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They did not have any requests to submit bearing in mind the DTC lock meant that there wasn't actually a shed load of trading going on.
Not just DTCC, FINRA as well.
SEC are just inept and out of their depth more like having 5 year old school kids police the Gestapo than the enforcement agency for the biggest financial industry in the world.
We took that from the UNDATED DTCC notice saying BCIT was no longer DTC eligible.
We suspect that the whole FINRA & DTCC name change was a deliberate ploy to cause trading confusion and market disorientation and it worked.
We dont think they ever expected it be found out - Probably why Ms REICHER got so sarky with us. :)
This is what happens when the Financial Markets are self regulating or regulated by private corporations.
Why did the SEC accept the DTCC assertion that there was no Transfer Agent for BCIT
a) without any proof
b) without referring to their own filings and data
c) without actually seeking clarification from the company
Why bother with SEC filings if the SEC cant be arsed looking at them. Waste of bloody money
This is how the DTCC show it BCITXZ 05968X106
Janice you are clutching at straws and you know it.
So how come the SEC did not pick up on it?
Information received today shows that the DTCC along with FINRA stopped the name change.
Further information shows that the DTCC told SEC that the company called Energy Source did not have a transfer agent when it did BUT did not tell the SEC that they had stopped the name change from BCIT to Energy Source.
Further information from an informant states " The DTCC have kept saying that there is no TA for the company be because there isn't one for ES as it doesn't exist. I suggest you re-write the letter requesting the shares be returned to the TA, but substituting BCIT and giving the current cusip number."
The SEC and FINRA are controlled by the DTCC that is clear from documents we have been passed relating too this matter.
There is nobody on the lists of shareholders whose shareholding, broker, address etc fits the information and profile of grumpy.
He has said he has loads of certificates yet uses a PO BOX.
Divy - couldnt agree more
I could print those - you probably did
Never been pro BCIT
I have a drawer full of these things.
So you are admitting what most people have suspected which is that that you are involved with the fake share scam.
DTCC has advised the SEC that the global lock remained in effect because BCIT has no one is acting as the statutorily-required transfer agent in compliance with federal securities law.”
That was odd because at the time Mary SHAPRIO wrote this from the SEC, the up to date filings showed that Empire Stock Transfer was the TA.
There is no reason to waste time rebutting here... End of Discussion![/b]
Merci mon ami.
FINRA chief role is to protect investors by maintaining the fairness of the U.S. capital markets
FINRA is the largest independent regulator for all securities firms doing business in the United States.
Should you wish to comment on the above Terri.Reicher@finra.org
A full report is on its way to OIG and Senator Grassley.
We have also had contact from two over Senators.
On the advice of FINRA a report covering an allegation of perjury will be submitted to the authorities along with a a complaint to the Florida Bar of professional misconduct by a law firm in their jurisdiction.
Yes Schwabs contact the company and said they were 90 million short.
This has been pointed out to one James Guido of Schwabs.
Mr Guido has failed to acknowledge let alone respond to the letters he has been sent.
However we know that he has them because he referred to them in a letter to an investor.
Schwabs are trying a couple of excuses which are simply lies and were sent a cease and desist notice.
It is a shame, because the gentleman from Schwab who approached the company initially, said the firm wanted to do the right thing. It is not too late for them to still sort this quickly and cost effectively.
I have grown tired of the ridiculous nonsense posts
Things to remember when reading nonsense posts.
1. BCIT was the victim of a crime. It is no offence to be a victim of crime
2. TM did not know how to handle this and nor did anyone else.
3. TM turned to the SEC for assistance and for sweet FA.
4. The brokers sold at least 1.3 billion shares which they did not have.
5. The brokers have taken your money
6. The brokers have wilfully refused to deliver your shares
7. The decision to sue the shareholders was on the advice of the SEC and DTC.
8. The cusip number clerical error which prevented the company trading and led to it being de-listed cannot or will not be explained by FINRA.
9. The name change procedure was not completed by FINRA,
10. FINRA did not inform the company or other relevant parties that this name change had not been completed.
11. FINRA are unable or unwilling to explain why the name change did not get completed and why they did not advise the relevant parties.
12. Because of the actions of FINRA misleading statements were filed with the SEC
13. The DTC lock remained in force after the identified fake shares were ratified by the court case.
14. The combination of the global lock mean that although the company was still listed on the pink sheets it was in reality a none reporting grey public company.
15. Unable to generate income it could not keep paying the SEC fees for filing
16 The SEC revoked a company called Energy Source NOT Bancorp. There is nothing in those proceedings to say that ES was BCIT.
