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Microcap & Penny Stocks : Leah Industries, Inc. (OTC-BB-LEAH)
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To: DISHRAIDER who wrote (1776)3/24/1999 10:31:00 PM
From: Baldur Fjvlnisson  Read Replies (1) of 2153
 
The pinks: nqb.com
Excerpt from nqb.com : Bold = edit.

"Why is 15c2-11 flawed? Market Makers are concerned of the potential liability from an oversight role. Rule 15c2-11 uses the Trojan horse that investors in Pink Sheets and OTCBB issues suffer from a lack of available information and that increased information will decrease opportunities for fraud and manipulation. We agree. What NQB disagrees with is the review and oversight responsibilities that the Rule requires of Market Makers. Market Makers are supposed to look for "red flags" that signal potential or actual fraud and/or manipulation. Market Makers cannot rely on the fact that the information is audited and/or filed with the SEC. NASD Notice to Members 92-50 states "simply because the statements have been audited, a broker/dealer cannot avoid its responsibility to review the financial statements in order to have a reasonable basis to believe that the information is accurate."

The SEC does not review all information that is filed on EDGAR. The SEC states on their web site "By law, the reports that companies file with the SEC must be truthful and complete, presenting the facts investors find important in making decisions to buy, hold, or sell a security. But the SEC cannot guarantee the accuracy of the reports companies file. Some dishonest companies break the law and file false reports." NQB does not think that the SEC should hold Market Makers to a higher review standard than they hold themselves to."
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