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  1. candleman is offline
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    candleman's Avatar
    Joined: Jul 2009 Location: Outer Banks of North Carolina Posts: 1,511
    05-05-2010, 11:02 AM #31

    Spng

    Very bad news for those of us that still hold any Spng stock.

    Read and weep........

    By Chad Bray
    Of DOW JONES NEWSWIRES

    NEW YORK (Dow Jones)--The top executives of Spongetech Delivery Systems Inc. (SPNG) were arrested and charged Wednesday in an alleged scheme to defraud investors by reporting falsely and grossly overstated sales figures.
    According to a criminal complaint filed Wednesday, Michael Metter, Spongetech's chief executive and president, and Steven Moskowitz, the cleaning-products maker's chief operating officer and chief financial officer, were charged with conspiracy to commit securities fraud and obstruction of justice. They each face up to five years in prison on the conspiracy charge.
    Metter, 58 years old, of Greenwich, Conn., and Moskowitz, 45, of Flushing, N.Y., are expected to appear before a U.S. magistrate judge in federal court in Brooklyn later Wednesday.
    "The defendants in this case--Spongetech's highest corporate officers--are charged with executing a bold scheme to portray Spongetech as a company that was performing at a level far above reality," U.S. Attorney Loretta Lynch said in a statement. "As detailed in the complaint, the audacity of their scheme was matched only by their obstructive efforts during the course of the SEC's investigation."
    The U.S. Securities and Exchange Commission also has filed civil charges in the matter, Lynch said.
    In the complaint, prosecutors from the U.S. Attorney's office in Brooklyn alleged Metter and Moskowitz between January 2007 and May 2010 publicly reported the company had secured purchase orders or made sales to five customers that did not exist.
    For the nine months ended Feb. 28, 2009, the purported sales to those five customers accounted for as much as 99% of Spongetech's revenue, prosecutors said.
    During that time frame, the men allegedly filed multiple false reports with the U.S. Securities and Exchange Commission and issued numerous press releases touting the false sales figures, typically via the Internet, prosecutors said in the complaint.
    Since the SEC issued subpoenas in September as part of a formal probe of Spongetech, Metter and Moskowitz allegedly have tried to fabricate the existence of the five purported customers, according to the complaint.
    They allegedly sought to create Web sites and virtual offices for the companies, have furnished investigators with phony purchase orders and produced "questionable documentation" purportedly constituting proof of payments by the customers, prosecutors said in the complaint.
    The SEC suspended trading of the company's stock Oct. 5, according to the complaint. The suspension expired Oct. 16, and Spongetech has been trading only in the "grey market," a market for securities not listed on any stock exchange, the Over-the-Counter Bulletin Board or the pink sheets, according to the complaint.
    A phone call to Spongetech wasn't immediately returned Wednesday.
    An automated message on the company's investor relations phone line said the company would make no comment during the SEC investigation and would only make public comments via press releases.
    -By Chad Bray, Dow Jones Newswires; 212-227-2017; chad.bray@dowjones.com

  2. Los Tiburones is offline
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    Los Tiburones's Avatar
    Joined: Feb 2009 Location: California Posts: 1,015
    05-05-2010, 09:46 PM #32
    Quote Originally Posted by julietoo View Post
    Pure luck! What do Texans know about ice anyway.

    And I thought we were buds.

    Julie
    Hehe ... were still buds ... but, Texans?

    They didn't even make it to the big show this year ... I am really confused ...

  3. SiriMonkey is offline
    05-05-2010, 09:57 PM #33
    Quote Originally Posted by Los Tiburones View Post
    Hehe ... were still buds ... but, Texans?

    They didn't even make it to the big show this year ... I am really confused ...
    As I was when I wrote that this morning. Please note the time of
    composition (6am) as well as the authors (me) state of mind at that time of the
    morning. Add into that mix zero coffee, and you have my strange reply.

    Sorry.

    Now where were we? Oh ya. Go Redwings!!

