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GREY SHEET coming !!!!!!!!!!!NO NEWS and there will be none
They folded !
No fins
No updates
They disappeared after failed attempt to run pump using government contract
scam is now exposed unlike the gold pump, they tried to bit big fish
They will let this ticker go bankrupt now to avoid future issues and reemerge with another SCAM, sadly this is going to zero
FUNNY TO WATCH THE JELLY BEANS JUMP IN FRONT OF MY BIDS.LOL.AND THESE ARE SMALL BIDS.A LITTLE LOWER BLOCKS OF A MILLION PENDING.LOL.
SELLERS ARE WELCOME.IF YOU SEE WHAT IS HAPPENING TO VDRM TODAY,YOU WILL KNOW WHAT WILL HAPPEN HERE TOO.
BUT WTF DO I KNOW.LOL.THESE SCAMBAGS ARE SHORTING.AND THEY ARE GOING TO GET FD MAJORLY.JUST LIKE THEY ARE GETTING FD TODAY ON VDRM.I JUST HOPE THEY BRING HER LOWER.WHERE I CAN HIT WITH SEVERAL MILLIONS.AND PUT 10 TO 30 MILLION BELOW .01S.I WAS HOPING IT WAS MOVING THERE.BUT THEY FIGURED OUT WHAT WAS ABOUT TO HAPPEN.LMAOOOO
WE WILL SEE WHAT HAPPENS.THE LOWER THE BETTER:)))AS I GET ON CONTROL MORE.
They got greedy and tried to scam a gov't agency. So dumb.
Finally this crooked company is being seen at it really is. :)
Man poor move by this filing attorney actually cites they law that will get the case thrown out and doesn’t even have the right msl cited. Poor work product. Good they state that msl was also intitled to monies that they most likely in good will let as this emergency wasn’t the purpose of the original contract but showed them how much of a mess this work is in California. The suit is set for 2-3 month in 2024 so hopefully fema come in with payment. But on their own OMISSION understood if smvwcd doesn’t get paid that they under federal law don’t get paid. And say they know llc law but judge just throw that out. Stupid-MAD
It's not that simple. WSRC can be shown to be operating a fraudulent business, and made fraudulent promises and claims. They're not going to just walk away from this mess unscathed. You can bet that the War Eagle lawsuit won't be the only legal action.
It also wouldn't surprise me to see criminal charges filed somewhere along the way.
War eagle lawsuit is good for the cause but as a contractor on government work they know the contracts are written in a “pay for when paid” cause so NO judge will make a finding of any wrong doing by smvwcd, msl, bs, Wsrc. It’s why taking on this kind of work has such a reward factor built into the payment structure. This lawsuit just shows they don’t understand how governmental contracts work. Once the payments get rolling should be like clockwork though just not to that point yet.-MAD
Yes I’m good. Even better if they dismantle if you know anything about how that works. Msl is a llc that liability for all this rests with them not Wsrc it’s just how corporation liability works and I’m sure you understand that. It’s why it’s done as an independent. It’s why people use llc’s to protect their assets while getting a companies benefits. -MAD
Ouch! Looks like WSRC will be tied up in court actions for years. They appear to be real "scambags".....but some of us knew they that, going back a decade or more.
You sure you want to stick with your 2-3 year plan? I suspect WSRC is going to be dismantled completely due to these legal actions.
Are you kidding this pps is not a problem got a 2-3 year plan. I’ll buy when I can till it moves. Everyone has a strategy. Mine A little different than most-MAD
A little help from the company
Good luck wit dat....
A little help from the company lol. Dude they went dark over half a year ago when the scam was found out.
I think we are going to start putting things back together. .015 seems a base but I said that at .03. It only comes down to the buys and the sellers so we will see. A little help from the company would help. I think the change in website is the start but we will see -MAD
Now yer talkin' 🤣🙀
We then get ORCA to give you some dance lessons and your golden-MAD
Hey, I, being older than dirt, resemble that remark. So, WSRC's miracle products could again make me popular with da ladieszzzzzzzzzzzzzzzzzzzzzzzz?
