SEC Suspends trading in Biohemp International (BKIT), another stock promoted by a boiler-room

I was somewhat surprised that the SEC did not suspend trading in boiler-room pump and dump Biohemp International (BKIT) about a month ago when it suspended trading in other similar pumps, but it is better late than never. Trading in BKIT was suspended before the market open this morning. It will resume trading on the OTC grey market at the open on August 9th.

SEC trading suspension PR (pdf)
Trading suspension order (pdf)

Reason for the trading suspension:

… potentially manipulative or deceptive activity relating to the company. It also appears that there is a lack of current and accurate information concerning the securities of BioHemp because of questions regarding the accuracy of assertions by BioHemp and by others in press releases and/or cold calls to investors concerning, among other things, the anticipated value of BioHemp stock.

Trading suspension order

I previously wrote about the boiler-room promotion of Biohemp International (BKIT). OTC Market Research made their research report on the company public after the stock dropped. See also my blog post on the SEC trading suspensions of other promoted stocks (many of them boiler-room promotions) just under a month ago. I also recommend reading the more in-depth post about three of those trading suspensions of boiler room pumps by OTC Market Research.

Disclaimer: I have no position in any stock mentioned. I have no relationship with any parties mentioned above except that I am a paying subscriber to OTC Market Research. This blog has a terms of use that is incorporated by reference into this post; you can find all my disclaimers and disclosures there as well.

3 thoughts on “SEC Suspends trading in Biohemp International (BKIT), another stock promoted by a boiler-room”

  1. Wow…fascinating. Just learned about the trading suspension.

    And I *did* receive a call about $BKIT

    Kept thinking about the film “Boiler Room” during the call, but didn’t mention it to the caller. It was high-pressure, and was following the “script” almost verbatim. Amazing.

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