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taraniterror, Exact same thing happened to me, Pal.
One day I was Moderator on the CMCJ forum.
Bashers show up and setup camp.
Next day I am in Jail.
Could this be a new trend on IHub?
One think I learned for sure, is that Forum Mods have no real power. They exist only to take the heat for the admins.
So what is coming down seems to be a major change in the way business is conducted on Investor's Hub. Or maybe NOT!
VV
brianmay39, IF the Forum Moderator happens to also be an IHub Admin...
...then you're correct, THAT Mod can throw you in jail.
I'd say that's about a one in a billion exception to the rule.
But congratulations, you've found it!
LMFAO
VV
WaaWaaWaaWaa, You are completely mis-informed.
The Forum Moderators can't put anyone in jail. Only the site admins can do that.
And the admins won't even BAN a trouble make from a forum at the Moderators request.
From everything that I have seen here the job of Forum Moderator exists just to take the heat off of the site admins.
Collectively, they all have their heads buried where the Sun don't shine.
bigbreak, Yeah, you're very observant...
But the real story is a doozy. Hope to make a movie out of it someday real soon. All about organized crime and whistle blowers in the financial industry.
For your sake I really do hope "rmtd will go ballistic b4 end of year". Thanks for the stock tip and I will watch it. But DNN is doing that this week. They published their financials today after hours. Hope to see more upside action tomorrow.
Good Luck.
VV
bigbreak, "Telogis will certainly....Reverse Merger with Telogis!"
Well, THAT sounds very interesting! A merger with itself! What a novel idea!
So answer this question: If a schizophrenic has two personalities, is each personality also schizophrenic? Or is the whole greater than the sum if its parts?
I always meet the the most interesting people in jail!
VV
DOW closed at NEW 2-year HIGH.
Yippee!
VV
BARCHART's TA on Denison Mines (DNN) looks Fantastic!
Short Term Indicators Average: 100% Buy
Medium Term Indicators Average: 100% Buy
Medium Term Indicators Average: 100% Buy
Overall Average: 100% Buy
Resistance = $2.81
http://www.barchart.com/opinions/stocks/DNN
DNN is an AMEX listed Canadian Uranium miner with extensive holdings in the USA. I bought this stock just yesterday and I'm already UP 15%. Upside momentum is huge!
Good Luck to All Jailbirds!
VV
REE issues SEC form 20-F filed on 11/01/2010
http://knobias.10kwizard.com/contents.php?ipage=7214482&rid=12&back=1
VV
Stock PPS is collapsing as the hype is squeezed out.
Could be a good entry point coming up this week.
VV
lakes, You and I are on the same page.
This forum is the place to "keep it real", so to speak.
The other place is for rumor mongering and word combat.
That's the way it's been. Let's just keep it that way.
And I'm glad you're on board. Good Luck.
VV
cjboro, If you mean "Buy low-Sell high" then I agree.
But shorting anything in the Rare Earth Metals area, while the sector is in play, is a sure-fire recipe for disaster. So I don't agree with shorting the ETF. I think that is a ridiculous idea. No offense intended.
But whether you do THAT transaction or not does not determine whether you are, in fact, a trader or not. There is NO logical connection there.
But whatever floats your boat, pal.
VV
So if a person doesn't short an REM ETF they're NOT a real trader?
Well, that's good to know.... I guess.
VV
lakes, I agree with your comments and question.
So the company management is being abused by email/phone from anonymous parties? Yeah, right!
Given what I KNOW is happening, I am not sure I am willing to accept that assertion at face value as TRUE. Sounds like an excuse/pretext to me. But just for the sake of discussion, for this moment let's just assume that's all true.
I say this so called "abuse" is an EFFECT, and the CAUSE is on that OTHER forum. If you understand the concept of "cause and effect relationships", then you should be able to see that their is an obvious tight feedback loop in place between the company, that forum, and the folks supposedly doing the "abusing". But is this a CLOSED loop? Are the people doing the "abusing" following that forum? Hard to know.
It is logical to argue that what is really happening is, honest reasonable people are showing up on that OTHER forum with legitimate questions and concerns about their investment. They are immediately "classified" as a certain type of investor or potential/non investor, or whatever. And if they are NOT perceived to be in the exact same grouping of a certain core of posters who camp out there, then these inquisitive outsiders are deemed to be adversaries and are then met with rudeness and insults and sometimes even hostility. The dialogue goes negative and stays that way.