LOLzzzzzzzzzzzzzzzzzzzzzzzzzz
Yea it will get rid of your wrinkles as fast as your money! We’ll see what they’re up to next-MAD
LOL....good point, there's a never ending supply of wrinkly customers! Neutrogena, Plexoderm.....and Western Sierra's magical wrinkle cream!! Why not?
God,I can only hope so that’s where the real moneys at-MAD
Have they gone back into the skin tightening and wrinkle cream business?
You were right !! these guys milkedthe shit outta so many folks - gold mine, fake tweets, Damn pump n dump project
All along this was Joke
I think Dam project was the end here
but I am pretty sure these guys will RM with some other Junk ticker and run the show again
They will let this disappear , too risky for them to pump after Dam project, they will let this ticker go to zero to hide
Hence no PR, no tweet - all dark
They know it's too risky - so let this go to zero and RM with some other trash penny stock and run PND again
ON THE way to ZERO !!! EXPERT market is 100% certainty here now
It was P&D stock !!! Now proven !!! that Dam contract and gold mine - Both finally exposed it for good
The Dam pump was done to dump shares that were worth zero anyway
Now they will close operations and RM with some other penny TURD
They will let this stock go to EXPRT Emarket -doubt they will even file and gone dark to hide
It's game over for this ticker
EXPERT market followed by some RM with some junk company to try next pump
However this will be worth 0.0001 - GREY market you can't sell stock
Just beware
They are most likely won't file after than Dam mess to hide pathetic financials and let this ticker go to GREY market
Just to be clear… this IS NOT a SCAM…
Ummm....yeah, it was. And is.
Prepare to be embarrassed.
Were you embarrassed when this company and the mitigation angle were exposed as frauds? If not, you should have been.
I think why keep money in this scam when EXPERT market is certainty, they will close and reverse merge some other scam so they run next scam games, that dam deal killed the golden goose of fluff PR and tweets for good
get out before this goes to EXPERT market - Then you can't even sell
ZERO coming - WSRC seems that have folded everything and disappeared for good
Once this goes to expert markets it's game over
Don't think they will bother to file now after the scam
Looks like no one was listening Orca :(
The MMs don't care either way. Their role is to facilitate trading, no more, no less.
The only ones that should be scared are the "scambags" running this OTC garbage company. They should never have messed with a govt. agency........stupid....
IT'S BEEN ALL TALK AND NO ACTION HERE , LOOKS LIKE THE MM'S GOT REALLY SCARED AS THE PPS CONTINUES TO PLUMMET
GREY SHEETS !!!!!!!!!!!!!!!! welcome soon
sub-penny on the way
No news, they disappeared for good
Completely irrelevant for any and all low priced OTC non-marginable junk.
Buy when he sells and sell when he buys and you will be all right. :)
hahaha huge whales in here. Usually a full thousand dollars traded daily. Don't mess with Orca. He will throw $12 at this garbage just to destroy the MM's!
The WSRA/WSRC clowns that have run one fraudulent promotion after another are keeping their heads low. Not a peep from them. They really screwed up, never should have involved a govt. agency. Gold mine scams are far safer.
WEIRD THAT WRSC IS STILL FALLING .I HEARD THERE WERE WHALES IN HERE WITH HUGE BIDS TO STOP THE MM'S ,HMMMMMMMMMM
I GUESS THEY MESS WITH ANYONE THEY WANT
WSRC has and will always be a fraud, :(
The scammers that run these OTC fraud companies are more than happy to encourage the nekkid shorty myth. It diverts attention from their crimes by creating a scary bogeyman.
These guys are even too dumb to understand that.
WELL.WELL.READ TO EDUCATE YOURSELF ON THE MATTER.BOLD SPOTS MORE ATTENTION.
https://www.zerohedge.com/markets/end-naked-short-selling
Is This The End Of Naked Short Selling?
