Where will the madness stop? Is no one innocent?
The U.S. attorney’s office in Brooklyn today arrested two top executives at SpongeTech Delivery Systems (SPNG) for conspiracy to commit securities fraud.
The company makes soap-filled SpongeBob SquarePants bath sponges for children.
The defendants, Michael Metter, CEO, and Steven Moskowitz, CFO, are charged with executing a scheme to defraud investors by overstating SpongeTech’s sales figures. The Securities & Exchange Commission has also charged the two men with obstruction of justice.
The stock fell today, May 5, by 83% to trade at a penny a share. The 52-wek high is 29 cents a share.
The Man in the Yellow Hat for monkey abduction? Eugene H. Krabs for violations of minimum wage laws? The Last Airbender for bending without preparing an environmental impact statement?