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Naked Short Selling
SEC Enhances Investor Protections Against Naked Short Selling
FOR IMMEDIATE RELEASE
2008-143
Washington, D.C., July 15, 2008 - The Securities and Exchange Commission today issued an emergency order to enhance investor protections against "naked" short selling in the securities of Fannie Mae, Freddie Mac, and primary dealers at commercial and investment banks.
The SEC's order will require that anyone effecting a short sale in these securities arrange beforehand to borrow the securities and deliver them at settlement. The order will take effect at 12:01 a.m. ET on Monday, July 21. In addition to this emergency order, the SEC will undertake a rulemaking to address these issues across the entire market.
"The SEC's mission to protect investors, maintain orderly markets, and promote capital formation is more important now than it has ever been," said SEC Chairman Christopher Cox. "Today's Commission action aims to stop unlawful manipulation through 'naked' short selling that threatens the stability of financial institutions. We will continue our vigorous commitment to investors by working within the SEC and in close cooperation with our regulatory counterparts to promote the continued health and vibrancy of our markets."
The Commission's emergency order, pursuant to its authority under Section 12(k)(2) of the Securities Exchange Act of 1934, will be effective at 12:01 a.m. ET on July 21, 2008 and will terminate at 11:59 p.m. ET on July 29, 2008. The Commission may extend the order to continue it in effect thereafter if the Commission determines that the continuation of the order is necessary in the public interest and for the protection of investors, but for no more than 30 calendar days in total duration.
# # #
The securities identified in the Commission's order:
Company Ticker Symbol(s)
BNP Paribas Securities Corp. BNPQF or BNPQY
Bank of America Corporation BAC
Barclays PLC BCS
Citigroup Inc. C
Credit Suisse Group CS
Daiwa Securities Group Inc. DSECY
Deutsche Bank Group AG DB
Allianz SE AZ
Goldman, Sachs Group Inc GS
Royal Bank ADS RBS
HSBC Holdings PLC ADS HBC and HSI
J. P. Morgan Chase & Co. JPM
Lehman Brothers Holdings Inc. LEH
Merrill Lynch & Co., Inc. MER
Mizuho Financial Group, Inc. MFG
Morgan Stanley MS
UBS AG UBS
Freddie Mac FRE
Fannie Mae FNM
http://www.sec.gov/news/press/2008/2008-143.htm
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Home | Previous Page Modified: 07/15/2008
SEC Enhances Investor Protections Against Naked Short Selling
FOR IMMEDIATE RELEASE
2008-143
Washington, D.C., July 15, 2008 - The Securities and Exchange Commission today issued an emergency order to enhance investor protections against "naked" short selling in the securities of Fannie Mae, Freddie Mac, and primary dealers at commercial and investment banks.
The SEC's order will require that anyone effecting a short sale in these securities arrange beforehand to borrow the securities and deliver them at settlement. The order will take effect at 12:01 a.m. ET on Monday, July 21. In addition to this emergency order, the SEC will undertake a rulemaking to address these issues across the entire market.
"The SEC's mission to protect investors, maintain orderly markets, and promote capital formation is more important now than it has ever been," said SEC Chairman Christopher Cox. "Today's Commission action aims to stop unlawful manipulation through 'naked' short selling that threatens the stability of financial institutions. We will continue our vigorous commitment to investors by working within the SEC and in close cooperation with our regulatory counterparts to promote the continued health and vibrancy of our markets."
The Commission's emergency order, pursuant to its authority under Section 12(k)(2) of the Securities Exchange Act of 1934, will be effective at 12:01 a.m. ET on July 21, 2008 and will terminate at 11:59 p.m. ET on July 29, 2008. The Commission may extend the order to continue it in effect thereafter if the Commission determines that the continuation of the order is necessary in the public interest and for the protection of investors, but for no more than 30 calendar days in total duration.
