RE:RE:RE:RE:Kintera spank fest buzz-kill
Spoke with an older man at the SEC Chicago. Also explained by email. He did a quick google, for close to a minute, then pretty much said I was singing to the choir. On quick look, NEVDQ has the basic tell-tale signs of worthiness for deeper inquiry. With main question being whether the sellers are also the buyers or getting compensated on the side. Should be easy to figure out. But it is not easy. Rather it is ridiculously complicated, with road-blocks at every turn.
Mostly the lack of inquiry is because the SEC have a lot on their plate. So many guilty people do get away non-investigated, and non-punished. Likewise shareholders get successfully defrauded, thanks to flaws in the law and not enough resources to reach justice.
He said the younger lawyers were light on experience with stockholder fraud via bankrupcy. And were mainly interested in doing the sexy career-building stuff with big names and news headlines. And that it was hard to even get them interested.
He did sound like he would love for the young and hungry SEC lawyers to sink their teeth into some good bankrupcy fraudster. But also sounded a bit dismayed. Like watching a bunch of bystanders at some bad situation, and thinking how come nobody is doing anything?
He agreed that NEVDQ fit the profile of fraudster. But that they were hard to prosecute, since the buyers typically hide their identities behind shell companies.
So looks like it might be good to nudge the Chicago SEC. He gave me a generic email address. So I added his name to the email. Not too hopeful. But who knows? Maybe a few more complaints and emails to the SEC Chicago will be enough to get them going, and put Kintera on notice. No bank for you! Time to buy up those defrauded shares.
Likewise Tom Albanese already got nailed for shareholder fraud as CEO of Rio Tinto, by the Southern District of New York. With just a slap on the wrist.
BTW, figured if such a high-profile executive would lend his name to NEVDQ then it can't be all bad, can it? Figured wrong.