OK; as an Etrade broker ill tell you all that the reason for the suspension wss that a formal complaint was filed by the SEC regarding the fraudulent sale of stock by an SFIO insider. This is the same story we all already know, as Schroepfer is liable for conspiracy to commit securities fraud he is also liable for disgorgement ordered by the SEC and the FBI, under what I believe to be SEC reg FD. What this means is that whatever Shcropfer stole from us since this is actually our company who we trusted to this greasy $$$$, he is liable to repay up to 3 times that amount. The shortest likely period for this suspension is T+3 settlement. You may transfer your shares to another broker if another broker will allow you to buy and sell, or you may contact the companies transfer agent to see if shares can be transferred via DTC/DWAC.
If the Etrade broker was talking about a transfer agent being unavail, he was either making it up or had access to information the brokerage did not circulate, was speculating all together, or didnt say this at all. Remember if you want to transfer your shares to another broker; 1st, it can take a long long time and by the time the shares are transferred the stock may very well have recovered, 2. The broker you are transferring the stock to likely uses the DTCC as well.
What you are saying is pretty similar to what the second broker told me. Whether your believe me or not, the first guy I talked to DID mention a transfer agent, but the second broker made it sound like the guy shouldnt have told me that because, while it doesn't help the company not having a transfer agent, it isn't the reason it is not trading.
My question to you is that if the fradulent sale of shares happened by the CEO and he was fired, what does the company then have to do to make this right? Because apparently firing the CEO was not enough.
Understood. Officially the go ahead comes from the SEC since they oversee the legalities which support a fair marketplace and the SEC is who filed the complaint halting the exchange of securities with the DTCC. Unofficially, the company will need to demonstrate the the fraud or attempt to commit fraud goes no further than the evidence the CEO is being charged with. My feeling is that the suspension is likely temporary given that the undercover bust was designed so that no adverse effects would be suffered by shareholders, but no doubt there is suspicion that the undercover bust generated enough evidence to justify an arrest before a more in depth investigation into whether or not other opportunities for fraud have been taken (Only speculation from a fellow shareholder). If the company can readily demonstrate that this is isolated than the restriction is more likely to be lifted sooner than later.
My comments of course are not official disclosure since I am not a spoke person for Etrade and the LAST thing I want to do is get a call from the SEC, OR Etrade over a matter of a few thousand dollars. Not that they would, but also; that they would. Personally speaking and this is not a recommendation; I am personally hope full being long a considerable lot of SFIO shares, that the shares will be released, that in due time after the release of shares this stock will be back around its support level of $0.05 when we were all wondering if this was about filters shipments or something else.