123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Business >> View Article

Sec Suspends Hi Score And Olie After Janice Shell Research

By Author: Brenda Hamilton
Total Articles: 62

On January 27, 2014, the Securities and Exchange Commission ( the “SEC”) announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange Act”), of trading in the securities of OLIE, Inc. (“OLIE”), of Vancouver, Canada, and of Hi Score Corp. (“Hi Score”), of Sunrise, Florida, commencing at 9:30 a.m. EST on January 27, 2014, and terminating at 11:59 p.m. EST on February 7, 2014. The SEC temporarily suspended trading in OLIE and Hi Score due to a lack of current and accurate information about the companies. It is not yet known whether the suspension will be followed by an SEC Enforcment action.
The suspension came more than a month after Janice Shell, an investigative journalist for PumpAndDumps.com published a research report questioning the disclosures made by OLIE as well as its issuances of unregistered securities.
The SEC apparently agreed with Ms. Shell. The SEC stated that there are questions regarding the accuracy of publicly available information about both companies’ assets, acquisitions, business activities, control persons, securities offerings, and financing arrangements.
In its announcement, the SEC cautioned brokers, dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.
Over the past decade, private individuals often beat the SEC attorney to the punch, conducting their own investigations of public companies often well before an SEC enforcement action is pursued.
In this instance, HSCO and OLIE were examined and analyzed more a month ago by Ms. Shell in a research report published by http://www.pumpsanddumps.com/2013/12/the-oliephant-in-room The report warned investors about the potential risk of investing in HSCO and OLIE. Many experienced traders and investors who read the Shell report learned of the potential dangers of an investment in OLIE and HSCO before the SEC’s trading suspension and avoided www.pumpsanddumps.com losses.
The Janice Shell report was not unusual. The SEC and the FINRA have stopped multiple issuers after information was published on the internet by third party researchers like www.pumpsanddumps.com Perhaps this signals an intensified interest on the part of the SEC in promotions attorney and promoters, or that it is using private reports like those published by Pumps and Dumps as a starting point for its investigations.
Brokers and dealers should be lawyer alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspensions, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker or dealer has any questions as to whether or not he lawyer has complied with the rule, he should not enter any quotation but immediately contact the staff in the Division of Trading and Markets, Office of Interpretation and Guidance, at (202) 551-5777.
For further information about this blog post, please contact Brenda Hamilton, Securities Attorney at 101 Plaza Real S, Suite 202 N Boca Raton Florida, (561) 416-8956, by email at info@securitieslawyer101.com
This memorandum is provided as a general informational service to clients and friends of Hamilton & Associates Law Group and should not be construed as, and does not constitute, legal and compliance advice on any specific matter, nor does this message create an attorney-client relationship. For more information concerning the rules and regulations affecting the use of Rule 144, Form 8K, FINRA Rule 6490, Rule 506 private placement offerings, Regulation A, Rule 504 offerings, Rule 144, SEC reporting requirements, SEC registration on Form S-1 and Form 10, Pink Sheet listing, OTCBB and OTCMarkets disclosure requirements, DTC Chills, Global Locks, reverse mergers, public shells, go public direct transactions and direct public offerings or please contact Hamilton and Associates at (561) 416-8956 or by email a info@securitieslawyer101.com Please note that the prior results discussed herein do not guarantee similar outcomes.
Hamilton & Associates | Securities Lawyers
Brenda Hamilton, Securities Attorney
101 Plaza Real South, Suite 202 N
Boca Raton, Florida 33432
Telephone: (561) 416-8956
Facsimile: (561) 416-2855

Hamilton & Associates | Securities Lawyers
Brenda Hamilton, Securities Attorney
101 Plaza Real South, Suite 202 N
Boca Raton, Florida 33432
Telephone: (561) 416-8956
Facsimile: (561) 416-2855

Total Views: 118Word Count: 677See All articles From Author

Business Articles

1. Advantages And Disadvantages Of Concrete Staining
Author: Ben Lager

2. What To Look For When Hiring An Ocean Freight Shipping Company
Author: William Santos

3. Top 4 Advantages Of Concrete Coating
Author: Ben Lager

4. Centrifugal Blower Manufacturer In India|centrifugal Blower Fan
Author: sara

5. Building A Modern Architecture Homes- Planning And Concept
Author: Leila Adam

6. Thorough Proofreading Finesses Documents, Raises The Organization’s Reputation
Author: NetZealous LLC, DBA TrainHR

7. Design And Build Contractor Singapore – Get The Best Services From Interior Renovation Contractor!
Author: James Han

8. Meishen–a Bright Star In Magnesium Oxide Industry
Author: hu Allen

9. Grow Customer Base And Market Presence With Pharmacist Email Lists For Your Business Campaign
Author: Adam Tyson

10. Adapt New Forms Of B2b Communication With Infection Control Directors Mailing List
Author: Andrew Rayel

11. Moby Wrap Baby Carrier
Author: babycarriersaustralia21

12. Care For Your Deck
Author: Blue Star Carpentry has been specializing in custom decks for over a decade. When you sit outside wi

13. How Does A Small B2b Company Increase The sales?
Author: Mohit Yadev

14. Latest Job Vacancies In India
Author: careersresults

15. Why Are Aap And Congress Supporters Opposing A Tax Reform Like The Gst? Are They Anti-nationals?
Author: Mohit Yadev

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: