RE: SEC taking so long, by Yardslave
Yardslave, while mowing his lawn at the beckoning of his wife,
"...pessimistic about the SEC at this point. What could be
taking them so long?"
Actually, the SEC is moving along, if looking at this CSHD,
at its typical speed of a snail on ice.
Average time from beginning of an investigation to
announcement of litigation is one year. I would expect
a litigation to be announced next summer, earliest,
if litigation is to be effected.
There are occasional exceptions, litigation comes
quickly, but this is in the case of very obvious
crimes being committed.
The SEC must move slowly, must be careful. The SEC
cannot make any mistakes because announcement of
litigation effects millions out in the public.
A mistake can cause significant harm, more so
than harm caused by correct litigation. For this
reason, any litigation announced is always right;
a very careful investigation has been performed.
IBZT - took about a year.
GVRP - took about a year. (MAMG)
USGA - took about a year.
Many of us were directly involved in prompting SEC
litigation against those companies, and many others.
In all cases we had to wait "about" a year for any
information, for any results to be announced.
An exception to this is an "emergency action" by the
SEC but this type of action is exceptionally rare.
For GVRP the SEC halted trading for ten days, early
on, not because of suspected fraud but rather because
brokers and market makers refused to trade this stock
based on the float being completely inaccurate, and
based on GVRP attempting to authorize six-trillion
shares to dump on the market, shares which were
unlawfully authorized. This is simply a case of a
problem with share count, which prompted the SEC
emergency action. Litigation did not come about
until a year or so later.
My experience in these matters is deep. I have talked
to a number of SEC lawyers, on the phone, many times.
Always the same results, "I cannot divulge information
on this company. I cannot acknowledge an investigation
nor acknowledge pending litigation." Other words, the
SEC will not confirm nor comment on anything.
I filed a Freedom of Information Act request for GVRP
and only information which came back is there are
two-hundred some odd "contacts by the public" regarding
the GVRP company. That is it, nothing else other than
two pages of standard issue disclaimers.
Traders have no choice but to wait "about one year"
before learning of an investigation and litigation.
Meanwhile, financial crimes are continued and those
company executives effecting crimes are afforded ample
time to grab their cash and head for some obscure
country with no extradition treaty.
I am sure you read of recent news about the executive,
Jacob Alexander of Comverse Technology, finally being
arrested over in Namibia. Highly doubtful he will be
extradited but rather will post millions in bond (bribe)
then continue on with his lifestyle, elsewhere.
Does Georgia have an extradition treaty?
Purl Gurl |