# # #
The securities identified in the Commission's order:
Company Ticker Symbol(s)
BNP Paribas Securities Corp. BNPQF or BNPQY
Bank of America Corporation BAC
Barclays PLC BCS
Citigroup Inc. C
Credit Suisse Group CS
Daiwa Securities Group Inc. DSECY
Deutsche Bank Group AG DB
Allianz SE AZ
Goldman, Sachs Group Inc GS
Royal Bank ADS RBS
HSBC Holdings PLC ADS HBC and HSI
J. P. Morgan Chase & Co. JPM
Lehman Brothers Holdings Inc. LEH
Merrill Lynch & Co., Inc. MER
Mizuho Financial Group, Inc. MFG
Morgan Stanley MS
UBS AG UBS
Freddie Mac FRE
Fannie Mae FNM
http://www.sec.gov/news/press/2008/2008-143.htm
--------------------------------------------------------------------------------
Home | Previous Page Modified: 07/15/2008
His worthless updates have nothing to do with this stock being Pumped and Dumped.
World's biggest PUMP&DUMP!!! BAR NONE!!!
Did you ever hear from the SEC?
What for? To hear him laugh?
I dunno, but he didn't lie when he said weekly. Did he?
This stock only has self-inflicted wounds. All we did was buy it.
Give that to CC company.
That's all I want. No movement means no more money for Peter.
Nevermind. Just pump it and flip on the next sucker to walk in the room.
Which why I say put a warning in the iBox.
He has accomplished some sales. A revenue stream that should show up in the pps and it has not.
If I call him and actually get him on the phone I would expect nothing more than a pack of lies from a smooth talker who has bilked a number of people here out of $1M+.
If he can pull off any of what he has said it will probably take a couple of years(Build a building, R&D a new car). By that time the oil crisis may have subsided and he may swing up, but he will still have to sell record numbers to make it big enough for this to go somewhere. By that time he could also give up, close up shop, and leave with a chunk of change. I say keep after him. Don't let think we are going to forget his promises and our investment.
Just quietly let people passing through know the SH are investigating this stock for lies and manipulation that keep the pps in the dumper.
And a warning in the iBox to protect new investors.
Welcome back eye! Now update the share structure in the iBox and put a little truth about Peter and his business practices based on facts in there while your at it.
I have enough to complain, but not enough to call Peter and ask him wtf he is doing.
i'm going to lunch now, be back in 45 min.
If I lived close enough I would go down there and find out for my self.
Requires dedication and you must believe in the stock. I have money in here but seem to have lost belief.
If the shoe fits.
The iBox should provide well informed facts so investors can decide for themselves if this is a good investment.
Nothing will help our investment. Peter is a crook. Why should someone else not benefit from our loss and lose his or her money in this sinkhole?
A warning sign to that effect should be put in the iBox.
This line "Revenge Designs is now operating closely with Harrop Engineering as a Master Distribution Center" just means that Revenge is a reseller. They didn't mention Harrop USA or Australia did they?
http://www.harropusa.com/
http://www.harrop.com.au/
With the current AS/OS they need about $25 million in equity to raise the pps $.01 a share.
That could be 1 car.
That sounds real encouraging. I hope its worth waiting around to see the results.
Did anybody bother to ask Peter what he wants Revenge for? Is it the US or anybody he can rob?
He should make previous updates available. Oh well no evidence of his lies.
How long can this go on waiting for the mother lode to come in before it is a bust?
Peter has a PR and dilute mentality. It's like ammo and he has both barrels loaded.
By using AS I mean Peter still has the threat to introduce shares into the float as business/revenue indicates the pps should go up to keep it down. Also to counter a wrongly worded PR that might cause the pps to rise. Which is what I mean by "PR and dilute".
Yeah
From investors.com
Authorized Stock
The maximum number of shares that a corporation is legally permitted to issue, as specified in its articles of incorporation. This figure is usually listed in the capital accounts section of the balance sheet.
Outstanding Shares
Stock currently held by investors, including restricted shares owned by the company's officers and insiders, as well as those held by the public. Shares that have been repurchased by the company are not considered outstanding stock.
Float
The total number of shares publicly owned and available for trading. The float is calculated by subtracting restricted shares from outstanding shares
About.com
Restricted Shares – Restricted shares refer to company stock used for employee incentive and compensation plans. Restricted stockowners need permission of the SEC to sell.
There is a waiting period after a company first goes public where insiders’ restricted stock is frozen. When insiders want to sell their stock, they must file a form with the SEC declaring their intention. Even insiders of established companies must file with the SEC before selling their restricted stock.
He gets paid that many times too!
With a 2.5 billion AS 25 million won't budge this dead weight.