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Oct. 6, 2009, 7:15 p.m. EDT · Recommend · Post: Energy Source Inc. Announces New Action for Investors
LONDON, Oct 6, 2009 (GlobeNewswire via COMTEX) -- Over the last four years the company (Other OTC:BCIT) has made every effort for the resumption of trading of its stock by complying with all requests made to it by all pertinent agencies. It has done this at great expense and effort but as it has complied; it has found its efforts to be unfairly obstructed. Even with the findings of various government agencies showing Energy Source to be innocent of any wrong doing one private organization continues to block the rights of the company, the Depository Trust & Clearing Corporation (DTCC).
The DTCC its officials and lawyers lead the company to understand that on the completion of all the normal regulatory requirements it would clear its stock for normal trading. This position was reached by mid 2007 after an exhaustive and costly process. The DTCC despite the company being fully filed, having possession of an 15c211 as required by FINRA, consent from NASDAQ to trade the DTCC refused to clear the company's shares unless the company supplied sufficient shares to the DTCC to cover the counterfeit shares it had allowed to enter the market by its gross negligence as well as supporting a tide of naked short selling by its client owners and brokers. The company out of disgust and frustration, had stopped their corporate filings and contemplated what else they could possibly do after spending over $800,000 to that point. The company had complied with all requests, was accused of no wrong doings, yet was not permitted the rights it deserves, to do business.
Energy Source would like to announce that it is, once again, becoming fully compliant in all corporate matters. Empire Stock Transfer Inc. continues to act as the company's stock transfer agent, and the company will update its filings shortly. Any and all other corporate matters found to be delinquent will be addressed and remedied as well.
The company is resolved on behalf of its shareholders and those others who have fallen victim to the ongoing fraud perpetrated in the marketplace to continue in business despite the failure of regulatory agencies to protect the most basic rights of the capital of the company, and the rights of its investors, which has now created a climate of distrust and frustration that needs to be addressed.
The company, after talking with the main investigator of Senator Grassley's office, who has intervened as a moderator for all concerned, feels that it is time to make this effort. Without the effort put forth by Senator Grassley's office and the determination of certain shareholders, who only ever wanted what they paid for - their shares, the company would have had to consider other alternatives.
It is unfortunate that a private monopoly like the Depository Trust & Clearing Corporation and its financial institutional owners, exercises decisive influence over such government agencies such as the SEC and can dictate policy with impunity to the market place to the extent that the owners of a public company are no longer in control of their own capital structure and there is no redress for outright fraud perpetrated by brokers on the company's shareholders. Energy Source is most thankful for Senator Grassley's office demonstrating integrity and concern by stepping in and attempting to moderate in this situation where investors have been fleeced by their brokers and the DTCC.
Additionally the company announces retaining the services of Kellogg, Huber, Hansen, Todd, Evans & Figel, P.L.L.C. to assist it with future legal proceedings. An independent effort by our shareholders to help with these expenses has been initiated and the company supports and welcomes their efforts.
Thomas Megas CEO Energy Source Inc.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Energy Source, Inc.
CONTACT: Energy Source, Inc.
http://www.marketwatch.com/story/energy-source-inc-announces-new-action-for-investors-2009-10-06?siteid=nbsh
Thomas Megas
tpm14@hotmail.com
BANCORP INTERNATIONAL GROUP, INC
3126 South Boulevard, Suite 264
Edmond, Oklahoma 73013
(405) 313-5535
[SEC v. Mario A. Pino, Civil Action No. 08-CV-353 (MHM), U.S. District Court for the District of Arizona] (LR-20466).
Initial SEC Complaint
http://www.sec.gov/litigation/complaints/2008/comp20466.pdf
Summons for Pino
http://investorshub.advfn.com/boards/read_msg.asp?message_id=27159004
Send PINO AND PAMMY to the SLAMMY!