Unfortunately, the "questions" go unanswered and the ONLY impression that remains is that the worst suspicions MIGHT BE confirmed. Next thing you know they are bringing their suspicions directly to the company management. But now there's a very sharp edge to it because of the previous rude rejection. Keep in mind there is a person at the center of this who is supposedly "in the know" about the inner workings of the company. So it does not surprise me that there MIGHT be blow-back directly to the company management. DUH!
All just my opinion...
VV
lottoplayerslair, Oh, I've been "left behind" ?
Actually, I couldn't care less about this nothing stock. I've made some money here and I've moved on.
I am putting my money into Rare Earth Metal and Uranium plays. These investments will play out huge in just a few months.
But certainly, you go ahead and play your "r/m candidate" and wait around for your alleged Reverse Merger. Wait as long as you like. You've already waited 3 years so another 10 shouldn't hurt you. I don't really care what you do with your money. Just don't whine and complain when you finally come to realize it isn't going to happen.
And you ask: "why is this stock moving up?"
Well, for the ONLY reason that any stock moves up. Because people are buying it. That's why I previously mentioned INVESTOR SENTIMENT. If you actually knew what you were doing you wouldn't have to ask such a silly question.
Good Luck.
VV
b4atf, Sorry I can't do that.
I just read the top post and I see who you mention recommended it.
I had a run-in with that arrogant stupid biach, just this morning. I resigned as moderator on another forum in protest of her incredibly stupid move. Some a-holes showed up and started bashing the company CEO for what he supposedly did 20 years ago. The posts were all obviously part of a plot of vengeance by an IHub'r who posts ONLY on that one forum and ALWAYS exactly the same message. So I deemed the posts redundant, off topic and personal attacks and I deleted them. Then that stupid biach, whose name you mentioned, re-instated all the posts and then had the phucking GAUL to lecture me about the TOU. What an incredibly stupid phucking biach!
Hey, Have a Nice Day!
VV
oldtimer1968, "...you have to get it from somewhere else."
Yeah, as I said, you get your profit (win) from someone else who buys your risky stock and ultimately loses their money because of it.
Therefore it is NOT a zero-sum game. Someone wins-someone else loses. The person who loses is then out of the game, possibly permanently. Therefore the number of potential players is reduced by half. Ultimately, there will be only one left. This is all hypothetical, of course.
My point is, which apparently you missed, is that the only way you can win with THIS stock is to deceive someone else into buying it from you. The old "Greater Fool" theory at work. There is NO REAL VALUE here so therefore the "player" has to invent and sell a pretense of value in order to complete the transaction by convincing the loser to buy in. The word that comes to mind is lieing.
Anyone who has studied investing for profit, or even read a good book on the subject, already knows that the TOP THREE GOALS of investing are:
1) Capital Preservation
2) Capital Preservation
3) Capital Preservation
On the other hand, if you view this as only gambling, then you should also realize that "the house ALWAYS wins". Therefore, if you are NOT the "house" you have NO CHANCE of winning here. Again, a hypothetical explanation.
Look, I just said my piece here, more or less as a warning, to those who are blinded by the dollar signs in their eyes. This stock isn't worth a "tinker's damm" so to speak. It is neither an investment or even a reasonable speculation.
All just my opinion...
Got to go now... Good Luck!
VV
b4atf, Yeah, I was joking, sort of...
The Chinese certainly don't need any help from us to further ruin their country.
Every Influenza virus strain known to mankind comes directly from a single province in SE China, due to the open city sewer systems. That is a well documented fact. And they eat Civet Cats which is the singular source of SARS in the whole world. So we've already got that from them, Thank You very much! And the Avian Flu is regenerated yearly in the bird flyway in Mongolia, which just happens to be where a lot of REM mining goes on.
Even though there was recently a big flap over 32 Chilean miners stuck underground and rescued, the Chinese lose more than 10,000 miners every year. That is why they now control 90% of the world supply of REM; because they're willing to throw away human lives to get it. And probably why we will never win in any contest over REM which must be mined before it can be consumed.
Even though the US economy is depressed, our problems are NOTHING compared to what the Chinese have to solve. They have gigantic domestic problems, way too many to list, so I don't see the Chinese making waves for us much longer, less they uptip their own canoe in the process.