Tyler Durden's Photo
BY TYLER DURDEN
TUESDAY, OCT 17, 2023 - 03:00 PM
By James Stafford of Oilprice.com
American investors have been taken for a trillion-dollar ride by naked short sellers, in what could turn out to be the biggest financial regulatory scandal in North American history.
While what is now an all-out war on naked short sellers intensifies, there is a new flashpoint on the front line–a potentially devastating ruling targeting those who are alleged to make illegal naked short selling possible: The Facilitators: bankers and brokers.
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On September 29, Federal District Court Judge Lorna Schofield of the Southern District of New York issued a ruling that has the potential to significantly disrupt Wall Street compliance, and is a major first step towards protecting retail investors from fraud.
In Harrington Global Opportunity Fund Ltd. v. CIBC World Markets, Inc et.al, Judge Schofield found that broker-dealers may be primarily liable for manipulative trading initiated by their customers because they serve as “gate-keepers” of trading on securities exchanges.
These broker-dealers have a “continuing responsibility to ensure that their customer’s order flow ... is in compliance with all applicable rules, regulations and laws and detect and prevent manipulative or fraudulent trading … under the supervision and control of the firm,” the judge ruled.
The defendants in the case had motioned to dismiss Harrington’s claims of market manipulation and spoofing (when traders place market orders and then cancel them before the order is ever fulfilled, manipulating prices in the meantime). Judge Schofield denied the motion after hearing arguments that broker-dealers are not responsible for “their customers’ trading”.
Instead, the ruling recognizes that not only are broker-dealers the gate-keepers who can enable illegal naked short selling, but they are responsible, and thus liable for their customers’ actions. Schofield described broker-dealers as “reckless in not knowing that the trades being executed at their customers’ direction were manipulative”.
Naked Short Selling: ‘Financial Weapons of Mass Destruction’
Naked shorting creates a dangerous minefield for retail investors. But it’s a minefield that dealer-brokers may now be held liable for thanks to the recent ruling.
Short-selling itself isn’t illegal. In order to legally sell a stock short, traders must first secure a borrow against the shares they intend to sell. Where the September 29 ruling comes into play is at the point of the broker-dealer. Any broker who enters into a stock short on behalf of a trader must have assurances that his client will make a settlement.
As opposed to a “long” sale (where the seller owns the stock), a “short” sale can be either “covered” or “naked”.
If it’s covered, then there is no issue: the short seller has already borrowed or arranged to borrow the shares when the short sale is made.
When things get naked, the regulatory environment becomes riddled with compliance holes. With a naked short, the short seller is selling shares it doesn’t own and has made no arrangements to buy. That means the seller cannot cover or “settle” in this instance. More profoundly, it means they are selling ghost shares that simply do not exist without their further action. The ability to sell an unlimited number of non-existent shares in a publicly-traded company gives a short seller the ultimate power: To destroy and manipulate a company’s share price at will.
This illicit practice artificially dilutes share prices and then companies find themselves in a position where they have to scramble for capital, Bryan Barkley points out in in-depth research published by the Medium.
That scramble then leads to shareholder dilution in more capital raises, in the best cases, and bankruptcy, in the worst cases. If things get to bankruptcy, Barkley writes, then short sellers win big because they no longer need to close out their short positions.
Following the 2008/2009 financial crisis, naked short selling was classified as illegal in the United States, though that labeling has done nothing to thwart this lucrative game.
What makes the September ruling so impactful is this: Without the big banks and financial institutions’ complicity, this highly destructive form of naked short selling could never happen. Instead, they actively facilitate the destruction of shareholder value.
The reason some big banks allow it, despite their sizable compliance departments, appears quite simple: These illegal transactions are highly lucrative. The short-term windfall profits associated with the creation of counterfeit shares are too tempting to resist.
