As I slowly work my way through my backlog of blog posts that I need to write there are three other recent SEC trading suspensions of note: OLIE, HSCO, and AMOG. Amogear (AMOG) is the simpler suspension so I address it first even though it came after the suspension of OLIE/HSCO.
AMOG had trading suspended by the SEC on February 10th. The reason is shown below:
The Commission temporarily suspended trading in the securities of Amogear because the company has recently been the subject of spam e-mails touting the company’s shares and because of potentially manipulative conduct in the trading of the company’s shares.
Oddly enough I did not receive any spam emails promoting AMOG and the first opt-in promotional emails that I received were sent the same morning it was suspended. The SEC must have been watching AMOG prior to that. As to Hi Score Corp (HSCO) and Olie Inc (OLIE), they appeared to be engaged in blatant fraud. I tweeted that back in late December, linking to Janice Shell’s excellent article on OLIE and HSCO at Pumpsanddumps.com.
Below is the reason given by the SEC for the trading suspensions of OLIE and HSCO:
The Commission temporarily suspended trading in Olie and Hi Score due to a lack of current and accurate information about the companies. There are questions regarding the accuracy of publicly available information about both companies’ assets, acquisitions, business activities, control persons, securities offerings, and financing arrangements
OLIE / HSCO suspension press release (pdf)