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At least Theranos never went public. Nikola did have to go through its proper SEC fillings before being traded on a stock exchange. How they managed to do it al

At least Theranos never went public. Nikola did have to go through its proper SEC fillings before being traded on a stock exchange. How they managed to do it all fraudulently is beyond my comprehension. Would the SEC also be held responsible, these accusations turn out to be true?

samfisher83 6y ago
They did a reverse merger, but not sure how much due diligence SEC does until it all goes down. Lets look at Enron, WorldCom, or even Theranos. SEC is also supposed to protect private investors too.
tenpies 6y ago
Let's be realistic, the SEC is completely AWOL right now. There is no SEC. A major CEO literally told the SEC to suck his genitalia on Twitter to an audience of millions. The same CEO is going to trial for fraud later this year. This same CEO has committed fraud on Twitter faking a take-public offer that never existed - a separate incident fraud incident from the trial. The SEC's response? A slap on the wrist and silence. Imagine those same actions just 10 years ago. That CEO's career would be over and they would never be allowed to be an officer in a public company ever again. I could go on about this one CEO, but maybe the guy is just untouchable so let's go elsewhere. This is the same SEC that had no issues with Kodak almost performing the first Initial Bankruptcy Offering in history and has yet to move a finger on the incredibly suspicious options packages that board members received days before the government announced a multi-million interest in the company. This is the same SEC that is absolutely blind to obvious Chinese frauds listed on the US market: GSX, IQ, TAL, etc. These companies are faking numbers and their activity is extremely obvious to anyone that looks with even an iota of skepticism. The SEC could assign an intern to look into these companies and gather enough evidence in a week. Many short sellers have even neatly packaged all the evidence and submitted it to the SEC and heard back nothing. My point here is that people need to realise that the market is the wild west right now. The sheriff is gone and unless the media piles on something, the market just won't react.

samfisher83 6y ago

They did a reverse merger, but not sure how much due diligence SEC does until it all goes down. Lets look at Enron, WorldCom, or even Theranos. SEC is also supposed to protect private investors too.

tenpies 6y ago

Let's be realistic, the SEC is completely AWOL right now. There is no SEC. A major CEO literally told the SEC to suck his genitalia on Twitter to an audience of millions. The same CEO is going to trial for fraud later this year. This same CEO has committed fraud on Twitter faking a take-public offer that never existed - a separate incident fraud incident from the trial. The SEC's response? A slap on the wrist and silence. Imagine those same actions just 10 years ago. That CEO's career would be over and they would never be allowed to be an officer in a public company ever again. I could go on about this one CEO, but maybe the guy is just untouchable so let's go elsewhere. This is the same SEC that had no issues with Kodak almost performing the first Initial Bankruptcy Offering in history and has yet to move a finger on the incredibly suspicious options packages that board members received days before the government announced a multi-million interest in the company. This is the same SEC that is absolutely blind to obvious Chinese frauds listed on the US market: GSX, IQ, TAL, etc. These companies are faking numbers and their activity is extremely obvious to anyone that looks with even an iota of skepticism. The SEC could assign an intern to look into these companies and gather enough evidence in a week. Many short sellers have even neatly packaged all the evidence and submitted it to the SEC and heard back nothing. My point here is that people need to realise that the market is the wild west right now. The sheriff is gone and unless the media piles on something, the market just won't react.