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WE should DEMAND Megas bring filings uptodate
OT: I'm not getting into a whizzing contest with you tonight. Go deal with your issues. LOL mood swings. Are you sure you aren't....naw never mind.
,,,,,,,Thank God he got enough sells off at .004 or he couldn't stand himself. Poor little feller.
LOL who bashes their own stock....hmmmmmmmmm
Does Megas always put so much thought into his 5 word, one sentence replies. Geeeeeeeeeeeeesh!
IT'S TIME TO RADICAL FOLKS!!!!!
,,,,,,,When is the payoff. LOOKS LIKE GVRP ALL OVER AGAIN. Run the clock out.
Excellent info [Posted by: xxxxxxx
In reply to: None Date:10/17/2005 3:50:08 PM
Post #of 3693
YAHOOOO ECC RAM received....New Data Center starting up TONITE!!! DNS Changeover will take 48-72 hours from Network Solutions...Finally speed to burn....Light em up..:)
,,,,,,,Any updates on the DATA CENTER we are PAST DUE for news
Uh Where does it state that in the disclaimer...
Good work,,,,thanks Datatech
SEC sets the "rule for SHO listings" Nasdaq has nothing to do with it. Your question was why isn't IDWS not on the sho list?? A answer and regulation source was provided... I'll quote for those seeing this again for the first time. (see below)What part don't you understand. It can't get any clearer...
This is taken from April 2005
"Threshold securities only include issuers registered or required to file reports with the Commission ("reporting companies").17 Therefore, securities of issuers that are not registered or required to file reports with the Commission, which includes the majority of issuers on the Pink Sheets,18 cannot be threshold securities. This is because the SROs need to look to the total outstanding shares of the issuer in order to calculate whether or not the securities meet the definition of a "threshold security." For non-reporting companies, reliable information on total outstanding shares is difficult to determine
http://www.sec.gov/spotlight/keyregshoissues.htm
Full disclosure: Riding 85k free shares. Looking to add when divy date is announced.
This is all based on my dd and my opinion.
,,,Notice the word "Majority of..."This is taken from April 2005
"Threshold securities only include issuers registered or required to file reports with the Commission ("reporting companies").17 Therefore, securities of issuers that are not registered or required to file reports with the Commission, which includes the majority of issuers on the Pink Sheets,18 cannot be threshold securities. This is because the SROs need to look to the total outstanding shares of the issuer in order to calculate whether or not the securities meet the definition of a "threshold security." For non-reporting companies, reliable information on total outstanding shares is difficult to determine
http://www.sec.gov/spotlight/keyregshoissues.htm
Full disclosure: Riding 85k free shares. Looking to add when divy date is announced.
This is all based on my dd and my opinion.
In some cases where the OS can be verified through a TA or a reporting company.
This is the fine point.
This is taken from April 2005
"Threshold securities only include issuers registered or required to file reports with the Commission ("reporting companies").17 Therefore, securities of issuers that are not registered or required to file reports with the Commission, which includes the majority of issuers on the Pink Sheets,18 cannot be threshold securities. This is because the SROs need to look to the total outstanding shares of the issuer in order to calculate whether or not the securities meet the definition of a "threshold security." For non-reporting companies, reliable information on total outstanding shares is difficult to determine
http://www.sec.gov/spotlight/keyregshoissues.htm
Full disclosure: Riding 85k free shares. Looking to add when divy date is announced.
This is all based on my dd and my opinion.
,,Excuse me,,,Since when did IDWS GO TO THE OTC????
Because! "Threshold securities only include issuers registered or required to file reports with the Commission ("reporting companies").17 Therefore, securities of issuers that are not registered or required to file reports with the Commission, which includes the majority of issuers on the Pink Sheets,18 cannot be threshold securities. This is because the SROs need to look to the total outstanding shares of the issuer in order to calculate whether or not the securities meet the definition of a "threshold security." For non-reporting companies, reliable information on total outstanding shares is difficult to determine
http://www.sec.gov/spotlight/keyregshoissues.htm
Full disclosure: Riding 85k free shares. Looking to add when divy date is announced.
This is all based on my dd and my opinion.
WORD IS...Datatech's coming back! YEAAAAAAAAAH!!!!!
Disclaimer: Riding 85k free shares. Looking to add when divy date is announced.
This is all based on my dd and my opinion.
HUH...DATATECH is a girl????????????? WHAAAAAAT!!!!!!!!!!!!
OT:Where's Datatech...Free Datatech
$41M??It would be in TYCO's filings or PR. NOT HAPPENING.
IT'S NOT TYCO..
Disclaimer: Riding 85k free shares. Looking to add when divy date is announced.
This is all based on my dd and my opinion.
,,,,,,,I know it's NOT TYCO No way..No how
,,,,,,,EVEN if it were a stock divy We still win. Cheers!
Disclaimer: Riding 85k free shares. Looking to add when divy date is announced.
This is all based on my dd and my opinion.
,,,No one's trying to silence desent. WHERE WERE YOU GUYS 2MONTHS AGO!!!! That's the point....We have been here 2months(literally down in the basement) and lo and behold when this sucker takes off from what .09 to .65 (you newbies appear all at once) If there is scam here i will be one of the first to see it and blow this sucker up. Elgindy and Janice knows me. Until then...i give the CEO his due....or his own rope. Hope all make a killing.
Disclaimer: Riding 85k free shares. Looking to add when divy date is announced.
