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Wonderful advertisement for DNAPrint, which was mentioned, if I recall correctly. Tony did very well and it just came across as a most natural thing to do...for law enforcement to turn to DNAPrint for help in the future...before they had to spend all that time, money and lives diddling around with just the old-fashioned way of plain old dna testing.
It could not have been better ~ and was a testament to our science. I wish the company could find a way to obtain and distribute the tape of the show..only 30 mins...to interested shareholders, prospective buyers. They'd have to have permission, of course, but that show does sell tapes I believe and perhaps, they could give a discount for a dozen or so, sold to a corp., not to an individual.
But, no matter how great the exposure is for DNAPrint....the share price is being manipulated
constantly...shorted by some entity. I hope finally the company will investigate as to what is really going on with the trading of this stock.
If it's the lender selling short to gain more shares, that is now illegal. If it's a competitor
having a MM short it..that is now illegal.
If it's insider selling without filing..that would be illegal. I know they can file late...but surely that's not what is happening.
One doesn't sell Tiffany lamp for peanuts way ahead of an auction where it's expected to bring 80 thousand. This does not make sense..this crashing of the stock after every good event.
We could not afford to 'buy'the kind of publicity we've been getting...yet, it is for nought.
Bottom line...share price has to be supported and starting NOW! Otherwise, it could. be delisted eventually for lack of value, overall.
It is a fact that many shorts are trying to kill off the stocks they shorted heavily...so they never have to cover, when finally, some sanity come into this otcbb h@ll hole.
I suggest some of you contact former Congressman, Joe Scarborough,
of MSNBC...He hails from that general area and is very protective of it. And he's very much into protecting the rights of small business, etc.
he would raise cain about any misdeeds done to a FL. company deliberately and he'd go to the new head of the SEC Chris Cox and educate him on what is NOt being done for the sake of small public companies and their worn, letdown, disgusted, nearly broke shareholders. The more of us who shout the loudest we can..the better.
Let's not just sit here and watch this wonderful company/tech be destroyed by whomever. We all need to demand that it be treated fairly and that the trading of its stock is squeaky clean.
The time for patience is over...it's time for action.
Babe
P.S. that article I posted was from that day or the day before...(someone asked).
NASD IS PROBING NAKED SHORT SALES
By RODDY BOYD
If the National Association of Securities Dealers has its way, the naked shorts will be forced to cover up.
The NASD has requested data from the stock-lending operations of Wall Street giants in a bid to get to the bottom of what one regulator has called an epidemic of so-called naked shorting.
The requests went out to dealers large and small, from Morgan Stanley to Janney Montgomery Scott.
Naked shorting occurs when a short seller hoping to profit from a decline in a stock's price fails to borrow shares prior to establishing the position.
The practice has the potential to swamp thinly traded stocks with sell orders; numerous companies have argued that naked shorting has forced their stock prices below minimum listing requirements.
While always technically illegal, the Securities and Exchange Commission enacted Regulation SHO in January to curb the practice once and for all.
One individual at a large Wall Street firm that received the NASD's request said that it focused on stock loans resulting in trades that do not settle properly.
Regulators and anti-naked shorting advocates argue that dealers lend out more shares than are publicly available to trade.
An SEC official confirmed that no complaints have been brought in the nine months since Regulation SHO went into effect.
One avenue where additional pressure will be put on the Feds to act is the state level.
Ralph Lambiase, the head of the Connecticut division of securities and business investments, is said to be heading up an 11-state task force designed to crack down on the practice.
The task force, under the auspices of the North American Securities Administrators Association, and consisting of state securities regulators from all 50 states and Canada, is plotting strategy in meetings this week.
One state securities regulator, Bill Reilly of Florida, said he expected the increased effort would result in more voluntary compliance from dealers, as well as enforcement activity.
NY Post
then bigdealdrivebs why do you waste time here?
Are you just a big loser, hanging around loser stock boards? You get a 'grip' and realize how foolish you look, hanging out here. Time is money or didn't you know that!