    Julie

  4. Los Tiburones is offline
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    Los Tiburones's Avatar
    Joined: Feb 2009 Location: California Posts: 1,015
    05-05-2010, 10:25 PM #34
    Quote Originally Posted by candleman View Post
    Very bad news for those of us that still hold any Spng stock.

    Read and weep........

    By Chad Bray
    Of DOW JONES NEWSWIRES

    NEW YORK (Dow Jones)--The top executives of Spongetech Delivery Systems Inc. (SPNG) were arrested and charged Wednesday in an alleged scheme to defraud investors by reporting falsely and grossly overstated sales figures.
    According to a criminal complaint filed Wednesday, Michael Metter, Spongetech's chief executive and president, and Steven Moskowitz, the cleaning-products maker's chief operating officer and chief financial officer, were charged with conspiracy to commit securities fraud and obstruction of justice. They each face up to five years in prison on the conspiracy charge.
    Metter, 58 years old, of Greenwich, Conn., and Moskowitz, 45, of Flushing, N.Y., are expected to appear before a U.S. magistrate judge in federal court in Brooklyn later Wednesday.
    "The defendants in this case--Spongetech's highest corporate officers--are charged with executing a bold scheme to portray Spongetech as a company that was performing at a level far above reality," U.S. Attorney Loretta Lynch said in a statement. "As detailed in the complaint, the audacity of their scheme was matched only by their obstructive efforts during the course of the SEC's investigation."
    The U.S. Securities and Exchange Commission also has filed civil charges in the matter, Lynch said.
    In the complaint, prosecutors from the U.S. Attorney's office in Brooklyn alleged Metter and Moskowitz between January 2007 and May 2010 publicly reported the company had secured purchase orders or made sales to five customers that did not exist.
    For the nine months ended Feb. 28, 2009, the purported sales to those five customers accounted for as much as 99% of Spongetech's revenue, prosecutors said.
    During that time frame, the men allegedly filed multiple false reports with the U.S. Securities and Exchange Commission and issued numerous press releases touting the false sales figures, typically via the Internet, prosecutors said in the complaint.
    Since the SEC issued subpoenas in September as part of a formal probe of Spongetech, Metter and Moskowitz allegedly have tried to fabricate the existence of the five purported customers, according to the complaint.
    They allegedly sought to create Web sites and virtual offices for the companies, have furnished investigators with phony purchase orders and produced "questionable documentation" purportedly constituting proof of payments by the customers, prosecutors said in the complaint.
    The SEC suspended trading of the company's stock Oct. 5, according to the complaint. The suspension expired Oct. 16, and Spongetech has been trading only in the "grey market," a market for securities not listed on any stock exchange, the Over-the-Counter Bulletin Board or the pink sheets, according to the complaint.
    A phone call to Spongetech wasn't immediately returned Wednesday.
    An automated message on the company's investor relations phone line said the company would make no comment during the SEC investigation and would only make public comments via press releases.
    -By Chad Bray, Dow Jones Newswires; 212-227-2017; chad.bray@dowjones.com
    Brutal ... Just happened upon it after checking in on the Guru. Pretty incredible with all the sponserships they had formed ... wow, it was all true after all. Sorry to hear this for you guys ...

  5. Los Tiburones is offline
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    Los Tiburones's Avatar
    Joined: Feb 2009 Location: California Posts: 1,015
    05-05-2010, 10:31 PM #35
    Quote Originally Posted by julietoo View Post
    As I was when I wrote that this morning. Please note the time of
    composition (6am) as well as the authors (me) state of mind at that time of the
    morning. Add into that mix zero coffee, and you have my strange reply.

    Sorry.

    Now where were we? Oh ya. Go Redwings!!

    Julie
    Considering I also had that momentary lasp of your location ... where's the 'duh' icon?

    Those guys are well oiled machine and after all these years of dominating just about everything that gets in their way ...

    Nope. Not feeling the sympathy at all! LOL!!!