So the story about the Chinese fishing boat ramming the Japanese Coast Guard vessel, thereby precipitating this, so called, "unofficial" REM embargo, makes perfect sense to me. Just like the Three Stooges comedy. It is an aberration and serendipitous in nature as it has brought to light an international trade imbalance problem. It is certainly important but it may not last. I suspect it is just a pre-election "invention" of the mass media.
However, from the investment perspective, I have finally caved in to the relentless bombardment of news surrounding Rare Earth Metals. So just last week I FINALLY decided to take a shot at something. But I haven't quite decided which way to go.
I am totally sold on the upside potential of commodities in general, given the falling dollar and planned US inflation policy target. But I am not too sure about REM, given all the current hype. This segment could become overcrowded very quickly.
And late last week there were major rumblings of how the market is currently over bought and a 30% correction is over due. So my guess is that over the next few weeks there will be good opportunity to get into the market at a sale price. The question is which metal, and what stock or fund to buy.
Today, Saturday, I am cruising IHub and thinking about uranium and the Obama administration's interest in reviving the nuclear industry for generating power. So that would get me away from the obvious problems associated with the Chinese. I am looking at Denison Mines as a domestic uranium producer. The stock is cheap at about $2.
However, I am also checking out REE, the new REMX etf, and MCP. They all seem very expensive and bloated due to the current hype about the Chinese. Not sure this will last long. But if I go for one of these I will probably opt for call options out to Jan2011. And REMX doesn't have options yet but is supposed to soon.
So meanwhile, I wait undecided, and do my DD.
Good Luck!
VV
I really think we should gift the Chinese with some of our Rare Earth Metals.
I'm thinking of a couple of kilos of Plutonium 239. Delivered by Air Mail Express. Today!
From an investment perspective, the longer the Chinese play their BS games the better it is for speculators. Personally, I love the volatility. It's like a powerful attractant.
VV
cyclone101, Charts reflect ONLY what has already happened.
And "...power zone..."? You've got to be kidding. Really!
The only thing that will affect this stock going forward is INVESTOR SENTIMENT.
So obviously, those who want to play this stock are going to conjure up all manner of goodness to entice other to buy in; to give them their profit. "...looks great...", yada, yada, yada, blah, blah, blah. Just jawbone it higher. As you know, that's how the pumping game works.
But unfortunately there isn't going to be a Reverse Merger or Government Contracts, or whatever. This stock has been dead for years and that isn't likely to ever change.
Despite what some think, investing is NOT a zero sum game. For someone to win someone else has to lose. That's why I invest only in stocks that actually have something going for them. This stock has nothing but a symbol and a price. It's only for losers and those who prey on them.
So let the pumping and hyping of this worthless POS continue. You will ultimately get what you deserve out of the situation.
VV
lakes, Concerning the next quarterly filing...
Since the, so called, "material event" which you refer to supposedly happened after the quarter ended there probably won't be any mention of it in the filing. And for very good reason, not apparent.
As far as I am concerned it is just one more unfounded rumor introduced to further disrupt the situation. Funny thing though, when you consider the source of this apparent, never ending stream, of rumors. The Hits just keep coming! Why is that?
All of these, so called, "psuedo facts", which are really just self-serving manipulation, seem to emanate from one person who continuously claims to be somewhat close to management (lunches with them weekly) and also owns many millions of shares. How very convenient! That all sounds just a little too "cute" and made up for my tastes.
And if anyone steps forward to question, heaven forbid even challenge such rumors, they are immediately attacked from various directions, and accused of various things, like being a "flipper" which apparently is now considered a criminal act on that forum.
So it should be obvious that there is more that just one person involved in dragging this stock down, and using THAT forum to accomplish it. The "cover story" is that they're all long the stock and are loyal shareholders, and supportive of each other. What a self-serving crock! In actuality they're a bunch of greedy unethical phucks out to get what they can, any way they can.
From my viewpoint, that other forum is really at the core of the problem as it is mostly now "controlled" by an inner core of short sellers acting in collusion at the expense of the legitimate shareholders, and to the detriment of InstaCare.
And I realize that I, myself, have become a separate topic over there. Well, discrediting those who pursue the counter-argument and the truth is a central theme and very much a big part of how the game is played. The only folks who stick it out over there are those actively playing the game and those who don't mind being deceived and manipulated, and routinely attacked. The rudeness is so think you can cut it with a knife. IMO it is a utter waste of my time. I am all about investing for profit but doing it fairly and honestly. For obvious reasons I get little traction over there.
