Old GM Trading Catches SEC's Eye | Transportation | Financial Articles & Investing News | TheStreet.com: "Motors Liquidation is the new name for the former General Motors, the one that became a repository for the assets and liabilities that remain to be liquidated in bankruptcy court. It has no relationship with new GM, which emerged from bankruptcy on July 10.
The Financial Industry Regulatory Authority, the SEC and GM have issued warnings about the worthless shares, but some traders continue to buy and sell them.
Now 'Finra and the SEC are trying to hunt down the people who are fluffing the company,' said a source, involved in penny stock trading, who asked that his name not be used.
An SEC spokesman declined to comment. Finra has said it is reviewing the trades.
'Bearing in mind that we only have regulatory jurisdiction over securities firms and the individuals associated with them, we would definitely look at the trading associated with these shares, as with any instance where there is unusually high volume or unusual activity in a stock, and especially one with circumstances like these,' said spokeswoman Nancy Condon. 'We'll be looking at who was buying, who was selling and what the rationale was.'"
www.stockcaps.blogspot.com
 | Company Earnings Earnings Dates, Surprises, Conference Calls |  | Financial Calendars Stock Splits, Economic, IPOs, Mergers |
 | Analyst Research Report Screener, Analyst Performance Center, Up/Downgrades, Sector/Industry Analysis |  | Research Tools Stock Screener, Historical Quotes, Real-Time Quotes |
 | Company Reports Annual Reports, SEC Filings, Financial Statements |  | Bonds Bond Center, Bond Screener, Bond News, Bond Rates |
 | Mutual Funds Mutual Fund Center, Fund Screener, Top Performers |  | Options Options Center, Options News, Options 101 |
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment