SEC halts Polar Petroleum after on-line touting
2013-06-11 13:22 ET - Street Wire
Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission
Also Street Wire (U-POLR) Polar Petroleum Corp
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The U.S. Securities and Exchange Commission has halted Polar Petroleum Corp., an OTC Bulletin Board company that went to $5.99 from 99 cents in a one-month span. (All figures are in U.S. dollars.) The SEC cites questions about promotional materials and the accuracy of the company's news. Although the regulator provides few specifics, it is likely referring at least in part to a tout sheet that listed a $27 price prediction for the stock.
The halt notice comes just four months after Polar Petroleum started calling itself an oil and gas company, when it acquired leases in Alaska. It had previously been a thinly traded shell, with an office in Edmonton. Within weeks of acquiring the leases, the stock started trading heavily, reaching a $5.99 high on May 14 with volume that day of over 1,003,186 shares.
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It is called 'shock and awe'...and yes, sometimes the promo program works for a few weeks - until the Heat comes a-knocking at your door.
Posted by Phatter Dean at 2013-06-11 13:30
unloading 400K a day at $5 when the company isn't likely worth 5c is good if you can get it.
Posted by ron at 2013-06-11 16:16
thought this was the deal that John Kaiser was touting to be a takeover target and could have a CDN$70 evaluation with drilling in northern BC, that copper deal, that Kaiser was touting a $2 to $70 number on....guess kaiser has a priest or 2 in his back pocket so its ok?
Posted by burp at 2013-06-11 17:54
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