But as I've posted many times, we need to stick ONLY with the facts and ignore the ever present noise. The TRUTH lies only in the SEC filings, the company issued Press Releases, and independent verifiable market data. The rest is a pile of stinky BS.
Good Luck to All Longs... Sincerely!
VV
TraderRich, I partially agree with you on watching CNBC.
However, I half-watch it throughout the entire market session, just in case something really important breaks. And the chicks are all pretty damm hot; articulate, smart, and very easy to look at. But for me, the best part of all is the people who get interviewed through out the day; some of the smartest and most successful traders and pro investors, CEOs, etc. All market luminaries. I really do appreciate hearing their views on business and the market action, etc. How else would one find out about emerging plays like Rare Earth Metals if it weren't for TV?
But the one thing about CNBC that really gripes me is that Larry Kudlow fellow. He has the absolute worst interviewing skills of anyone I have ever seen. He asks a leading question and then immediately talks right over the person trying to answer. Extremely rude! Larry is all about pushing his own opinion while on camera. CNBC can dump his sorry azz any time.
So when the crapola starts flowing on CNBC I just switch over to Bloomberg Financial News. Bloomberg has a much more international viewpoint and is on 24/7. They actually discuss REM a lot more than CNBC does. So between the two channels, my several streamers, and various forums, I really do feel connected with the market during the day. But that's just my way.
But you certainly can stick with the Cartoon Network if you choose. (just kidding).
Good Luck!
VV
We can now call this "8K-less Friday"
And I think that early next week will be about the right time for a PR.
Good Luck to All Longs!
VV
News(?): Duo Sentenced To Over A Decade In Prison For 'Pump-and-Dump'
Last update: 10/29/2010 4:31:19 PM - DOW JONES NEWSWIRES
A securities attorney and a former stock broker were sentenced Friday to more than a decade in jail each and forfeit in excess of $43 million for their roles in a pump-and-dump stock manipulation scheme.
G. David Gordon, a securities attorney, and Richard Clark, a businessman and former stock broker, were convicted by a federal jury in Oklahoma on May 3 of more than a dozen counts each.
The duo allegedly, between 2004 and 2006, along with others to have manipulated three publicly traded penny stocks, equities that trade for less than $5 a share in the over-the-counter market rather than on national exchanges.
Two based in Tulsa at the time of the scheme were among those whose stock was manipulated: Deep Rock Oil & Gas Inc. (DPRK), and Global Beverage Solutions Inc. (GBVS), formerly known as Pacific Peak Investments. Clark is a former chief executive of Global Beverage. The third was National Storm Management Group Inc. (NSMG).
The Justice Department said in a statement Friday that evidence at trial showed the defendants hid and "parked" their shares with various people or entities, after which "they engaged in coordinated trading in order to create the appearance of an emerging market for these stocks, after which they conducted massive promotional campaigns in which unsolicited fax and e-mail 'blasts' were sent to millions of recipients."
Gordon, 48 years old, was sentenced to 188 months in prison while Brown, 62, received a 151-month sentence. Four others pleaded guilty in related cases while two remain at large.
-By Kevin Kingsbury, Dow Jones Newswires; 212-416-2354; kevin.kingsbury@dowjones.com
(END) Dow Jones Newswires October 29, 2010 16:31 ET (20:31 GMT)
----------------------------------------------------------------
My note: Perhaps this news will finally blow away the dark cloud that has hung over this small company. Hopefully, GBVS can get back on track and re-establish a good relationship with its shareholders( of which I R 1).
VV
I used to own some of this a while back, and even made a modest profit.
And while I was the forum mod here I did extensive DD on this to determine the true value. At least I tried to do DD but didn't find much. Certainly nothing from the last several years.
But I saved a few links which I will share now, just to move this along for you guys.
http://knobias.10kwizard.com/filing.php?param=&ipage=1056512&DSEQ=1&SEQ=&SQDESC=SECTION_BODY&exp=
http://www.bizwiz.com/bizwizwire/pressrelease/2235/848fs8yex44fe8yje88.htm
http://www.sec.gov/litigation/litreleases/lr18161.htm
http://www.sec.gov/litigation/admin/34-51287.htm
Despite what you might think, I'm really not trying to bash this. The truth is I couldn't care less about it. It just ain't my thing.
