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If the SEC is saying "do this and we'll take you down", which is plausible, then I am 100% correct. Trying to brush over this potential is burying your head in the sand. It may not be the case, but if you notice I didn't say it was, I said "it may"
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The SEC forbids
issuing unregistered securities.
It doesn't offer a Get Out of Jail Free cards to those who consequently take those shares off the market by stealing them.