DNAG just needs a level playing field...not this otcbb cess pool to play in.
I see it at marketwatch as down four cents! This is not good...if there isn't some solid news soon, the MM's and others will take it right back to where we started...I wrote here that I watched that same scene with another stock, with gov. contracts, in the right sector, etc...and the company had better watch the trades, question the trades very closely or they will just kill this one too.
The silent CEO who does not DEMAND that these MM's
& the hellish hedgefunds keep their greedy claws off the stock gives them the greenlight...for business as usual. And business as usual means to slap down any stock they are heavily short in, which is most otcbb stocks. DNAG does NOT deserve this kind of
%&^$! And neither do we!!! Sure, this may be just individuals selling because of no news as was touted here by J. on and on and on...but I do not have level II and cannot tell where it is coming from.
Walking it down appears very different from just outright selling. Surely, shareholders who held on this long would not be selling all of a sudden..just doesn't wash. It's either MM's, hedgefunds, or a toxic lender shorting for more shares...or legit. selling by day traders, etc.
No one seems to watch the trading here anymore...
so who knows? If small trades are making it move down..then it's the MM's...
The company should not allow any more of this stuff to continue. And for the idiots who yell back at me that I am imagining this..LOL..read the press..look at the law suits, nuts, and see for yourself.
naked shorting has all but decimated the otcbb these past 10 years and purposefully so...the MM's short these at the getgo and anytime a RS is done, they delight in showing the stock their power to punch the living daylights out of them. They are supposed to be overseeing the trading of shares for the investors, not playing against them day after day after day. Let's don't let that happen to DNAG, folks...and if it does, then the company will have to share the blame for not demanding with NASDAQ and the SEC that this stuff stop now!
Hopefully, it's just a letdown from now big news... and will stay around here...but if not, then it's time to get serious about DNAG's trading..and keeping a close watch over it.
Babe
almost all the otcbb's are being shorted today...and most likely, dnap as well. They see a vulnerable, weakend stock to whack away at...and the company doesnt' seem to make any efforts to stop this illegal game by hedgefunds and market makers.
The company left us out on a limb with it being sawed off bit by bit by bit. This is a sorry state of affairs and should never have unfolded in this manner. Dr. F. should have waited until he could provide a safety net for the patient and long suffering longs here...not done this in the slipshod way that it was executed.
And most likely...unless there is incredible news right before the RS, the shorters will knock the opening price right back down. They admit to this and delight in doing it. The MM's think it's a big joke when otcbb's do a RS and they go to work, walking it down at the first opt.
If Dr. F. does not demand that they stop shorting this stock and get legal counsel to back him up....we are at the mercy of
hedgefund brats with no mercy in their black, greedy hearts, whatsoever.
I am just outraged at this turn of events. We took our chances, the employees took their chances...we get zilch in support, they get to keep it all. As I said in an earlier post on RB, my money is just as important to me as theirs is to them. I did not intend to be merely a contributor to their
futures...but mine and my sons as well.
Many are in this because of me...my family, and friends and even a broker friend has a number of clients in it, as well. For us to be subjected to this turn of events is totally unfair.
They should have given up shares as well...if they really wanted the stock to prove to some interested party that they meant business and wanted their share price to rise and be supported.
It would have made all the difference in the world.
As it is..we have been treated a mere fools, nothing more, nothing less.
If the company is going to succeed, etc. and has so much promise, the insiders could have given something too, knowing they would get back even more in return.
this is a sorry state of affairs as I said and I am just irrate at the way it has unfolded.
And if they allow this shorting to continue...how can Dr. F. say that he did this to increase share value, etc.? Somebody at DNAP had better stop napping and watch the trading in this stock very closely and if shorting is going on...demand that it stop NOW!
What a way to start the weekend..facing Monday and this
sorry situation. Someone had better do better for the shareholders...espec. those loyal for years and years now.
Otherwise, everything I ever believed in the affirmative will have been nothing more than
wishful thinking.