This is all based on my dd and my opinion.
OT: This is how the basher scam works..I know these guys"From: N. Dixon Read Replies
"inching up" is just another short who is losing his shirt on a thinly traded tightly held security - REFR. Manuel Asensio was hired to extort shares from the company to cover his "friend's" short position. The company refused and the shorts launched a campaign starting in May of 2001.
Now they are STUCK w/almost 1 million shares to cover and some already have indictments and convictions.
There are more coming.
From REFR Yahoo:
For Newcomers
by: jsunrise (43/M/WHERE THE MONEY IS) 10/15/05 05:32 pm
Msg: 203723 of 203723
By: harvardbillpayer
You may wonder who to believe in the debate between bashers and longs on this board. Here's your choice:
a) You can believe the paid liars on this board who have wasted 8 years of their lives trying (but failing) to ruin REFR. If so, your belief will have to be based on their immoral and illegal claim that REFR/SPD is a "scam", supported only by a proven criminal stock manipulator whose license was revoked or,
(b)You can believe the R&D, Engineering, Manufacturing, Marketing and Sales staff of some the biggest and most successful global companies who have licensed SPD technology and are investing their own resources to bring it to market. These companies include duPont, Air Products, Hitachi, DaiNippon, NSG, Pilkington, St.Gobain, Isoclima and many others. Here your belief will have to be based on a patent estate of more than 400 patents, numerous awards for SPD smart glass technology, and customers in every major automotive and aerospace company as well as dozens of others in marine, architectural, residential and industrial markets.
Make your own investment decisions but be sure that you read the announcement several weeks ago from Isoclima in which they announce the successful introduction of next generation SPD film. This announcement was a screaming warning to anyone stupid enough to still be short. There's a whole lot of covering going on, but the bashers would sure like you to take their hairball from them so that they can move on to try to ruin some other company. That's why they are here screeching, hooting and howling louder than ever all day and night.
sounds a bit familiar...especially the last line
Where is Datatech. Why is still being held a POW
But this whole NAKED SHORT fiasco will get MAJOR SCRUTINY! THIS IS THE END
INVESTIGATETHESEC.COM
They don't have to cover just FILE CH.11 CRIMINALS!!!
What part of the SEC permitted this to happen in BATCH's essay
you don't understand.
Could you explain away TYCO: " The company recently announced that its IDS Homeland Security Division, under an Exclusive Territory Agreement with Digital Securities Controls, Ltd., a division of Tyco International, has received a record-number 4,000 new client orders in the current quarter representing a 2,600 percent increase over the second quarter of 2005. IDS generates revenue from both security product installations and reoccurring monthly monitoring fees."
That 10 day window is closing....Divy record date Next up!
,,,,,,,This should be our week! Herrre shorty.
,,,,,Sure is quiet...From: Patrick Downs [mailto:]
Sent: Tuesday, August 16, 2005 3:34 PM
To: salamon.brothersverizon
Cc: rsg@tngroupllc
Subject: RE: IDWS term sheet
Howard, IDS has chosen not to do any equity based financing at these stock price levels. IDS will use vendor based financing for its current needs. IDS
will keep your company updated. Thanks. Pat
- - - - -
For a bad dude he sure did tell these vultures to take a flying
leap into Lake New orleans. You would think... like all scammys
he would take the money and run... dilute us commons into oblivion. Because we ALL know how desparate scammer he is these days...Not!Next week IDWS kickoff. I'll take my salaman smoked..
(IDWS)---Oct 13, 2005 (M2 PRESSWIRE via COMTEX) -- MarketGainer.com strives to find dynamic issues that are unknown but because of their technology, approach, executive team, recent discoveries or other key factors, could advance in the market. MarketGainer.com has identified the following company based on these criteria. IDS Worldwide Solutions (OTCBB:IDWS), a company that has invested seven years and millions of dollars in developing technology, infrastructure, personnel, and expertise in today's hottest global growth market segments, as well as engineering, manufacturing, software development, homeland security, and biometric identification systems with operations in the United States, the U.S. Virgin Islands, and Lahore, Pakistan. IDS has experience in all aspects of international trade and supply chain solutions.
IDS is surging ahead in the market today up 38% on just under 1 million shares trading hands. Since Friday of last week the share price for the company has jumped from $.20 to $.36 by the end of the market yesterday. The rise of the company's share value over the last week was in response to IDS's announcement on Tuesday, October 11 that it had concluded the negotiations for the buyout of the company's Homeland Security Division (HLS) in a deal valued at $40 million before certain closing costs. Today's share price is moving upward in a rapid fashion and is currently sitting $.50. Investment in IDS is continuing to shine because the today IDS Worldwide updated Tuesday's Press Release that it has concluded the negotiations for the buyout of their Homeland Security Division with the closing deal determined to be now valued at $41.5 million before certain closing costs.
IDS has been able to determine the one time special dividend value to be higher than the previously announced range of $.37 to $.87. Certain final closing agreements have now upgraded the range of the one time special dividend value to the shareholders to $.87 and $1.01 per common stock share of IDS Worldwide.
IDS plans to conclude in the next 48 hours discussion with Tax counsel to determine the exact dividend after closing costs and corporate tax considerations. In any event the value will be at least $.87 per common stock share.
Market Gainer will be diligent in its efforts to track the latest developments that are emerging from the sale of IDS's Homeland Security Division. There could be a promising future for this diverse company in the coming months.
,,,,,,,Listen-up IDWS KICKOFF next week --MoneyMade
I'm honored! I had no idea who you were....bartermania
good work
http://www.investorshub.com/boards/board.asp?board_id=3319
More on the REFCO counterfit fraud...."REFCO, or Why I Learned to Love The Bomb - 10/14/05" from: http://www.ncans.net/info/
Joined: 19 Sep 2005
Posts: 6
Posted: Fri Oct 14, 2005 12:50 pm Post subject: REFCO, or Why I Learned to Love The Bomb - 10/14/05
--------------------------------------------------------------------------------
REFCO is apparently shuttering its offshore operations, obviously because now that it has had to fess up to its massive contingent liability, which it had shunted off to a special purpose entity to get the liability off-balance-sheet, it is essentially insolvent. That's my bet.
From a Newsday article today comes a hint of things to come: "In addition, the company's credit ratings were slashed, with Standard & Poor's warning that there was "substantial doubt" about the entire company's liquidity. And analysts said that although its other subsidiaries appear to be running normally, Refco's customers may decide to move their accounts elsewhere."
Substantial doubt. About the entire company's liquidity. Got it.
That's Wall Street's way of saying run for the hills, turn off the lights, it's all over but the lawuits. At least that is how I interpret it in my current pessimistic mood.
There are a couple of noteworthy observations to make here. The first is that *supposedly* everyone involved in the IPO missed looking for special purpose entities used to hide contingent liabilities, now turning out to be mainly naked short sales.
They could have read this editorial blog, where it was hypothesized repeatedly that exactly that is going on, at ALL the publicly traded investment banks and prime brokers, to hide the ex-clearing nightmare.
In fact, I recently had a chit chat with a regulator wherein my message was that I would bet a dollar that the ex-clearing larceny would make the S&L fiasco look like a trip to Club Med. I opined that special purpose entities were being used to hide the billions of dollars of failed shares being kited back and forth in the brokerage community outside of the DTC system, just ledgered back and forth, creating countless effective counterfeit shares for which the contingent liability, should the brokers ever have to cover them or deliver them, could easily outstrip the resources and NAV of that august community, in toto.
And then REFCO blows up, a week or so after that chat. And it turns out that their NAV is inadequate to cover the contingent liability, by all accounts.
Huh.
My question is, how did the accountants and the investment bankers all miss what the Easter Bunny felt was clear as the whiskers on his face? Aren't these really smart guys? It's the same question I had when Enron and Worldcom and Adelphia were blowing up. Is it possible for accountants and Wall Street MBA's to completely miss fraud and larceny on a panoramic scale?
I don't think so.
I think that REFCO was taken public so that the investment bankers who were invested in REFCO, one way or another, either via equity, or relationships, or credit lines, could foist their bad bet off on the investing public. They laid it off on the rubes that bought the stock, and by the time the smoke cleared, they were whole and the investors were holding the bag.
I think that the investment bank that took them public had to understand what a lovable holiday rodent who specializes as a delivery system for chocolaty treats intuited the first time he got a good look at the system's true outline.
I think that the accountants had to know that there was a systemic, long term problem at the firm that was key in the Rhino/Operation Bermuda Shorts sting, that did Hilary Clinton's questionable commodity trades, that worked hand in hand with Laderman on so many PIPE deals.
I think that REFCO will mark the true end of innocence for many who believe that the financial markets are safe, and that regulators, accountants and investment bankers are any sort of a protection against wholesale fraud. I believe that this will signal the commencement of a run on the stock bank, as confidence in the system is deservedly adjusted to a realistic level - i.e. none at all.
There is no assurance that any of the shares traded today in your favorite company are actually shares. There is no assurance that you will ever receive what you are paying your hard earned money for. There is no assurance that you aren't being lied to, regularly and fluently, by a system that lies habitually and then pretends that it doesn't have any idea what you are talking about.
Witness that the folks being brought in to consult on how to manage the explosion at REFCO are the same folks who took them public, supposedly missing the entire scandal. Doesn't this look a trifle like they are being brought in so that they can cover their tracks and the tracks of the rest of the gang? I mean, you bring in someone else and they might pull the fire alarm within an hour and demand that everyone be arrested - at least if you are managing the process you can apply the same awe-inspiring skill set that cost investors everything, and likely find no fault in your own actions.
The fact that the SEC is allowing this farce to continue for even one more day is more shocking than the depth of the betrayal by the company and their underwriters and accountants. It signals that at all costs, the interests of criminals on Wall Street will be protected, even if it costs the investors (and ultimately taxpayers, if I'm right) hundreds and hundreds of billions, before this is all over.
If you think that's inflammatory, here's the math. REFCO has about half a billion of contingent liabilities largely in the form of naked shorted shares that they have never covered, as far as I can tell. As their liquidation takes place those shares will get bought, and the first shares will be bought for a dollar, the next for two, the next for five, the next for ten. Half a billion could easily go to tens of billions, and REFCO is just one small company.
Now imagine if I am correct, and this type of problem exists on a massive scale throughout the Wall Street community, as the FTD's and ex-clearing problem suggests. Let's say that it is a $25 billion problem today, marked to market. So then the first shares have to get bought in, and it becomes a $50 billion dollar problem. Then the next shares get bought in and it becomes a $100 billion dollar problem. And only 5% of the liability has been covered.
Starting to catch on to how the math works against the market pretty quickly, and how the interests of that market are in ensuring that certain "hot" stocks never go up very far?
Dr. Byrne couldn't get a lousy 25K shares he bought on August 8th delivered for two months because his OSTK shares were "hot". His dad, who bought 200K or so, still hasn't seen any, also because they are "hot".
There is an entire list of "hot" stocks, called the Reg SHO Threshold list. A lot of heat there.
So who deals with the fallout once this blows wide open? Guess what - it will be you, the taxpayer. The bad guys using offshore hedge funds won't be there to cover - their capital will be expended in the first few rounds of covering. The huge insurance companies that use those hedge funds to re-repatriate cash from their offshore subsidiaries sure as hell aren't going to step up to the plate. The dirty money being laundered through them isn't going to double and triple down to cover the cost of their past flim-flams. And Wall Street will quickly run out of NAV to cover the bill - all that money has already departed for accounts in places unknown, and it isn't about to come back to pay the piper.
No, what I see happening is some "Federal Investor Protection" boondoggle wherein the American taxpayer covers the cost of years of rampant larceny, to "protect the interests of American free markets" or some such horseshit. No doubt it will feature a grandmother holding a puppy baking an apple pie while singing the national anthem to a newborn draped in a flag. Fists will be shaken by "outraged" Senators who will ignore that the Senate Banking Committee had for years elected to sidestep holding hearings to find out WTF is up. The reason is because they know WTF is up, and it isn't good, and they are hoping to be gone by the time it all goes south. That's my opinion.
Alternatively, we the shareholders will get the pork put to us, and instead of forcing the community to make good on its liabilities, the elected officials will do some sort of back room workout, wherein they don't have to pay the bills - for the good of God and Country.
Either scenario, we, the investing and taxpaying public, lose big, and the bad guys walk away with our money.
Mark my words. REFCO and Dr. Byrne's lawsuit mark the beginning of an ugly period of revelation for an industry run badly amok.
Now you can ask yourself, or better yet, send Shelby on the Senate Banking Committee an email, and ask what it is going to take to get them to hold the hearings they should have a year ago, and that Bennett lobbied for? How many more REFCO's and OSTK's?
And where is the special prosecutor to go after the miscreants that have engineered this national fiasco in the first place?
Get your shares in paper form. If you are on margin, transfer your account, including margin, to another broker, forcing your old one to come up with shares. This isn't a game anymore, and you have been warned of what the future holds.
And try to have a nice day.
__________________________________
Eliminate shorting. Let the companies make the market for their stocks. Trades should be public knowledge, not priviledged info.
http://www.ncans.net/info/
You mean this SEC???$1 Billion Investor Fraud Orchestrated by SEC – October 12, 2005
David Patch
Now I am not one to say I told you so but…yea maybe I am.
For the past several years I and a growing number of concerned investors have lobbied for a formal investigation into the Securities and Exchange Commissions participation in covering up massive securities fraud. We started out quietly but soon we orchestrated an on-line petition and gathered momentum. People from across the nation and across the globe came but Congress ignored our requests. Now Congress can’t deny it any longer. It is no longer just investigatetheSEC.com but ‘Time to investigatetheSEC.com’.
On Monday the news that rocked Wall Street was involving one of the largest commodities brokerage houses, Refco Inc.. Refco announced they had placed Chairman and Chief Executive Phillip Bennett and President Santo Maggio on leave regarding 4430 million in undeclared debt. Striking was that this news comes only 8 weeks after Refco Inc. went public under a heralded IPO brokered by some big Wall Street Institutions. The $22.00 August IPO grew to a $30.00 stock in no time.
By Wednesday the Department of Justice was holding a press conference announcing the criminal indictment of Chairman and CEO Phillip Bennett for securities fraud. At the root of the problem was this mysterious bad debt of $430 Million that suddenly surfaced in the Refco books. The debt had originated from a Bennett private firm; a firm managed by Santo Maggio, and was undisclosed at the time of the IPO. This debt reportedly dating back to 1998 and is identified as bad “uncollectible” debt associated with Hedge Funds.
The impact this issue has brought to Refco Inc. shareholders as been boggling. The once $30.00 stock now trades at $10.85 representing over $1 Billion in investor losses since Monday.
Who then is to blame for this most recent investor debacle? Who is responsible for the $1 Billion in investor losses? It would be easy to blame Bennett for his actions but that would be small minded. The real criminals are part of your Federal Government, the Securities and Exchange Commission. They orchestrated this entire debacle.
Time to investigatetheSEC.com.
The story of naked shorting, stock manipulation, and the Securities and Exchange Commission complacency runs deep. It runs so deep that Refco Inc. has reportedly covered up over $500 Million in bad debt, mark-to-market value on today’s stock prices, since 1998. Just last month Bennet had as much as $115 Million of the debt quietly paid down by an unnamed source presumed to be New Jersey Hedge Fund Liberty Corner Capital who was reportedly hiding this debt over the years.
Refco is presently sitting on $430 Million of bad debt associated with unsettled trades executed for hedge funds. The actual value of the debt, mark-to-market at the time of trade, is probably closer to $500 Billion than $500 Million. In other words, Refco sold $500 Billion worth of stock naked short over the years and has never covered the trades. The fails in the system represent the debt remaining on the present day value of the stock. The Hedge Funds have all but disappeared with the money on the short sale leaving the debt to Refco.
