FX168 Financial News (North America)On Friday, the Securities and Exchange Commission (sec) said it suspended securities trading in 15 companies on Friday because of "problems with trading and social media activities." The agency said in a statement that the move was "part of its continued efforts to respond to attempts to exploit investors during recent market volatility".
Trading was suspended due to "the recent increase in trading activity and volatility of these issuers, as well as the impact of certain social media accounts on trading activity," the announcement said.In enforcing the suspension, the SEC cited the federal securities law, under which "the SEC can suspend trading in a stock for 10 days, usually prohibiting brokerage dealers from attracting investors to buy and sell the stock again. Until certain reporting requirements are met."
"the SEC recently suspended trading in nearly 24 securities, including 15 today, as part of our ongoing efforts to regulate the market and protect investors," said Melissa Hodgman, acting director of law enforcement at the SEC. "We actively monitor suspicious trading activities related to stock promotion on social media and take prompt action to stop trading in due course in order to safeguard the public interest. We also remind investors to be cautious and conduct due diligence before investing, including companies promoted on social media. "
The order also points out that for more than a year, no issuer has submitted any information to the Securities and Exchange Commission or the over-the-counter market where the company's securities are listed.As a result, the Securities and Exchange Commission suspended trading in the following securities:
Bebida Beverage Co. (BBDA); Blue Sphere Corporation (BLSP); Ehouse Global Inc. (EHOS); Eventure Interactive Inc. (EVTI); Eyes on the Go Inc. (AXCG); Green Energy Enterprises Inc. (GYOG); Helix Wind Corp. (HLXW); International Power Group Ltd. (IPWG); Marani Brands Inc. (MRIB); MediaTechnics Corp. (MEDT); Net Talk.com Inc. (NTLK); Patten Energy Solutions Group Inc. (PTTN); PTA Holdings Inc. (PTAH); Universal Apparel & Textile Company (DKGR). And Wisdom Homes of America Inc. (WOFA).
The Securities and Exchange Commission also recently ordered a moratorium on trading in the following stocks:
Bangi Inc. (BNGI); Sylios Corp. (UNGS); Marathon Group Corp. (PDPR); Affinity Beverage Group Inc. (ABVG); All Grade Mining Inc. (HYII); and SpectraScience Inc. (SCIE).
The announcement said, "The suspension of trading is at least in part due to questions about whether social media accounts are trying to artificially inflate the company's share price." "before today's action,Trading in the securities of many other issuers has recently been suspended, many of which may also be the targets of social media attempts to artificially inflate their share prices." The SFC continues to review market and trading data to identify other securities that need to be suspended for reasons of public interest and investor protection.