k9narc
4 months ago
There may be a brokerage that allows it, but from everything I've seen, they are few and far between.
"I've pretty much tried opening up a brokerage account with nearly every US based broker, and so far no one allows traders to buy from the Expert Market. I do meet the regulatory requirement for brokers to show me quotes, but none will. Technically, anyone is allowed to buy, but the brokerage could get in trouble by facilitating the trade to the wrong person. This seems a bit crazy to me since I'm allowed to shovel all of my money into lottery tickets and slot machines, but cannot speculate on companies on the Expert Market I believe can get out."
"It's a highly restricted market tier on OTC Markets. A bunch of dark companies moved there in 2021, previously retail investors were allowed to trade them. Now, you have to be qualified, which basically means only institutional and accredited investors can be shown quotes. Technically, legally anyone is allowed to buy if they can figure out how; however, the brokerage can get in trouble if they allow you to."
"I have all my accounts with Schwab which allows the following based on SEC status and OTC Markets tier:
I can buy or sell online
SEC Registered
OTCQB
OTCQX
Pink Current Information
Pink Limited Information
I can sell only. No buys allowed
Expert Market
Grey Market
Those last two bullet points are the non-filers I cannot buy anymore. "
Good Luck
k9narc
5 months ago
Glad that frivolous and baseless law suit is over........
LITIGATION RELEASES
Nutra Pharma Corp. et al
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 26007 / May15, 2024
Securities and Exchange Commission v. Nutra Pharma Corp. et al, No. 2:18-cv-5459 (E.D.N.Y filed Sept. 28, 2018)
SEC Obtains Final Judgments Against Florida Microcap CEO and Consultant for Fraud
On May 13, 2024, the U.S. District Court for the Eastern District of New York entered final consent judgments against Erik (“Rik”) Deitsch, the former CEO of microcap issuer Nutra Pharma Corporation (“Nutra Pharma”), and Sean McManus, a consultant for Nutra Pharma, enjoining them from violating certain provisions of the federal securities laws, ordering disgorgement and civil monetary penalties, imposing penny stock bars, and as to Deitsch, imposing an officer-and-director bar.
According to the SEC’s complaint, Nutra Pharma, a microcap issuer that purports to make pain relief drugs with cobra venom, and Deitsch, issued or posted a series of press releases that materially misled investors. The releases allegedly implied, among other things, that Nutra Pharma had engaged a company to distribute its product internationally, when it had not, and that Nutra Pharma had expanded and upgraded its cobra farm facilities, when it did not own those facilities or the cobras and there were no expansions or upgrades at that time. Nutra Pharma publicized many of these press releases while Nutra Pharma and Deitsch allegedly engaged in an unregistered distribution of its securities to retail investors. In addition, on multiple occasions, Deitsch allegedly engaged in manipulative trading to stabilize or raise Nutra Pharma’s stock price and create the appearance of active trading. Further, Nutra Pharma and Deitsch allegedly failed to make numerous required filings, including ones about the company’s sales of unregistered securities and ones about Deitsch’s beneficial ownership of the company’s securities. McManus allegedly made misrepresentations to investors while acting as an unregistered broker.
The SEC’s complaint charged Deitsch with violating Sections 5(a) and (c) and 17(a) of the Securities Act of 1933 (“Securities Act”) and Sections 9(a)(2), 10(b), 13(a), 13(d), and 16(a) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rules 10b-5, 13a-14, 13d-2, and 16a-3 thereunder. The Commission further alleged he aided and abetted Nutra Pharma’s violations of Section 17(a) of the Securities Act and Sections 10(b) and 13(a) of the Exchange Act and Rules 10(b)-5, 13a-11, and 13a-13 thereunder. McManus was charged with violating Section 17(a) of the Securities Act and Sections 10(b) and 15(a) of the Exchange Act and Rule 10b-5 thereunder.
On August 31, 2022, the court granted the Commission summary judgment on its claims that Deitsch violated Sections 5(a) and 5(c) of the Securities Act and Sections 13(d) and 16(a) of the Exchange Act and Rules 13d-2 and 16a-3 thereunder. The Commission dismissed the aiding and abetting charges against Deitsch, and on March 19, 2024, the Court entered partial consent judgments against Deitsch and McManus in which they agreed, without admitting or denying the allegations, to be permanently enjoined from violations of the charged provisions. As to Deitsch, the consent judgment also included a three-year officer and director bar and a three-year penny stock bar.
On May 13, 2024, the Court entered final consent judgments against Deitsch and McManus. Deitsch was ordered to pay $44,046.28 in disgorgement and $5,013.49 in prejudgment interest thereon, as well as $30,000 in civil penalties. McManus was ordered to pay $5,500 in disgorgement and $625.03 in prejudgment interest thereon, as well as $5,500 in civil penalties and agreed to a two-year penny stock bar.
The SEC’s litigation is being handled by Lindsay S. Moilanen, Lee Greenwood, Rusty Feldman, and Karolina Klyuchnikova of the New York Regional Office and is being supervised by Daniel Loss and Sheldon L. Pollock.
https://www.sec.gov/litigation/litreleases/lr-26007