14 Charged in Alleged Stock Scheme

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David Gold of AL 6:01PM August 12, 2008

Recently, SRCO.OB has reported stronger than expected growth in their online financial products offering to the Powersports Industry. What’s your comment on this stock considering their Business strategy?

Marshall Smith of CA 3:11AM August 09, 2008

well i guess i purchased a bunch of useless stock man what a bummer

melman of CA 1:38AM July 02, 2008

I find it odd that the SEC and DOJ devoted millions of dollars to the speedy prosecution of Martha Stewart, who at best avoided a few tens of thousands in losses by acting on her brokers tip, while a major, multi-person organized scam like Casavant Mining went on for three years before any SEC action, and required two more years after that for formal civil charges to be filed.

The SEC estimate of $60+ million obtained through the fraudulent issuance and sale of unregistered securities in this company is off by a factor of 2 or more. The company issued and sold over 700 billion shares, fraudulently benefiting to the tune of approximately $140 million.

This crime against the capital markets went on in plain sight for years, and officials of the SEC and DOJ were notified of its existence early and often by internet bloggers and researchers, and members of the press. This attempt to lock the barn door not only after the cow has gone, but also when she is teetering on the brink of death from old age is simply absurd. That criminal charges have not been filed is outrageous.

This happens daily in the so called penny stock markets, amounting in billions of dollars in investor losses per year, and corresponding billions in illegal profits to crooked "CEO's" and promoters. On the rare occasion when enforcement actions are initiated, they usually result in the perpetrators neither admitting nor denying guilt and promising not to do it again. Wrist slap fines amounting to a fraction of the money stolen are imposed, but seldom are they aggressively collected. To all intents and purposes, the SEC and DOJ give penny stock fraudsters a license to steal, and the occasional annoying SEC actions are considered a cost of doing business..

When an Executive Branch regulatory agency claims that its mandate in enforcement of the nation's Securities Laws, and then fails so miserably in doing so, it can mean only one thing: the leadership of the Executive Branch and the leadership of the Agency, and members of Congress responsible for oversight do not think the mandate is important.

The fish rots from the head.

Richard Church of FL 2:57PM April 09, 2008