So how is it the SEC hasn’t picked this up before?
I believe they have. I believe they not only knew about Refco’s bad debt but know of many other Wall Street Institution debt of this general nature and they tried to cover it up under Regulation SHO.
In February 2003 the SEC concluded a multi-year investigation into the short-selling stock manipulation of Sedona Corporation (OTCBB; SDNA). The result of the SEC investigation was a $1 Million fine against now defunct Rhino Advisors for illegal shorting and stock manipulation.
As part of the investigation the SEC uncovered audio recordings of Rhino Executives bribing US brokers to manipulate Sedona’s stock. The SEC handed these audio recording over to the Department of Justice which led to arrest warrants being issued against Thomas and Andreas Badian. According to the arrest warrants, the audio recordings captured the bribes taking place and captured Andreas Badian telling the brokers to “sell the stock with unbridled levels of aggression” [naked short]. The recording later captured Badian congratulating the brokers on “collapsing” the stocks.
Can anybody guess where those brokers were employed?
If you haven’t guessed by now a source has confirmed they were in fact employed at Refco. The SEC handed over to the DOJ audio recordings of Refco Brokers being bribed to manipulate Sedona. And about those naked shorts used to manipulate Sedona?
For the SEC’s part in this awareness of the near destruction of an American Business, the SEC did nothing. Earlier this year Refco announced in one of their filings that they had received a ‘Wells notice’ from the SEC and was “nearing settlement for their participation in the short selling of Sedona and other matters. Refco reported to have aside $5 Million in liability. Refco also announced that President Santo Maggio would be suspended from administrative tasks for 1 year.
But doesn’t a Wells Notice indicate you uncovered something? It could not have been based solely on the audio recording of bribery and stock manipulation because that is old news – better than 2 year old news. The SEC could not be still negotiating a settlement of stock manipulation based on hard evidence gathered years ago could they?
No way. The SEC must have known about the bad debt, the unsettled trades, and the naked shorts. They have spent 4 years reviewing the case and they had to have more than just the audio recordings or the enforcement would have been settled long ago. The SEC requested trading records for their investigation and most certainly uncovered that trades have not been covered even after all these years.
It is my belief that the SEC fully knew of this bad debt, and all the other bad debt that is visualized by the daily publication of the Regulation SHO threshold list. Hundreds of companies listed as trading on excessive shares that fail settlement. We have already obtained under previous court order, trade records in Eagletech Communications (EATC) where the SEC was aware of trade fails lasting 250+ days and excused the activities. These trades executed short at near $11.00/share and only covered a year later when the stock reached a mere $.0.50.
To address the magnitude of this fraud, industry wide, the SEC incorporated a special clause in the June 2004 short selling reform, Regulation SHO, which hid this bad debt and violated the laws of the Securities Exchange Act of 1934. They created a ‘grandfather clause’. That is right, what was done before can not be touched but what takes place today can no longer be accepted as it was in the past. The ‘grandfather clause’ was intended to hide the bad debt and it may have worked had the auditors of Refco not uncorked the news.
So how does the SEC let a company go public while they are negotiating a settlement with the executives for their participation in stock manipulation and securities fraud? I am not sure but those now sitting on $1 Billion in losses in Refco should certainly be asking those questions. The SEC certainly orchestrated their losses. Refco never should have been allowed to go public.
While you’re at it ask the SEC how many other Institutions are they aware of that have similar bad debt associated with failed trades.
For the DC Beltway, Congress and specifically Senate Banking Chairman Richard Shelby (R; Al) have purposely avoided this subject matter of naked shorting. They have acknowledged that people, issuers, and State Regulators are concerned about the impact the abuse has on our economy yet have taken no actions to date. The Senate Banking Committee approved Regulation SHO and the ‘grandfather clause’ without regard to those who have suffered under the practices the clause was intended to cover up. With the Refco scandal now before us they can hide no longer. Chairman Shelby owes the people and certainly the investors of Refco an explanation as to why this happened. Why the SEC was allowed to cover up securities fraud.
As one who has been mocked repeatedly by the main stream media, I now laugh at how you professionals missed what a mere amateur has scooped you on for all these years. Where you waited for the event to unfold, I found the event and presented it. My “Timeline to financial terrorism” articles of years past are now historical reference to what you all overlooked – willingly.
To the SEC who has ostracized me for holding your feet to the fire, I will now seek the justice of accountability. Government immunity does not prevail over intent to defraud and with SHO there was intent. Mark my words the questions will come and the answers will box you in a corner. The evidence will show that the intent of the ‘grandfather clause’ was to protect the $430 Million liability of Refco and all the other Institutions carrying similar liabilities. A liability that will only grow as the mark-to-market value of these illegal trades grows as companies prosper instead of fold as you expected.
Folks, Congress it is ‘Time to investigatetheSEC.com’. Any further delays simply risk the investments of the remaining investors of these markets. This week was a $1 Billion hit, how many more weeks of this can we handle?
For this investigator and amateur writer, I will not stop until it is finally over. The people of this nation and globally who trade our markets deserve a federal Agency committed to our protection.
investigatesec.com
$1 Billion Investor Fraud Orchestrated by SEC – October 12, 2005
David Patch
Now I am not one to say I told you so but…yea maybe I am.