The short and sweet summary is that this is a totally dead stock. There is nothing "under the hood" here. The state corporate registration has long since expired so the "company" can't conduct business. That is, IF they had an office, employees and a phone, which they don't.
You can't track down the majority share holder if your life depended on it. So how could there ever be a take over by Reverse Merger? Who are you going to deal with? There is no there THERE! But go ahead and call the Stock Transfer Agent as MAYBE the situation has changed. But I really doubt it.
Baring any new info, from my viewpoint, this stock is the rawest form of a flipper's plaything, and absolutely nothing more. your FINAL WARNING! Don't get stuck holding shares here because I don't like reading posts from "stuckholders" and chronic whiners and complainers. Good Luck!
Caveat Emptor!
VV
Every share sold short MUST BE repurchased at some point.
It can happen slowly over a period of time. Or it can happen in the space of a few hours. The latter would be called a "Short Covering Rally" and it would be the best possible outcome for Longs.
All just my opinion...
VV
FINRA RegSHO Short Sale data for Wednesday, Oct27
Date|Symbol|ShortVolume|TotalVolume|Market
20101027|HLXW|1914220|10533527|O
http://regsho.finra.org/FORFshvol20101027.txt
Yesterday: 1,914,220 shares sold short, out of a total of 10,533,527.
VV
FINRA RegSHO Short Sale data for Wednesday, Oct27
Date|Symbol|ShortVolume|TotalVolume|Market
20101027|INKN|39078|97588|O
http://regsho.finra.org/FORFshvol20101027.txt
Yesterday: 39,078 shares sold short, out of a total of 97,588.
VV
FINRA RegSHO Short Sale data for Wednesday, Oct27
Date|Symbol|ShortVolume|TotalVolume|Market
20101027|ISCR|93063|113000|O
http://regsho.finra.org/FORFshvol20101027.txt
Yesterday: 93,063 shares sold short out of 113,000 total.
VV
FINRA RegSHO Short Sale data for Tuesday, Oct26
Date|Symbol|ShortVolume|TotalVolume|Market
20101026|ISCR|37588|127738|O
http://regsho.finra.org/FORFshvol20101026.txt
Yesterday: 37,588 shares sold short.
VV
FINRA RegSHO Short Sale data for Tuesday, Oct26
Date|Symbol|ShortVolume|TotalVolume|Market
20101026|INKN|88939|201990|O
http://regsho.finra.org/FORFshvol20101026.txt
Yesterday: 88,939 shares sold short.
VV
Don't worry! We'll keep him under surveillance.
And in case you haven't noticed, there is NO "...Pump Dump Rinse Repeat..." going on here.
Actually, just the opposite. Much too quiet.
VV
CRAY INC issues 8-K filed on 10/25/2010
http://knobias.10kwizard.com/filing.php?param=&ipage=7202250&DSEQ=1&SEQ=&SQDESC=SECTION_BODY&exp=
"Item 8.01 Other Events
On October 18, 2010, we were notified by the Defense Advanced Research Projects Agency (“DARPA”) that we had completed Milestone 8 under our DARPA Phase III High Productivity Computing Systems program agreement. The milestone was for $12,000,000 and, based on our level of spending for DARPA-related work, we expect that a significant majority, if not all, of the milestone amount will be credited against our research and development expenses in the fourth quarter of 2010 as part of this co-funding arrangement.
Additional information regarding our agreement with DARPA, as amended, can be found in our report on Form 8-K filed with the Securities and Exchange Commission on February 16, 2010."
VV
Shrink Nanotechnologies issues SEC form 8-K filed on 10/25/2010
http://knobias.10kwizard.com/filing.php?param=&ipage=7202963&DSEQ=1&SEQ=&SQDESC=SECTION_BODY&exp=
VV
We may be Catching the Wave here, finally.
DOW closed 45 points short of a two-year high. So it looks like investors are finally getting in the mood to buy stocks again.
And the Shrink Nano product is now in the market. So let's see some sales numbers. I want to hear the sizzle and pop!
Short term, I will be a Happy Camper if we don't get another 8K on Friday.
After reading CEO Baum's bio I am more assured that he isn't in this just to run a paper mill to profit himself and a few others.