17. No fake shares have been identified or recovered since the aforementioned court case.
18 The fakes shares are now an irrelevance. All that matters is what is on the Transfer Agents register.
19. FINRA have stated in writng that despite the fact they are supposed to protect investors they have no responsibility to you who invested in BCIT.
Discussions about the controller on the certs, the restricted stamp, TM did this and TM did not do that, are LOB and simply efforts to distract you all from the truth of what has happened.
The brokers took your money and sold you shares they did not have.
SEC have failed you.
FINRA dont care about you and as for the DTCC.......
Our view was that most of the problems here were caused by inefficiency and general ineptitude on the part of the regulatory bodies and enforcement agencies.
However the more "coincidences" there are, the more the chances of there being a criminal activity.
Lets just look at FINRA in isolation.
They were responsible for the cessation of trading due to the "clerical error" with the CUSIP number. Ok, that might be genuine, but it should not be too difficult to explain, yet FIRA have not done so despite several requests.
Either they cannot or will not, which prompts the question why?
What dont they know or what are they hiding?
The there is the name change incident
Lets be very clear here, there are three distinct acts here.
1. FINRA failed to complete the name change.
2. They did not advise the company or its transfer agent that the
name change had not been completed, but instead allowed all parties to believe it had been completed. They are guilty of a serious act of omission - Now Janice, before you get all picky it may not be called the same thing in the US, but you all know what we mean.
The third incident involved the travesty of the Arbitration case.
Rules and evidence ignored, lies told and the investor in question ridiculed in what we would regard as unnecessarily derogatory language.
When asked reasonably to explain these incidents FINRA stone walled and then when pressed they not only refuse to explain they say that they have no responsibility to you the investors in BCIT.
You may all feel that you have felt this for some time, but there has been no evidence to substantiate your allegations, but there is now.
The SEC have control over FINRA. We will pass a dossier of evidence to them and the OIG to deal with.
The SEC revoked this company and have been all over it like a rash and they didn't know the name change had not gone through.
Letters are on let-bcit-trade.com
You might want to go back through the posts to see what Teri Reicher had to say but basically she and FINRA have no responsibility to you the investors.
Fact - NASDAQ/FINRA did not complete the name change process.
Fact - They did not send confirmation of the name-change to the Transfer Agent, Empire Stock Inc.
Fact - The company is called Bancorp
Fact - Bancorp has not been named in any administrative proceedings for revocation.
Fact - Bancorp has not been revoked.
Fact - If you look on the OTCBB the company shows as Bancorp
Fact - Bloomberg lists the company as Bancorp
Janice you need to get to grips with the reality of this and save a lot of time and effort before writing more nonsense posts like Megas failed to do this.
Or are you saying Megas was working the inside at FINRA and Sytner has been impersonating Mary Shaprio.
NASDAQ/FINRA did not complete the name change process and did not send confirmation of the name-change to the Transfer Agent, Empire Stock Inc.
Janice dont think Know.
what you should be asking is why did FINRA not notify the relevant parties that they had not completed the process and that includes the SEC.
It had nothing to do with Megas.
That is a very accurate synopsis.
The company like BCIT can trade but in a limited way.
If it wants to get re-listed with the SEC it needs to refile and it needs a new ticker from FINRA.
In theory dead simple, but the issues are time and cost.
We were told 500 to 700K and six months if at all ie they would find excuses to keep things from moving.
There are easier, quicker, cheaper and more sure fire ways of dealing with this.
whether we are here or not it wont change the facts.
The war claimed an estimated 15,000 to 20,000 lives.
Federal ALJs are Article III judges which I seem to recall means they have the same powers as a trial judge.
There is no criticism of the judge it is FINRA and the people who prepared the case papers.
BCIT HAS NOT BE DEALT WITH ACCORDING TO LAW AND THUS HAS NOT BEEN REVOKED.
If it is not on Empires register then it is not a BCIT certificate.
The 245 million that were identified back in 2005 were ratified by the Court judgement and covered by one cert issued by Empire on 22 feb 2006.
Anything after that is irrelevant.
Until yesterday no investors held actual certs fake or other wise.
As for the brokers, they all say they hold shares with DTC.
What are the chances of the same organisation having two serious "Clerical or administrative" Errors with the same company. First the infamous Cusip which halted it trading and then the name change which is the root of a lot of the defences put out by the brokers.
Cede and Co but they had also said they were held by electronically. Which is boys?
Ms Terri Reicher at FINRA says they have no responsibility to investors.
their problems not out ours
Allegedly Ohbull.
When you said Jumbo I thought you meant sausages and I got hungry.
End of
I am sorry I got the joke and was going to say something witty and the phone went and I got distracted because of the itching.
We told TM we should write and ask them and the SEC lawyers for a refund. Thieving gits
Terri.Reicher@finra.org
I dont think Terri and I are friends anymore.