Bancorp International Group Inc (fka BCIT)

[mastaflash]

Letter from SEC:

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

THE CHAIRMAN

July 20, 2009

The Honorable Charles E. Grassley
Ranking Member


Committee on Finance

United States Senate

Washington D.C. 20510-0702

Dear Senator Grassley:

Thank you for your letter ofJuly 10,2009, in which you request certain information
concerning Bancorp. International Group, Inc. (BCIT), now known as Energy Source, Inc. As
you note in your letter, a fraudulent scheme involving the stock of BCIT was the subject of an
enforcement action tiled by the Securities and Exchange Commission ("Commission") against
Mario A. Pino in February 2008 [SEC v. Pino, No. 08-cv-353 (D. Ariz.)]. In October 2008, the
SEC obtained a default judgment against Mr. Pino in the amount of $426,756, as well as an order
prohibiting him from serving as an officer and director of any public company, and from
engaging in transactions involving any penny stock.

As a further part of its enforcement efforts against Mr. Pino, the SEC in 2008 brought the
facts discovered in its investigation of BCIT to the attcntion of both federal criminal prosecutors
in Phoenix, Arizona and the Internal Revenue Service. On August 12, 2008, Mr. Pino was
indicted by a federal grand jury in Phoenix on four counts of income tax evasion. [u. S. v. Pino,
No. CR08-0895 (D. Ariz.)]. Following his entry ofa guilty plea to two counts of the indictment,
Mr. Pino was sentenced on July 1,2009, to a twelve-month federal prison term, to be followed
by twelve months of supervised release. Pursuant to the terms ofhis sentence, Mr. Pino must
surrender to the United States Marshal on July 31, 2009.

As to collection efforts on its jUdgment against Mr. Pino, to date, the SEC has not
identified any assets held by Mr. Pino or collected any ofits judgment. The SEC has conducted
a number of searches and has served several subpoenas in order to ascertain whether Mr. Pino
owned real estate or other assets against which the SEC could pursue collection of its judgment.
The SEC also sought and was granted the right from the court issuing the judgment to conduct
post-judgment discovery in aid ofcollection, but found no ongoing businesses or income for Mr.
Pino. In October 2008, the federal district court in Arizona in which the above-referenced
criminal action was pending appointed counsel for Mr. Pino based upon its tinding that he had
established his financial inability to employ counsel. The SEC will continue appropriate efforts
to collect its judgment against Mr. Pino despite his current lack of resources.


The Honorable Charles E. Grassley
Page 2

Your letter also inquires as to whether the SEC has cleared the shares of BC IT for
trading. There is no SEC order currently in effect which would prohibit the trading of BCIT
shares, nor is it within the purview ofthe SEC to clear trading in any particular security. On
August 31, 2005. the Commission suspended trading in the securities of BClT for a period of ten
days due to questions regarding the authenticity of the BCTT securities and the accuracy of
statements in press releases. That trading suspension elapsed in 2005.

BCIT is listed under the ticker symbol "BCIT" on the Pink Sheets, operated by Pink OTC
Markets, Inc. PinkSheets.com reports no trades in the stock since December 21, 2007. The
Depository Trust & Clearing Corp. (the "DTCC"), which is the entity which clears most trades in
BCIT, placed a "global lock" on trading, which means that the stock is not eligible for delivery,
transfer or withdrawal, shortly before the SEC's trading suspension in 2005. That action was
taken in response to evidence received by DTCC that certain of the BC IT shares in the market
were not legitimate shares. DTCC has advised the SEC that the global lock remains in effect
because BCIT has no one acting as the statutorily-required transfer agent to effect transfers in the
shares in compliance with the federal securities laws. Moreover, DTCC has not processed
BCIT's June 2008 reverse stock split and name change, in pali because the Financial Industry
Regulatory Authority ("F1NRA") has not recognized that corporate action.

In addition to the possibility for harm to public investors arising from trading in
counterfeit BCIT stock certificates, BCIT is delinquent in tiling periodic reports with the SEC
which it is required to make under the Securities and Exchange Act of 1934. During the fiveyear
period between November 2000 and December 2005, BClT did not make any of the
required Exchange Act periodic filings. After the events with Mr. Pino occurred, BCIT tiled
certain periodic reports during 2006 and 2007, but it again became delinquent in its public filings
after December 2007 and is currently delinquent. As a result, there is no current information
available to prospective buyers of BCIT stock as to the company" s assets or operations, if any
exist. BCIT therefore may be subject to a Commission action under Section 120) of the
Exchange Act which would suspend or revoke the registration of its stock and its eligibility for
public trading.

I hope that the infomlation provided above is usefuL Please contact me at (202) 5512126
if I can provide further information.

Sincerely,

~~Dc~,UJ

Mary L. Schapiro
Chairman