Progress Pond

An SEC Action I Missed [Update]

Before getting to that, suggest reading the Truth-Out article Employees of Romney Family’s Secret Bank Tied to Fraud, Money Laundering and Drug Cartels .  Plenty of disturbing any juicy bits in it.

One thing that caught my attention was this:

…According to Iran-Contra Whistleblower Al Martin (Lt. Cmdr. USNR ret.) “Anything with the name Stanford on it belonged to Secord”. When finally brought to trial, Stanford employed the same defense attorney, Dick DeGuerin, as Iran-Contra defendant Oliver North.

Had almost forgotten about ole Richard Secord.  Where’s he been?  Well, since nobody asked, beginning in 2002, he’s been the CEO of Computerized Thermal Imaging, Inc. (COIB) Located in Ogden, Utah.  It’s sort of went under at some point.  Old SEC filings might be informative.

What may be more interesting is SEC Acts Against 379 Companies Largest Massive Trading Suspension in History.  COIB is on the list.


According to the SEC, pump-and-dump schemes are among the most common types of fraud involving microcap companies. Perpetrators will tout a thinly-traded microcap stock through false and misleading statements about the company to the marketplace. After purchasing low and pumping the stock price higher by creating the appearance of market activity, they dump the stock to make huge profits by selling it into the market at the higher price.

Wonder if there was some unusual activity that prompted the SEC to act.  

 

[Update]: More food for thought:
Was Mitt Romney Running His Own Bankruptcy Ring?

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