For the past several years I and a growing number of concerned investors have lobbied for a formal investigation into the Securities and Exchange Commissions participation in covering up massive securities fraud. We started out quietly but soon we orchestrated an on-line petition and gathered momentum. People from across the nation and across the globe came but Congress ignored our requests. Now Congress can’t deny it any longer. It is no longer just investigatetheSEC.com but ‘Time to investigatetheSEC.com’.
On Monday the news that rocked Wall Street was involving one of the largest commodities brokerage houses, Refco Inc.. Refco announced they had placed Chairman and Chief Executive Phillip Bennett and President Santo Maggio on leave regarding 4430 million in undeclared debt. Striking was that this news comes only 8 weeks after Refco Inc. went public under a heralded IPO brokered by some big Wall Street Institutions. The $22.00 August IPO grew to a $30.00 stock in no time.
By Wednesday the Department of Justice was holding a press conference announcing the criminal indictment of Chairman and CEO Phillip Bennett for securities fraud. At the root of the problem was this mysterious bad debt of $430 Million that suddenly surfaced in the Refco books. The debt had originated from a Bennett private firm; a firm managed by Santo Maggio, and was undisclosed at the time of the IPO. This debt reportedly dating back to 1998 and is identified as bad “uncollectible” debt associated with Hedge Funds.
The impact this issue has brought to Refco Inc. shareholders as been boggling. The once $30.00 stock now trades at $10.85 representing over $1 Billion in investor losses since Monday.
Who then is to blame for this most recent investor debacle? Who is responsible for the $1 Billion in investor losses? It would be easy to blame Bennett for his actions but that would be small minded. The real criminals are part of your Federal Government, the Securities and Exchange Commission. They orchestrated this entire debacle.
Time to investigatetheSEC.com.
The story of naked shorting, stock manipulation, and the Securities and Exchange Commission complacency runs deep. It runs so deep that Refco Inc. has reportedly covered up over $500 Million in bad debt, mark-to-market value on today’s stock prices, since 1998. Just last month Bennet had as much as $115 Million of the debt quietly paid down by an unnamed source presumed to be New Jersey Hedge Fund Liberty Corner Capital who was reportedly hiding this debt over the years.
Refco is presently sitting on $430 Million of bad debt associated with unsettled trades executed for hedge funds. The actual value of the debt, mark-to-market at the time of trade, is probably closer to $500 Billion than $500 Million. In other words, Refco sold $500 Billion worth of stock naked short over the years and has never covered the trades. The fails in the system represent the debt remaining on the present day value of the stock. The Hedge Funds have all but disappeared with the money on the short sale leaving the debt to Refco.
So how is it the SEC hasn’t picked this up before?
I believe they have. I believe they not only knew about Refco’s bad debt but know of many other Wall Street Institution debt of this general nature and they tried to cover it up under Regulation SHO.
In February 2003 the SEC concluded a multi-year investigation into the short-selling stock manipulation of Sedona Corporation (OTCBB; SDNA). The result of the SEC investigation was a $1 Million fine against now defunct Rhino Advisors for illegal shorting and stock manipulation.
As part of the investigation the SEC uncovered audio recordings of Rhino Executives bribing US brokers to manipulate Sedona’s stock. The SEC handed these audio recording over to the Department of Justice which led to arrest warrants being issued against Thomas and Andreas Badian. According to the arrest warrants, the audio recordings captured the bribes taking place and captured Andreas Badian telling the brokers to “sell the stock with unbridled levels of aggression” [naked short]. The recording later captured Badian congratulating the brokers on “collapsing” the stocks.
Can anybody guess where those brokers were employed?
If you haven’t guessed by now a source has confirmed they were in fact employed at Refco. The SEC handed over to the DOJ audio recordings of Refco Brokers being bribed to manipulate Sedona. And about those naked shorts used to manipulate Sedona?
For the SEC’s part in this awareness of the near destruction of an American Business, the SEC did nothing. Earlier this year Refco announced in one of their filings that they had received a ‘Wells notice’ from the SEC and was “nearing settlement for their participation in the short selling of Sedona and other matters. Refco reported to have aside $5 Million in liability. Refco also announced that President Santo Maggio would be suspended from administrative tasks for 1 year.
But doesn’t a Wells Notice indicate you uncovered something? It could not have been based solely on the audio recording of bribery and stock manipulation because that is old news – better than 2 year old news. The SEC could not be still negotiating a settlement of stock manipulation based on hard evidence gathered years ago could they?
No way. The SEC must have known about the bad debt, the unsettled trades, and the naked shorts. They have spent 4 years reviewing the case and they had to have more than just the audio recordings or the enforcement would have been settled long ago. The SEC requested trading records for their investigation and most certainly uncovered that trades have not been covered even after all these years.
It is my belief that the SEC fully knew of this bad debt, and all the other bad debt that is visualized by the daily publication of the Regulation SHO threshold list. Hundreds of companies listed as trading on excessive shares that fail settlement. We have already obtained under previous court order, trade records in Eagletech Communications (EATC) where the SEC was aware of trade fails lasting 250+ days and excused the activities. These trades executed short at near $11.00/share and only covered a year later when the stock reached a mere $.0.50.
To address the magnitude of this fraud, industry wide, the SEC incorporated a special clause in the June 2004 short selling reform, Regulation SHO, which hid this bad debt and violated the laws of the Securities Exchange Act of 1934. They created a ‘grandfather clause’. That is right, what was done before can not be touched but what takes place today can no longer be accepted as it was in the past. The ‘grandfather clause’ was intended to hide the bad debt and it may have worked had the auditors of Refco not uncorked the news.