Department of Justice
Criminal Division
950 Pennsylvania Ave.
Washington, D.C. 20530-0001
BY E-MAIL: Criminal.Division@usdoj.gov
BY PHONE: 202-514-2000
http://www.usdoj.gov/criminal/links/contact.html
US Postal Service Office of Inspector General
1735 N. Lynn Street
Arlington, VA 22209-2020
1-888-USPS-OIG (1-888-877-7644)
hotline@uspsoig.gov
fax: 866-756-6741
http://www.uspsoig.gov/contact.htm
http://www.uspsoig.gov/hotline_form_new.htm
http://postalinspectors.uspis.gov/forms/MailFraudComplaint.aspx
NV State Attorney General
http://ag.state.nv.us/complaints/complaints.htm
NV Statutes violated
http://investorshub.advfn.com/boards/read_msg.asp?message_id=27422468
Please evaluate the following cases for possible criminal charges and/or wire/mail fraud:
SEC Charges Two Individuals in Pump and Dump Scheme Involving "Hijacking" a Public Shell Company and Counterfeiting Securities
http://www.sec.gov/news/digest/2008/dig022608.htm
http://www.sec.gov/litigation/complaints/2008/comp20466.pdf
Mario Pino and Pamela Thompson charged by the SEC - 2/25/2008
Pino - http://www.sec.gov/litigation/litreleases/2008/lr20466.htm
Thompson - http://www.sec.gov/litigation/admin/2008/33-8899.pdf
Judgement for BCIT against Mario Pino - in AZ state court
http://www.superiorcourt.maricopa.gov/docket/CivilCourtCases/caseInfo.asp?caseNumber=CV2007-019361
As of March 31, 2007, we have no operations. However, we currently desire to pursue oil and gas exploration and development opportunities outside the United States, particularly in Papua New Guinea. We believe that any such undertaking (and the undertaking of any other significant business opportunity) is necessarily contingent upon the prior final determination of the number of shares our common stock that are outstanding.
There are currently 525,035,229 shares of our common stock validly issued and outstanding. As described in Part II, Item 1. “Legal Proceedings,” we were initially aware of approximately 243,842,000 additional shares of our common stock that we believe were wrongfully issued. We have also identified 306,207,408 shares of common stock that are currently held in brokerage accounts, which shares may be in addition to the shares noted above. Based on the foregoing, we estimate that a total of 1,075,084,637 shares are outstanding, whether validly issued or invalidly issued, comprised of 525,035,229 validly issued shares, 243,842,000 invalidly shares identified previously by us, and 306,207,408 additional invalidly issued shares held by brokerage firms on behalf of various beneficial owners. If our continued investigations reveal additional shares or reveal that the number of such shares is less than described above, we will report such conclusions by filing an appropriate Current Report on Form 8-K.
After consideration of various means to resolve the issues of the invalidly issued shares, we currently intend to undertake a reverse stock split of our common stock. If undertaken, we intend to base the reverse stock split on a ratio that would reduce the number of our outstanding shares of our common stock, whether validly or invalidly issued, to approximately 5,000,000 shares. Such action, if undertaken and completed, would also result in the reduction of the number of our shareholders. Following the reverse stock split, if undertaken and completed, we intend to recognize all then outstanding shares of our common stock as validly issued and outstanding.
Because we intend to recognize the 1,075,084,637 shares of our common stock described above in the proposed reverse stock split, the 243,842,000 invalidly shares identified previously by us and 306,207,408 additional invalidly issued shares held by brokerage firms on behalf of various beneficial owners are assumed to be outstanding for purposes of this report.
In connection with our desire to pursue energy exploration and development opportunities, we intend to change our name to Energy Source, Inc. to reflect our current business intent.
In order to undertake the contemplated reverse stock split and our name change, the Board of Directors intends to call a meeting of our shareholders as soon as practicable following the date that the Company becomes current in its reporting obligations under the Securities Act of 1934, which requires us to file our quarterly reports on Form 10-QSB for the third quarter of 2007, along with any other current reports on Form 8-K that may be required.
