[HN Gopher] SEC suspends trading in 15 securities due to questio...
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       SEC suspends trading in 15 securities due to questionable social
       media activity
        
       Author : minkeymaniac
       Score  : 31 points
       Date   : 2021-02-26 21:39 UTC (1 hours ago)
        
 (HTM) web link (www.reuters.com)
 (TXT) w3m dump (www.reuters.com)
        
       | Simulacra wrote:
       | Will they do this every time, and what's the breaking point
       | before reform?
        
         | phone8675309 wrote:
         | They will do this every time that a business criminal friend of
         | a high government official stands to lose a ton of money.
        
           | grafporno wrote:
           | Just google the tickers. These are penny stocks (or rather
           | _way below a penny_) pump and dump scams.
        
       | modeless wrote:
       | Not Gamestop or AMC, which is what I thought at first.
        
       | jrockway wrote:
       | What is the next step in cases like these? Let's say social media
       | activity led someone to making an unwise trade. Suspending
       | trading doesn't fix the problem for that person, now they're just
       | stuck in a bad position. Does the SEC ever "fix it" for that
       | person, or is it all damage control now to reduce the extent of
       | the problem, and those that are already in are kind of screwed?
        
       | nojito wrote:
       | Many of these OTC stocks were spammed on r/wsb and others during
       | the GME surge.
        
       | computronus wrote:
       | The suspensions are due to "questionable trading and social media
       | activity", so they are apparently looking at more than social
       | media.
       | 
       | Still, the consequence may be that the social media activity
       | moves to venues that the SEC can't observe as easily.
        
       | kristopolous wrote:
       | The list is two clicks away, buried a couple paragraphs deep,
       | here's the copy paste of what everyone is looking for
       | 
       | Bebida Beverage Co. (BBDA);
       | 
       | Blue Sphere Corporation (BLSP);
       | 
       | Ehouse Global Inc. (EHOS);
       | 
       | Eventure Interactive Inc. (EVTI);
       | 
       | Eyes on the Go Inc. (AXCG);
       | 
       | Green Energy Enterprises Inc. (GYOG);
       | 
       | Helix Wind Corp. (HLXW);
       | 
       | International Power Group Ltd. (IPWG);
       | 
       | Marani Brands Inc. (MRIB);
       | 
       | MediaTechnics Corp. (MEDT);
       | 
       | Net Talk.com Inc. (NTLK);
       | 
       | Patten Energy Solutions Group Inc. (PTTN);
       | 
       | PTA Holdings Inc. (PTAH);
       | 
       | Universal Apparel & Textile Company (DKGR);
       | 
       | Wisdom Homes of America Inc. (WOFA).
       | 
       | The SEC also recently issued orders temporarily suspending
       | trading in:
       | 
       | Bangi Inc. (BNGI);
       | 
       | Sylios Corp. (UNGS);
       | 
       | Marathon Group Corp. (PDPR);
       | 
       | Affinity Beverage Group Inc. (ABVG);
       | 
       | All Grade Mining Inc. (HYII);
       | 
       | SpectraScience Inc. (SCIE).
        
         | dj_mc_merlin wrote:
         | Does not include GME. Obviously they didn't want to let that
         | make the headline go to waste..
        
           | kristopolous wrote:
           | or naked, amc, sunw, blackberry, none of them.
           | 
           | Not only but if you search reddit for these stock tickers
           | you'll only see the suspension notice.
           | 
           | It's a big claim but I think Reuters saying 'the latest in a
           | string of temporary trading halts amid volatile trading in
           | so-called "meme stocks."' is unfounded.
        
         | kaminar wrote:
         | 50 years too late...this has been going on forever...they never
         | investigate penny stocks or their broker ilk...pump and dump
        
       | edoceo wrote:
       | List on SEC site https://www.sec.gov/news/press-release/2021-35
        
       | joshstrange wrote:
       | Honest question: How often does the SEC do something like this?
       | More specifically: How often does volatility caused by hedge
       | funds result in suspended trading of certain stocks?
        
         | kristopolous wrote:
         | Frequent enough that they provide an RSS feed. List is here:
         | https://www.sec.gov/litigation/suspensions.htm
         | 
         | Also check the previous years, they appear to be archived
         | static pages as opposed to say a database query populating a
         | template - really makes me wonder how this site is built.
        
         | SpicyLemonZest wrote:
         | To clarify, the issue here isn't just volatility. The companies
         | in question haven't made any SEC filings in over a year, which
         | generally means they're not really doing business anymore and
         | certainly means it's hard to imagine a value-based case for
         | trading them. The SEC often suspends trading after a few years
         | of no filings (random example from 2020: https://www.sec.gov/li
         | tigation/suspensions/2020/34-89717-o.p...), and it's reasonable
         | that a pumping scheme might push them to act faster.
        
           | tomlagier wrote:
           | Honest question - does there need to be a value-based case
           | for trading something? Does the SEC have a mandate for
           | stopping purely speculative trades?
        
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       (page generated 2021-02-26 23:00 UTC)