On the contrary, Baum seems like a real "go getter" entrepreneur type. And that's exactly the kind of personality we need to steer this project forward. Someone who's going to push the envelope, and hopefully, keep us informed. So far he's done his part just fine.
Good Luck to All Longs...
VV
Crossroad, I really don't know what more to tell you.
I am too burned up to think straight right now. As wakl said: "What is ..is !"
Up until two weeks ago this situation looked really great. Almost Too Good To Be True. I guess that is why I parked my normal skepticism on the back burner. Now I am not so sure about this situation.
There is still a good chance that the product may end up being a phenomenal success right out the gate. If so, then maybe this current setback will be soon forgotten. But right now it is really bothering me.
On two consecutive weeks we get some really great and timely PRs, followed immediately by major dumpage by a corporate insider. Even if Baum does have a pre-arranged right to sell these shares, it really creates a very bad image, IMO. Is this the way this is going to unfold? What next?
Good Luck to All Longs.
VV
SLO-sider, Apology if I am being overly rough on you.
Certainly NOT my intention to make it any worse than it already is.
As one of the longest-term members of the Welsh Bagholders Society, I wish to Welcome You to this exclusive, but ever expanding, Club.
I bought my shares several years ago, when Welsh was attempting to purchase another semi-successful business via a share swap. As I recall it was a chain of music or video rental stores. Well, the deal fell thru because the target balked at the proposed divi of share value. So right after that Welsh did a massive Reverse Split of the shares. And there went my optimism...
Since the loss of my liquidity, Welsh has acquired and worked through at least a dozen other companies. This guy has developed a recipe for scamming and he's really good at working it.
The shares that I originally paid $3600 for are now worth about $5. The sale wouldn't even cover the exit commission. And as they say, "You don't really lose until you sell." So pride keeps me stuck here, holding this worthless POS stock. It is a Monument to my earlier Naivete while I was learning the penny stock game.
For the last year I have been trying to get one of my friends to open a new brokerage account, so that I can get ONE free trade. If I am ever successful then Welsh and MODC will finally be out of my life forever.
Good Luck.
VV
wakl, "Grasping at straws.........."
You and me both, Bud. I am absolutely floored by this.
I can't imagine what a reasonable motivation would be. If the product launch is to be successful then it seems that selling over a million shares now is a rather premature move. So to me, it suggests just the opposite; that there may be a big problem somewhere.
And if you read the Form4 closely, footnote 2, it says:
"2. The shares disclosed herein were sold pursuant to a 10b5-1 Trading Plan originally entered into on July 15, 2010, which was amended on September 27, 2010 (the "Plan"). Pursuant to the terms of the Plan, no shares were sold prior to October 11, 2010."
So this is part of a prearranged "plan". Maybe Baum was forced by regulation to sell shares now. A kind of "use it or lose it" situation. I don't really know. But I am very pizzed off by this. Real nice way to end the week.
VV
Here's reason why InstaCare's approach to EHR will win in the end.
-----------------------------------------------------------------
Medical-data breach said to be major
Posted on Thu, Oct. 21, 2010
A computer flash drive containing the names, addresses, and personal health information of 280,000 people is missing - one of the largest recent security breaches of personal health data in the nation.
"We deeply regret this unfortunate incident," said Jay Feldstein, the president of the two affiliated Philadelphia companies, Keystone Mercy Health Plan and AmeriHealth Mercy Health Plan.
The breach, which involves the records of Medicaid recipients, is the first such Medicaid data breach in Pennsylvania since at least 1997, according to the state's Department of Welfare, which has oversight.
"We take compliance [with federal privacy laws] very seriously," department spokeswoman Elisabeth Myers said Wednesday.
The security failure, one of the several largest in nearly two years, involves nearly two-thirds of the insurers' subscribers. It became known only after The Inquirer requested information Tuesday evening. The insurers said the drive was missing from the corporate offices on Stevens Drive in Southwest Philadelphia. It noted that the same flash drive was used at community health fairs.
"That seems grossly irresponsible," said Dr. Deborah Peel, a Texas psychiatrist who heads Patient Privacy Rights, an advocacy group.
"Why would you be hauling around private patient information to a health fair," she said. "I can't imagine what they were thinking, taking this data out of a locked room at company headquarters.
"What's tragic is that this is a particularly vulnerable group of people," Peel said. "They tend to be vulnerable to identity theft, vulnerable to discrimination." Medicaid recipients are low-income people.
