeed have such an ATS, and AT LEAST applied for the system 14 Days before the launch, then you can say there may be something there, and WAMX at least tried to get it approved. Why was there a 4th of July deadline when there was no approval for such a system?
I don't know whether Herzog asked for suspension early enough, when they first took this short position (if they did. I don't think the identity of short positions holders are published anywhare). They are not the ones who committed the fraud; they took advantage of the hype. After all, they should have better experience than the people who bought the stock.
Now, other than the legal excuse, what's stopping them from going forward with the ATS, or at least show us some signs that it exists.
I do think there's a lot of highly questionable practices by the market makers, in thinly traded stocks on the NASDAQ, and practically most BB stocks. But it had been going on for years, and the more you know about it, the more secure you'll be. "If you can't beat 'am... "
I wish you luck in all you do, and I hope you regain your loses soon.
Marty
(My opinion as always.) |