So how does the SEC let a company go public while they are negotiating a settlement with the executives for their participation in stock manipulation and securities fraud? I am not sure but those now sitting on $1 Billion in losses in Refco should certainly be asking those questions. The SEC certainly orchestrated their losses. Refco never should have been allowed to go public.
While you’re at it ask the SEC how many other Institutions are they aware of that have similar bad debt associated with failed trades.
For the DC Beltway, Congress and specifically Senate Banking Chairman Richard Shelby (R; Al) have purposely avoided this subject matter of naked shorting. They have acknowledged that people, issuers, and State Regulators are concerned about the impact the abuse has on our economy yet have taken no actions to date. The Senate Banking Committee approved Regulation SHO and the ‘grandfather clause’ without regard to those who have suffered under the practices the clause was intended to cover up. With the Refco scandal now before us they can hide no longer. Chairman Shelby owes the people and certainly the investors of Refco an explanation as to why this happened. Why the SEC was allowed to cover up securities fraud.
As one who has been mocked repeatedly by the main stream media, I now laugh at how you professionals missed what a mere amateur has scooped you on for all these years. Where you waited for the event to unfold, I found the event and presented it. My “Timeline to financial terrorism” articles of years past are now historical reference to what you all overlooked – willingly.
To the SEC who has ostracized me for holding your feet to the fire, I will now seek the justice of accountability. Government immunity does not prevail over intent to defraud and with SHO there was intent. Mark my words the questions will come and the answers will box you in a corner. The evidence will show that the intent of the ‘grandfather clause’ was to protect the $430 Million liability of Refco and all the other Institutions carrying similar liabilities. A liability that will only grow as the mark-to-market value of these illegal trades grows as companies prosper instead of fold as you expected.
Folks, Congress it is ‘Time to investigatetheSEC.com’. Any further delays simply risk the investments of the remaining investors of these markets. This week was a $1 Billion hit, how many more weeks of this can we handle?
For this investigator and amateur writer, I will not stop until it is finally over. The people of this nation and globally who trade our markets deserve a federal Agency committed to our protection.
investigatesec.com
$1 Billion Investor Fraud Orchestrated by SEC – October 12, 2005
David Patch
Now I am not one to say I told you so but…yea maybe I am.
For the past several years I and a growing number of concerned investors have lobbied for a formal investigation into the Securities and Exchange Commissions participation in covering up massive securities fraud. We started out quietly but soon we orchestrated an on-line petition and gathered momentum. People from across the nation and across the globe came but Congress ignored our requests. Now Congress can’t deny it any longer. It is no longer just investigatetheSEC.com but ‘Time to investigatetheSEC.com’.
On Monday the news that rocked Wall Street was involving one of the largest commodities brokerage houses, Refco Inc.. Refco announced they had placed Chairman and Chief Executive Phillip Bennett and President Santo Maggio on leave regarding 4430 million in undeclared debt. Striking was that this news comes only 8 weeks after Refco Inc. went public under a heralded IPO brokered by some big Wall Street Institutions. The $22.00 August IPO grew to a $30.00 stock in no time.
By Wednesday the Department of Justice was holding a press conference announcing the criminal indictment of Chairman and CEO Phillip Bennett for securities fraud. At the root of the problem was this mysterious bad debt of $430 Million that suddenly surfaced in the Refco books. The debt had originated from a Bennett private firm; a firm managed by Santo Maggio, and was undisclosed at the time of the IPO. This debt reportedly dating back to 1998 and is identified as bad “uncollectible” debt associated with Hedge Funds.
The impact this issue has brought to Refco Inc. shareholders as been boggling. The once $30.00 stock now trades at $10.85 representing over $1 Billion in investor losses since Monday.
Who then is to blame for this most recent investor debacle? Who is responsible for the $1 Billion in investor losses? It would be easy to blame Bennett for his actions but that would be small minded. The real criminals are part of your Federal Government, the Securities and Exchange Commission. They orchestrated this entire debacle.
Time to investigatetheSEC.com.
The story of naked shorting, stock manipulation, and the Securities and Exchange Commission complacency runs deep. It runs so deep that Refco Inc. has reportedly covered up over $500 Million in bad debt, mark-to-market value on today’s stock prices, since 1998. Just last month Bennet had as much as $115 Million of the debt quietly paid down by an unnamed source presumed to be New Jersey Hedge Fund Liberty Corner Capital who was reportedly hiding this debt over the years.
Refco is presently sitting on $430 Million of bad debt associated with unsettled trades executed for hedge funds. The actual value of the debt, mark-to-market at the time of trade, is probably closer to $500 Billion than $500 Million. In other words, Refco sold $500 Billion worth of stock naked short over the years and has never covered the trades. The fails in the system represent the debt remaining on the present day value of the stock. The Hedge Funds have all but disappeared with the money on the short sale leaving the debt to Refco.
So how is it the SEC hasn’t picked this up before?
I believe they have. I believe they not only knew about Refco’s bad debt but know of many other Wall Street Institution debt of this general nature and they tried to cover it up under Regulation SHO.
In February 2003 the SEC concluded a multi-year investigation into the short-selling stock manipulation of Sedona Corporation (OTCBB; SDNA). The result of the SEC investigation was a $1 Million fine against now defunct Rhino Advisors for illegal shorting and stock manipulation.
