trading of the securities of Green Machine Development Corp. (Green Machine),
trading of the securities of Green Machine Development Corp. (Green Machine),, No. 2:07-CV-00506 (Jan. 18, 2008)
The U.S. SEC suspended trading in Green Machine Development Corp. securities from December 14 to December 28, 2007, due to concerns over market manipulation and insufficient public disclosure regarding fraudulent actors, financial performance, and foreign resale restrictions, with no formal charges filed but a warning to brokers to comply with Rule 15c2-11.
The U.S. Securities and Exchange Commission temporarily suspended trading in Green Machine Development Corp. securities from December 14 to December 28, 2007, under Section 12(k) of the Securities Exchange Act of 1934. The suspension was prompted by concerns of market manipulation and lack of reliable public information, including undisclosed identities of individuals with prior securities fraud judgments, unclear financial performance, and unverified offshore offerings with ambiguous resale restrictions. No formal charges or monetary penalties were imposed, as the action was a precautionary measure to protect investors pending disclosure compliance.
The U.S. Securities and Exchange Commission temporarily suspended trading in Green Machine Development Corp. securities from December 14 to December 28, 2007, under Section 12(k) of the Securities Exchange Act of 1934, citing concerns of market manipulation and insufficient public information. The SEC specifically flagged three critical gaps: the identities of individuals involved in the stock offering—some of whom had prior securities fraud judgments—were undisclosed; the company’s financial performance and business prospects were unverified; and offerings to foreign investors, along with restrictions on resale, lacked transparency. No formal charges, fines, or enforcement actions were taken in this instance, as the suspension was designed as a protective, interim measure. The SEC warned brokers and dealers that they could not resume quoting the stock after the suspension unless they strictly complied with Rule 15c2-11, which requires verification of accurate, current information before publishing quotations. Investors, brokers, and dealers were urged to exercise extreme caution and consult all available information before engaging with the stock. The Commission also invited anyone with relevant information about the company or its promoters to contact SEC staff, emphasizing the possibility of ongoing investigation. The action underscored the SEC’s use of temporary suspensions to prevent investor harm when deceptive practices or information gaps threaten market integrity.
Extracted insights
- person Gregory G. Faragasso
- U.S. Securities and Exchange Commission announced temporary suspension of trading of the securities of Green Machine Development Corp.
- Commission temporarily suspended trading in the securities of Green Machine
- Commission cautions brokers, dealers, shareholders and prospective purchasers
- Any broker or dealer should contact staff of the Securities and Exchange Commission
- Commission will consider need for prompt enforcement action
- any broker, dealer or other person should contact Gregory G. Faragasso
U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. SECURITIES EXCHANGE ACT OF 1934 Release No. 56963 / December 14, 2007 SECURITIES AND EXCHANGE COMMISSION SUSPENDS TRADING IN GREEN MACHINE DEVELOPMENT CORP. The U.S. Securities and Exchange Commission announced the temporary suspension of trading of the securities of Green Machine Development Corp. (Green Machine), commencing at 9:30 a.m. EST on December 14, 2007 and terminating at 11:59 p.m. EST on December 28, 2007. The Commission temporarily suspended trading in the securities of Green Machine because the market may be reacting to manipulative forces or deceptive practices and there is insufficient current public information about the issuer upon which an informed investment decision may be made, particularly concerning (1) the identity of and prior securities fraud judgments against persons who appear to be involved in the offer and sale of Green Machine shares; (2) the financial performance and business prospects of Green Machine; and (3) offerings to foreign investors and any restrictions on the resale of shares. This order was entered pursuant to Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act). The Commission cautions 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 this company. Brokers and dealers should be alert to the fact that, pursuant to Exchange Act Rule 15c2- 11, at the termination of the trading suspensions, no quotation may be entered relating to the securities of the subject company unless and until the broker or dealer has strictly complied with all of the provisions of the rule. If any broker or dealer is uncertain as to what is required by the rule, it should refrain from entering quotations relating to the securities of this company that has been subject to a trading suspension until such time as it has familiarized itself with the rule and is certain that all of its provisions have been met. Any broker or dealer with questions regarding the rule should contact the staff of the Securities and Exchange Commission in Washington, DC at (202) 551-5720. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action. If any broker, dealer or other person has any information which may relate to this matter, they should contact Gregory G. Faragasso, Assistant Director, at (202) 551-4734, or by email at [email protected].
U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. SECURITIES EXCHANGE ACT OF 1934 Release No. 56963 / December 14, 2007 SECURITIES AND EXCHANGE COMMISSION SUSPENDS TRADING IN GREEN MACHINE DEVELOPMENT CORP. The U.S. Securities and Exchange Commission announced the temporary suspension of trading of the securities of Green Machine Development Corp. (Green Machine), commencing at 9:30 a.m. EST on December 14, 2007 and terminating at 11:59 p.m. EST on December 28, 2007. The Commission temporarily suspended trading in the securities of Green Machine because the market may be reacting to manipulative forces or deceptive practices and there is insufficient current public information about the issuer upon which an informed investment decision may be made, particularly concerning (1) the identity of and prior securities fraud judgments against persons who appear to be involved in the offer and sale of Green Machine shares; (2) the financial performance and business prospects of Green Machine; and (3) offerings to foreign investors and any restrictions on the resale of shares. This order was entered pursuant to Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act). The Commission cautions 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 this company. Brokers and dealers should be alert to the fact that, pursuant to Exchange Act Rule 15c2 11, at the termination of the trading suspensions, no quotation may be entered relating to the securities of the subject company unless and until the broker or dealer has strictly complied with all of the provisions of the rule. If any broker or dealer is uncertain as to what is required by the rule, it should refrain from entering quotations relating to the securities of this company that has been subject to a trading suspension until such time as it has familiarized itself with the rule and is certain that all of its provisions have been met. Any broker or dealer with questions regarding the rule should contact the staff of the Securities and Exchange Commission in Washington, DC at (202) 551-5720. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action. If any broker, dealer or other person has any information which may relate to this matter, they should contact Gregory G. Faragasso, Assistant Director, at (202) 551-4734, or by email at [email protected]. http:[email protected]