“[...] brokers will place a marker or pledge to deliver the shares on the investors’ accounts, which are made by the seller’s clearing firm”, Barkley explains. “Abusive and unchecked naked shorting can lead to a loss of shareholder rights, including disenfranchisement by overvoting and the resulting throwing out of votes by brokers to conceal the breadth of the naked shorting problem, which could also lead to fraudulent vote results orchestrated by broker-dealers instead of shareholders.”
It often goes well beyond “ghost” shares, too. The most nefarious of short sellers target companies with negative reports–sometimes with legitimate information, and sometimes with falsehoods or half-truths–to drive down share prices with maximum impact, thus ensuring that the companies lose their ability to obtain financing. Once that process is completed, naked shorters then begin to offer those same companies alternative financing (predatory debt), which they have no option but to accept.
When broker-dealers are complicit in this, the system is broken. And complicity takes many forms, including willful booking of client shares as “long” when they are actually “short”.
Gaps in the regulatory environment have continued to fail to subdue these illegal activities.
Keeping the Brokers in Check: A Global Loophole
Even before the 2008/2009 financial crisis, there were measures in place intended to protect retail investors and regulate the activities of brokers with respect to short selling.
The SEC’s Regulation SHO took effect in January 2005 and specifically targeted “persistent failures to deliver and potentially abusive ‘naked’ short selling”. Amendments intended to further strengthen these regulations were added in 2008, and in 2010, the SEC adopted Rule 201, restricting the price at which short sales could be made when a stock was experiencing significant downside pressure.
Additionally, the SEC notes:
Rule 204 requires firms that clear and settle trades to deliver securities to a registered clearing agency for clearance and settlement on a long or short sale in any equity security by the settlement date or to take action to close out failures to deliver by borrowing or purchasing securities of like kind and quantity by no later than the beginning of regular trading hours on the settlement day following the settlement date for short sale fails, or no later than at the beginning of trading hours on the third settlement day following the settlement date for long sale fails, and fails attributable to bona fide market making (“close out date”). If a firm that clears and settles trades has a failure to deliver that is not closed out by the beginning of regular trading hours on the applicable close-out date, the firm has violated Rule 204 and the firm, and any broker-dealer from which it receives trades for clearance and settlement, is subject to the pre-borrow requirement for that security.
However, as Barkley points out, the SEC does not publish FTDs (failures-to-deliver) of U.S.-issued securities traded and settled abroad (including Canada). This means a significant number of FTDs are never accounted for, essentially creating a naked free-for-all.
Last year, UBS Securities LLC conceded to having failed to close out an astounding 5,300 FTDs in the previous decade, yet still kept executing new short sales in the tens of thousands.
“This is naked shorting and FTD abuse on a significant scale, likely involving many billions of dollars,” Barkley writes.
UBS was fined $2.5 million for violating Regulation SHO. Shareholders were left holding the empty bag, though. And likely lost billions of Dollars in the process.
Also last year, Gar Wood Securities LLC was fined for accepting 2,000 short sale orders without the third-party brokers having located the securities they were borrowing against. Gar Wood was fined $100,000 (which is pathetic).
More recently, in August this year, California-based Wedbush Securities Inc. was fined $6 million by the CTFC (Commodity Futures Trading Commission) for failing to “supervise” trades from third-party brokers, and for dubious private communications. Separately, Wedbush was fined another $10 million by the SEC. And thirdly, in relation to failure to close out FTDs, Wedbush was fined a mere $975,000, a sum that appears to be simply the cost of doing business in the naked short arena.
With regard to violations of Regulation 204, a NYSE American LLC waiver notes:
During the Relevant Periods, the Firm failed to timely close out approximately 2,056 FTD positions due to the Firm failing to timely borrow shares, recall shares that were out on loan or otherwise acquire shares and deliver them in accordance with the requirements of Rule 204(a).
During the period between January 1, 2016 through July 31, 2020, on approximately 390 occasions, the Firm further failed to place a security in the penalty box as required by Regulation SHO Rule 204(b) and to send the notice required by Regulation SHO Rule 204(c).