As part of the investigation the SEC uncovered audio recordings of Rhino Executives bribing US brokers to manipulate Sedona’s stock. The SEC handed these audio recording over to the Department of Justice which led to arrest warrants being issued against Thomas and Andreas Badian. According to the arrest warrants, the audio recordings captured the bribes taking place and captured Andreas Badian telling the brokers to “sell the stock with unbridled levels of aggression” [naked short]. The recording later captured Badian congratulating the brokers on “collapsing” the stocks.
Can anybody guess where those brokers were employed?
If you haven’t guessed by now a source has confirmed they were in fact employed at Refco. The SEC handed over to the DOJ audio recordings of Refco Brokers being bribed to manipulate Sedona. And about those naked shorts used to manipulate Sedona?
For the SEC’s part in this awareness of the near destruction of an American Business, the SEC did nothing. Earlier this year Refco announced in one of their filings that they had received a ‘Wells notice’ from the SEC and was “nearing settlement for their participation in the short selling of Sedona and other matters. Refco reported to have aside $5 Million in liability. Refco also announced that President Santo Maggio would be suspended from administrative tasks for 1 year.
But doesn’t a Wells Notice indicate you uncovered something? It could not have been based solely on the audio recording of bribery and stock manipulation because that is old news – better than 2 year old news. The SEC could not be still negotiating a settlement of stock manipulation based on hard evidence gathered years ago could they?
No way. The SEC must have known about the bad debt, the unsettled trades, and the naked shorts. They have spent 4 years reviewing the case and they had to have more than just the audio recordings or the enforcement would have been settled long ago. The SEC requested trading records for their investigation and most certainly uncovered that trades have not been covered even after all these years.
It is my belief that the SEC fully knew of this bad debt, and all the other bad debt that is visualized by the daily publication of the Regulation SHO threshold list. Hundreds of companies listed as trading on excessive shares that fail settlement. We have already obtained under previous court order, trade records in Eagletech Communications (EATC) where the SEC was aware of trade fails lasting 250+ days and excused the activities. These trades executed short at near $11.00/share and only covered a year later when the stock reached a mere $.0.50.
To address the magnitude of this fraud, industry wide, the SEC incorporated a special clause in the June 2004 short selling reform, Regulation SHO, which hid this bad debt and violated the laws of the Securities Exchange Act of 1934. They created a ‘grandfather clause’. That is right, what was done before can not be touched but what takes place today can no longer be accepted as it was in the past. The ‘grandfather clause’ was intended to hide the bad debt and it may have worked had the auditors of Refco not uncorked the news.
So how does the SEC let a company go public while they are negotiating a settlement with the executives for their participation in stock manipulation and securities fraud? I am not sure but those now sitting on $1 Billion in losses in Refco should certainly be asking those questions. The SEC certainly orchestrated their losses. Refco never should have been allowed to go public.
While you’re at it ask the SEC how many other Institutions are they aware of that have similar bad debt associated with failed trades.
For the DC Beltway, Congress and specifically Senate Banking Chairman Richard Shelby (R; Al) have purposely avoided this subject matter of naked shorting. They have acknowledged that people, issuers, and State Regulators are concerned about the impact the abuse has on our economy yet have taken no actions to date. The Senate Banking Committee approved Regulation SHO and the ‘grandfather clause’ without regard to those who have suffered under the practices the clause was intended to cover up. With the Refco scandal now before us they can hide no longer. Chairman Shelby owes the people and certainly the investors of Refco an explanation as to why this happened. Why the SEC was allowed to cover up securities fraud.
As one who has been mocked repeatedly by the main stream media, I now laugh at how you professionals missed what a mere amateur has scooped you on for all these years. Where you waited for the event to unfold, I found the event and presented it. My “Timeline to financial terrorism” articles of years past are now historical reference to what you all overlooked – willingly.
To the SEC who has ostracized me for holding your feet to the fire, I will now seek the justice of accountability. Government immunity does not prevail over intent to defraud and with SHO there was intent. Mark my words the questions will come and the answers will box you in a corner. The evidence will show that the intent of the ‘grandfather clause’ was to protect the $430 Million liability of Refco and all the other Institutions carrying similar liabilities. A liability that will only grow as the mark-to-market value of these illegal trades grows as companies prosper instead of fold as you expected.
Folks, Congress it is ‘Time to investigatetheSEC.com’. Any further delays simply risk the investments of the remaining investors of these markets. This week was a $1 Billion hit, how many more weeks of this can we handle?
For this investigator and amateur writer, I will not stop until it is finally over. The people of this nation and globally who trade our markets deserve a federal Agency committed to our protection.
investigatesec.com
Why did you lie Janice??? Patrick turned down Toxic financing.
He refused to dilute commons. Why didn't you tell the truth in your rush to judgement. I used to hold you in high esteem for your work but now i know you have a motive here.
From: Patrick Downs [mailto:]
Sent: Tuesday, August 16, 2005 3:34 PM
To: salamon.brothersverizon
Cc: rsg@tngroupllc
Subject: RE: IDWS term sheet
Howard, IDS has chosen not to do any equity based financing at these
stock
price levels. IDS will use vendor based financing for its current needs.
IDS
will keep your company updated. Thanks. Pat
$1.25-$3.20 Best case scenario. Hahaaa
,,,,,,,Watch your language. TOS'd