The companies said that as of Tuesday, there had been no reports of anyone trying to use the information stored on the drive.
The news of the breach comes at a time when there is more emphasis - and billions of dollars in federal funding - to develop protocols for electronic medical records, with information being shared among providers, insurers, and consumers.
The idea is to eliminate duplicated record-keeping and improve patient health by allowing doctors, hospitals, and others to be quickly informed about medical conditions, prescriptions, allergies, and treatments.
"It's scary when you think about electronic patient records, which have many potential benefits, but there's also the concern about loss," said Susan Grant, director of consumer protection for the Consumer Federation of America, an association of nearly 300 consumer groups.
Paul Stephens, director of policy for the Privacy Rights Clearinghouse, said that data breaches in the finance and retail sectors tended to involve more people, but that health data are very sensitive and may also contain payment information.
The most infamous security breach occurred in 2006, when records of 2.65 million veterans were stolen from a Veterans Administration employee working from his home.
The Privacy Rights Clearinghouse in California maintains a database of reports on breaches culled from the media and websites. It listed 184 medical data incidents in 2009 and 2010 involving the records of 5.2 million people.
The Keystone and AmeriHealth case, if it had been listed, would have been among the top five by number of people involved.
In the Keystone and AmeriHealth case, the company said that of the 280,000 people affected only seven members' Social Security numbers were included on the flash drive, along with the last four Social Security numbers of an additional 801 clients.
The affiliated companies have been tight-lipped about the breach, which they said occurred Sept. 20.
Until The Inquirer asked for information, the company had not disclosed the data breach to affected members, most of whom live in Philadelphia and nearby counties.
Federal patient-privacy laws, which have been strengthened as the push toward electronic medical records advances, require that companies report major data breaches to the individuals, to the U.S. Secretary of Health and Human Resources, to the media, and to appropriate "business associates," in this case defined as the Pennsylvania Department of Public Welfare.
The federal website explaining the law says that breaches must be reported "without unreasonable delay and in no case later than 60 days."
Medicaid is funded jointly by federal and state governments. Pennsylvania's agreement appears to require a report within two days. Myers said it was unclear when the companies reported the incident. The federal government did not respond on time.
On Wednesday, the companies refused to offer any explanation of how the incident happened.
They would not say how they know the computer drive was lost, not stolen. They would not comment on the riskiness of taking the drive to health fairs, nor would they say whether the data on the drive was encrypted.
The companies refused to say whether they reported the incident to the federal government, as required.
At 4 p.m. Wednesday, after many requests for follow-up information, the companies issued this statement:
"At Keystone Mercy Health Plan and AmeriHealth Mercy Health Plan, our number one priority is our members. Since reporting this unfortunate incident to the Department of Public Welfare, we have actively and responsibly executed a multifaceted plan to inform those affected, while also evaluating and enhancing our security measures to ensure this does not happen again."
Keystone Mercy Health Plan provides insurance to 300,000 Medicaid members in Philadelphia, Bucks, Montgomery, Delaware, and Chester Counties. AmeriHealth serves 100,000 in a 15-county arc running from Harrisburg to northeastern Pennsylvania.
The two companies are jointly owned by Independence Blue Cross and the Mercy Health System.
http://www.philly.com/philly/business/105415178.html?viewAll=y#ixzz137BTSywJ
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Now, if they had been using a cell phone to store Electronic Health Records, as InstaCare intends to do, then they might have tracked down the location of the device and retrieved it, or even remotely erased the contents, rendering it useless.
All just my opinion...
VV
Indicated Common Shares in both cases
all SEC filings:
http://knobias.10kwizard.com/files.php?alld=ON&sym=inkn&Submit=Go
VV
from Xpound - "A Deeper Look at Today's Markets" for Oct22:
"Bullish Flow
Nvidia (NVDA) shares are seeing relative strength and active call activity Friday. Shares moved higher in active trading and are up 61 cents to $11.70 after renewed takeover speculation surfaced in the name. It's unsubstantiated, but seems to be the catalyst for the gains in the shares and the increasing call activity. About 19,000 contracts traded in the name so far, which is more than double normal volume and about 10X the day's put volume in NVDA. Players are active in the November and December 11, 12 and 13 call options, as short-term speculators seem to be dominating the action in NVDA early Friday."
excerpt from OptionsXpress newsletter
VV