This morning prior to the market open the SEC issued a trading suspension for Global Quest Limited (GLBB), which has been promoted over the last few weeks and which has risen from $1 to $5.65 to give it a market cap of $56 million market capitalization.
SEC trading suspension release (PDF)
SEC trading suspension order (PDF)
The reason given for the trading suspension (emphasis mine):
The Commission temporarily suspended trading in the securities of GLBB because of concerns regarding the accuracy and adequacy of information in the marketplace, including on Global Quest’s website, regarding the company’s business operations. This order was entered pursuant to Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act).
The Commission acknowledges FINRA’s assistance in this matter.
While there may have been others promoting Global Quest, one promoter was Wall Street Giants. Here is an excerpt from their disclaimer:
This release is not without bias, and is considered a conflict of interest if compensation has been received by WSG for its dissemination. To comply with Section 17(b) of the Securities Act of 1933, WSG shall always disclose any compensation it has received, or expects to receive in the future, for the dissemination of the information found herein on behalf of one or more of the companies mentioned in this release. For current services performed WSG has been compensated one million two hundred thousand dollars for coverage of the current company (GLBB) featured by a non-affiliated third party. WSG HOLDS NO SHARES OF GLOBAL QUEST LTD (OTC: GLBB).
GLBB will resume trading on the grey market (no market makers) at the open on May 26, 2017.
6 thoughts on “Pump & dump Global Quest Limited $GLBB receives SEC trading suspension”
thanks michael for these news and lessons… how many promoters have sent the newsletter to pump it? was it visible on stockpromoters.com or you have seen it on another website that was a pump out of spam newsletters? thx
I don’t know how many different promoters pumped it — I just posted the one that I had received. I’m sure others are listed on Stockpromoters.com.
Is there any updated information concerning any status that any sales of the new product will be taking place and when. Also, when it might get out of the grey market and back on the nasdaq. It’s almost a month and no information has comeforth about Global Quest. Has any connected with any of the large retail drug chains like Walgreens or CVS.
No point in them putting out any more PRs or putting any effort into selling their product anymore now that they can’t reliably dump shares into the pump. I never viewed this (or any paid pump) as anything more than a share selling operation. The purported business may be real but exists solely to attract shareholders. I can only think of one or two stocks that have come back from the grey market
My first pump and dump email scam. Lucky I only dumped a small amount just to see what would happen, and is probably good advice to other novice investors like me. Now I regard any advice to ‘the next great thing’ as pure BS. GLBB = S**T.
My first pump and dump email scam. Lucky I only dumped a small amount just to see what would happen, and this is probably good advice to other novice investors like me. Now I regard any advice to ‘the next great thing’ as pure BS. GLBB = S**T.