    Go Sharks!

    (You're hogging all the smileys again!)

  6. candleman is offline
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    Joined: Jul 2009 Location: Outer Banks of North Carolina Posts: 1,511
    05-06-2010, 11:57 AM #36
    BCLE is back up to a penny right now. This has been a daytraders dream the last 2 days....buy at .007, sell at .01, you gotta love it. I'm still holding a position for a nice runnup too.

    QASP may release some big news today about closing on an acquistion. It may take a quick run up to .014 or so, just in case someone is looking for an exit point. I'm still long and strong on this one. I won't be happy till I see 3 cents.

    SPNG has been bouncing between .005 and .012 today. I own 40,000 shares of this company at an average of 7 cents. I've decided to continue to hold. If the company exec's are replaced and the financials get straightened out, this still could be worth something someday. I see no reason to sell now, it's not worth it!

  7. bigsandy is offline
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    bigsandy's Avatar
    Joined: Jun 2009 Posts: 192
    05-06-2010, 12:44 PM #37
    Hey Chuck....thought everyone was asleep this a.m. lol.

    I appreciate your thoughts on BCLE. I'm hoping for an even bigger run along the lines of last summers run the mid teens. Doubt it will make it that high, but a nickel or a dime would be awesome.

    As for Qasp, this one is intriguing. I know you've traded this one quite a bit. I'm in at the low 2's, hoping for 3+ myself. Should get there this summer if things continue along the same path.

    As for the SPNG...what entertainment.

    Are you in BEHL at all? This one seems to be waking up. Looks to have the potential to actually make it outta penny hell.

  8. candleman is offline
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    candleman's Avatar
    Joined: Jul 2009 Location: Outer Banks of North Carolina Posts: 1,511
    05-06-2010, 12:58 PM #38
    Yep, I'm in BEHL too. I think we may all have gotten into these at about the same time.
    I hold about 60K shares at an average of around 2 cents.
    It looks, smells, and feels like a real company with a real product. So, I continue to hold. I did a little day trading with it a month ago and made some spending money.

    I have a couple of others like ACDU and GSAE, that have been in the basement for too long now. I'd like to see some movement on these also.



    Quote Originally Posted by bigsandy View Post
    Hey Chuck....thought everyone was asleep this a.m. lol.

    I appreciate your thoughts on BCLE. I'm hoping for an even bigger run along the lines of last summers run the mid teens. Doubt it will make it that high, but a nickel or a dime would be awesome.

    As for Qasp, this one is intriguing. I know you've traded this one quite a bit. I'm in at the low 2's, hoping for 3+ myself. Should get there this summer if things continue along the same path.

    As for the SPNG...what entertainment.

    Are you in BEHL at all? This one seems to be waking up. Looks to have the potential to actually make it outta penny hell.

  9. atmgeek1 is offline
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    atmgeek1's Avatar
    Joined: Jun 2009 Location: Baltimore Posts: 303
    05-06-2010, 03:01 PM #39
    Hello everyone. Still lurking just not much to say except that the blue dog is gettin spanked right now. Whoa!! Sorry to hear the bad news for all the spng holders out there. I'm only in Behl right now just waiting for something to happen. In at an avg. of .015 so I think I'll be ok. GLTA. I see Siri is starting to rebound, must have hit a few stop losses.

  10. SiriuslyLong is offline
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    Joined: Jan 2009 Location: Ann Arbor, MI Posts: 3,560
    05-06-2010, 03:41 PM #40
    Quote Originally Posted by candleman View Post
    I say sirriusly take the 10%! That's 10% that you didn't have yesterday and if you wait you may not have it in the morning.

    TCK is good. It's a bouncer, so hopefully, you'll be back up within a month or so.
    Candleman you SOB!!! I sold SPXU for a shitty 10% gain, and look what happened today!!! Waaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa. Oh well. Looks like I have dead money for a couple months.

    Wow. What a mess.

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