Additionally, in December 2020, Canadian Cormark Securities Inc and two others pinged the SEC’s radar, with the SEC instituting cease-and-desist orders against Cormark and settling charges against Cormark and two other Canada-based broker-deals for “providing incorrect order-making information that caused an executing broker’s repeated violations of Regulation SHO”. According to the SEC, Cormark and ITG Canada caused more than 200 sale orders from a single hedge fund to the tune of more than $660 million (between August 2016 and October 2017) to be mismarked as “long” when they were, in fact, “short”—a clear violation of Regulation SHO. Cormark agreed to pay a penalty of $800,000, while ITG Canada—one of the other broker-dealers charged—agreed to pay a penalty of $200,000.
The Heroes of the Day
The plaintiffs in In Harrington Global Opportunity Fund Ltd. v. CIBC World Markets, Inc et.al, represented by Warshaw Burstein, LLP, have every reason to celebrate.
The judge’s ruling categorically means that going forward, big banks and financial institutions won’t just be fined for not actively closing shorts, they could be held liable for what so far has been an estimated trillion dollars in losses to retail investors, companies and the U.S. government.
“Brokers can no longer claim that they are not liable for their customers’ trading activities because they are only following their directions. A broker can now be held primarily liable under the federal securities laws when they recklessly fail to monitor, detect and prevent the manipulative or fraudulent trading of their customers,” Warshaw Burstein said in a statement following the judge’s September 29 ruling.
“This decision is a clear and unambiguous warning to broker-dealers that unless they fulfill their gate-keeper responsibilities of monitoring their customers’ trading they can be held primarily liable for their client’s manipulative conduct,” the law firm added.
Canada is one venue where this warning should be heeded first and foremost and where naked short sellers have in our view been fleecing U.S. retail investors and companies for years, taking advantage of a loophole that only requires them to have a “reasonable expectation” of settling a trade, without actually borrowing the stock. The U.S. September ruling adds further fire to a slower-moving regulatory crackdown in Canada by the OSC and the other regulatory authorities.
The game of capital market destruction is now hopefully coming to an end, and this latest ruling hopefully marks the beginning of the end. There is still a long way to go and this really should be front page news, but the banks are brokers have big marketing budgets so i imagine there will be very little coverage on this important news for investors in North America.
The only manipulation of OTC stocks is from the scumbag fraudsters that set them up and the enablers/promoters.
Not MMs.
Not "Shorty".
Not corrupt feds.
Not hedgies.
LMFAO BRO , NOT HARDLY , IT'S ALWAYS SO NICE TO BLAME SHORTY , IT'S KINDA FUNNY ACTUALLY. THE ENTIRE OTC MARKET THESE DAYS IS HORRIBLE ,IT'S BEEN LIKE THIS GOING ON 3 YEARS NOW ,SOOOOOOOOO GLAD I DON'T DEPEND ON THE MARKET TO MAKE MONEY ,I DO IT THE EASY WAY , IT'S CALLED WORK
ALL OTC STOCKS ARE A HUGE GAMBLE ,NOTHING MORE AND NOTHING LESS ,IT'S CALLED GETTING LUCKY WHEN A PERSON MAKES MONEY IN THIS MARKET BUT EVERYONE HONESTLY KNOWS THAT "-)
AGREE.LET;S SEE IF WE CAN GET SOME DOUBLE ZEROS BY YEAR END.NO INSIDER WILL BE ABLE TO BAIL THAT IS FOR SURE.THEY WILL ALL GET SHAKED OUT BIG TIME AT LOWS.THEY CAN KEEP QUIET ALL THEY WANT.BUT THEIR MILLIONS OF SHARES WILL BE WORTHLESS.I WILL MAKE SURE OF IT.STUPIDITY IS A BAD THING.THE LOWER IT GOES THE MORE I AM IN CONTROL.THE LONGER IT WILL STAY DOWN AND GO LOWER,.UNTIL IT GOES TO EXPERT MARKET IN MARCH 30TH 2024.
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