Transfer Agent:
http://www.empirestock.com
Empire Stock Transfer Inc.
2470 St. Rose Pkwy, Suite 304
Henderson, NV 89074
Tel: 702-818-5898
Fax: 702-974-1444
info@empirestock.com
Share Structure:(as of 11/27/2007)
Authorized: 2,000,000,000
Outstanding: 1,075,084,637
SEC Filings:
http://tinyurl.com/ryz9z
Old BCIT IBOX:
http://investorshub.advfn.com/boards/read_msg.asp?message_id=25189373
Ihub Terms of Use:
http://investorshub.advfn.com/boards/complex_terms.asp
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FACTS as determined by the SEC:
http://www.sec.gov/litigation/complaints/2008/comp20466.pdf
A. False Statements and Fraudulent Stock Sales in Connection with Carter Care
14. In February 2005, Pino devised a fraudulent scheme to assume the identity of BClT and to profit from the sale of BClT stock. Pino began his BClT caper with the knowledge that BClT's SEC filings had been delinquent since November 2000, and thatthere was no trading in BCIT's common stock.
15. Between February and April 2005, Pino convinced the president of Carter Care, to take Carter Care public through a purported reverse merger with BCIT.
16. Pino fraudulently represented to Carter Care that he owned or controlled BCIT and that he could enter into a reverse merger with BCITand thereby take Carter Care public.
17. On or about February 9, 2005, Pino drafted a Stock Purchase Agreement under which BClT would purchase Carter Care in exchange for 20,000,000 shares of BCIT stock, which Pino stated, represented approximately 60% of the issued and outstanding stock of BCIT. Pino knew at the time that he had not seen any corporate documents that verified the number of current outstanding shares of BCIT. In reality, the issued shares of BClT did not exceed 4,890,000 and bore the legend March lndy Corporation.
18. Pino arranged to have blank BCIT stock certificates printed, bearing the same CUSlP number as the legitimate BCIT.
19. Pino directed his associate to prepare and fax false documents to the Nevada secretary of State that purported to change BCIT's registered agent and corporate officers. This filing with Nevada essentially hijacked BClT and designated Pino's nominee as the sole officer and director of the corporation.
20. Pino directed his associate to follow up by sending a letter to BCIT's transfer agent authorizing his associate to gather and receive all information held by the transfer agent relating to BCIT.
21. At the end of April 2005, Pino issued or caused to be issued, 41 certificates in connection with the Carter Care bogus transaction. The certificates represented over 249 million shares, including over 20 million shares issued to Pino.
22. On May 2, 2005, Pino issued a press release falsely announcing that BClT and Carter Care had engaged in a reverse merger. By May 3, BCIT's stock price had jumped to $0.08 per share. Prior to April 29,2005, there had been no market for trading in BCIT's stock.
23. In early May, 2005, Pino was contacted by the president of the legitimate BCIT, Thomas Megas. BCIT's president told Pino that the Carter Care transaction was not authorized. Notwithstanding that Pino knew that BCIT's president did not authorize any of the actions Pino was taking, Pino sold shares.
24. Thereafter, on May 12, 2005 Pino sent out a press release stating that the reverse merger was cancelled after due diligence. This press release was materially false and misleading because it did not disclose that BClT never had been negotiating with Carter Care and the transaction never had been authorized in the first place, but instead stated that the transaction had been cancelled.
25. Notwithstanding full knowledge that the Carter Care transaction was not authorized, Pino sold his 20,005,000 million shares into the inflated market between April 29 and May 15,2005, and reaped gains of $108,120.
