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Monday, June 04, 2012 3:47:23 PM
At this point we feel that filing complaints with State Attorney Generals, State Securities regulators and the United States Senate Finance Committee are the means to remedy our situation.
Seek support to compel the Securities and Exchange Commission to enforce the statutes already in force. Specifically that the SEC exercise its oversight of the DTCC (Securities Exchange Act of 1934 §19(g) and §19(h)) and compel the DTCC and brokers to act according to current statutes, specifically REG SHO Rule 203(b)(3).
Call on these organizations to do what is required of them by current statute:
For the DTCC and brokers to abide by REG SHO Rule 203(b)(3) and either facilitate the delivery of physical stock certificates to all shareholders desiring such as required by Uniform Commercial Code § 8-508 or ensure current shareholder positions are backed up by good shares purchased through the open markets.
And, for brokers to compensate shareholders with a settlement based on the price of the last legitimate trade on the open market, plus some amount to be determined in damages for the opportunity cost of this settlement amount being locked up for 1-2 years.
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