26. No registration statements were filed in connection with the issuance or sale of these BClT stock certificates.
B. Continued False Statements and Fraudulent Stock Sales in Connection with the Business of BClT
27. Notwithstanding the Carter Care debacle, Pino continued undeterred. Pino told the president of BCIT that he would make restitution and pay damages for his attempt ' to hijack BCIT. Unbeknownst to BClT's president, Pino's plan was to generate money from the continued sale of unregistered shares of his hijacked BCIT, and use the proceeds to pay the legitimate BCIT. Pino continued to issue false press releases and disseminate false information about BCIT, which continued to facilitate a market in the shares. Pino continued to trade fraudulent BClT securities.
28. On May 25, 2005, Pino ordered, or caused to be printed new BClT stock certificates, again bearing the same CUSlP number as the real BCIT. Pino did this without permission or direction from BCIT's president, the only person with authority to print new stock certificates. Pino paid the printing cost for these certificates and received them on or about May 26,2005.
29. From at least May 26 through July 13,2005, Pino engaged in an information campaign to condition the market for his stock sales. Pino issued false press releases in this time period, to wit:
-----a. On May 31,2005, Pino issued a press release announcing that BClT "is currently negotiating with an exciting business it hopes to acquire." The statement was materially false and misleading.
-----b. On May 31,2005, Pino issued a press release announcing that "BCIT is to close on a monumental deal with keen competition from competitors."These statements were materially false and misleading.
-----c.On June 2,2005, Pino issued a press release announcing that "BCITis presently involved in an active negotiation to acquire gold deposit rights with an approximate value of one billion (USD)." These statements were materially false and misleading.
-----d.On June 13,2005, Pino issued a press release announcing that "BCIT has entered into an exclusive agreement with CVG (Corporacion Venezuela de Guayana) of the Venezuelan Government to commercially develop gold deposits at a site in the State of Bolivar. This agreement is for concessions No. 32. There has already been infrared testing done on the property and Bancorp will be sending down a team of geologists for additional testing." These statements were materially false and misleading. At the time Pino issued this press release, BCIT did not have any employees, let alone geologists and had no agreement to develop gold deposits in Venezuela.
-----e.On July I I, 2005, Pino issued a press release announcing that "BCIT is a high growth, diversified mining company that is presently operating in multiple regions in Venezuela." This statement was materially false and misleading; BCIT had no operations whatsoever, including no operations in Venezuela.
30. During this time BCIT's president emailed Pino reiterating that Pino had no authority to act for BCIT and that only he, Thomas Megas, had authority to act for BCIT. He directed Pino not to issue any releases or other documents without specific authorization from BClT's president.
31. Pino continued undeterred and issued press releases and distributed false information about BCIT, including those described above, and others.
32. Pino also orchestrated a fax blasting operation touting mining contracts, and email spam campaign announcing the status of BCIT's mining operations.
33. In addition, Pino directed the creation of a purported BClT website, bancorpinc.com/newsite, that falsely described BCIT as a multinational mining company that mined precious metals and diamonds. During this time period, Pino issued new BClT certificates to himself and to promoters to, in his words, "get the market moving," because "we needed liquidity and the dollar volume of the stock to be higher." In all, Pino issued over 238 million shares of these new BClT stock certificates bearing forged signatures of BCIT's president and former secretary.
35. No registration statements were filed with respect to these stock issuances.
36. Pino's false press releases and trading activities facilitated a market for the fraudulently issued BClT certificates. Pino sold 125,000,000 shares in open market transactions between June 2 and July 21, 2005, earning profits of $1 60,913.
37. All of the information Pino disseminated about BClT was false. BClT never entered into any mining contracts and never was in the mining business. On August 1, 2005, BCIT's president issued a press release on behalf of BCIT, which stated that BClT had never issued any shares bearing the legend Bancorp International Group, Inc.; BClT had never entered into a reverse merger with Carter Care; BClT had never been in negotiations with Carter Care; BClT did not sign or enter into any agreements relating to any gold or diamond mining venture and never made any announcements to that effect.
38. Pino's actions involved fraud and resulted in substantial losses or created a risk of substantial losses to other persons.