And after having sent the company tons of information about the danger of toxic lenders' and naked shorters, I guess no one bothered to read it or heed it...and when I called to ask to speak to either Tony or Richard, I was told they were too busy...after my explaining that I had someone very interested in their story, someone very important in the journalistic, financial world on Wall ST.. No response from anyone there. Too busy cooking up a RS that may well end up devastating their shareholders, I suppose.
Well, that's about it for today and if things fall apart...even further..I will just quietly go away, on that unfortunate day.
If things go well as I hope with all my heart they will....then
my fears may prove to be unfounded.
But as I watch the stock right now...hope is hard to come by.
all the best to the great guys and gals on this thread who really care about this company.
I certainly did...for a long, long time.
Babe
p.s. someone should make Tony aware of this article..if at all possible. It might be impossible to pull off...but they need to consider it before doing a RS on our backs. Babe
The following solution might not work for dnap..but if they could garner enough solid news, who knows where the share price might go? And if value high enough, they could go to amex...and well...the shorts would be blown away on that unlucky day!
read on:
The Electronic Counterfeiter"s Worst Nightmare:
Circle Group Holdings Rallies 30,000%
The worst nightmare of naked short sellers is that the companies they attack should survive and actually succeed. When that happens, as recently occurred in the case of Circle Group Holdings Inc. (CXN: AMEX), the counterfeiters are obliged to enter the market and buy the duly authorized shares of the capital stock of the company they have sold. CXN rose by nearly 30,000%, from 3 cents to almost $9, as naked short sellers were obliged to buy and deliver shares they counterfeited prior to CXN"s move to the AMEX.
And as the example of CXN demonstrates, the damage done to the share prices of companies targeted for destruction by electronic counterfeiters is also a measure of their upside potential - for everyone but the counterfeiters.
Easyman ~ thanks for reading it and your thoughtful comment. I'm waiting too...with hope in my heart...
just wish I could have been there with those who did get to attend. All the best. Babe
The tideisturning...thanks! Like your name and hope it is a bit of an omen...here...
it's time, now...for things to begin to really jell.
I'll be patient, however it turns out...short term, because I feel so strongly that the future will be bright here...someday.
GLTY
Babe
Bag8ger...how kind of you to say that! i wouldn't let you go out of your way that way...but it was
very nice to know that you would. Where do you live now? And are you going? Wish I could go...so very much...but that's just the way it turned out.
all the best,
Babe
an older poem, but timely today...for longs.
The Oak Sleeps In The Acorn
The oak sleeps in
the acorn, now,
As D-NAP sleeps,
today,
a young and tiny
company,
being kept at bay
only by restraints
of time,
and waiting ~ that
will bring
the sprouting of
D N A P,
like ~ early buds
of Spring!
The force within,
will soon begin
to burst beyond its
bounds,
and like the tiny
acorn,
lying on the ground,
it will prove to be
an oak,
of greatest majesty,
spreading out its
massive limbs,
for passerbys to
see.
And it will take
its place ~ as one,
that all will
recognize,
as a specimen
among,
those ~ most
highly prized.
The company ~ you
see, today,
is but a tiny part
of what tomorrow's
Science will bring,
when DNA will start
to be the core of
medicine,
to help and heal
mankind.
And that is why
D N A P,
is such a treasured
find!
Forensics will be
changed by Science,
DNAPrint will bring.
And ways of solving
crimes, before,
will never be the same.
The Oak sleeps in the
acorn,still,
but not for very long.
It's ready now to sprout
and grow,
into a massive, strong
company ~ that all will
see
and wonder why they missed
the greatest opportunity
to buy ~ that, now, exists.
all IMHO BBBabe
Arch...forgot to say that all of RB is messed up.
You can't get into stock boards or post since around 7PM or earlier...
been watching the Dems, so haven't tried this past hour.
btw...are you going to the meeting on Thurs?
Wish I could go...but have a conflict on that early morning...and the only ride I could get (don't want to drive alone that far)...is leaving from Northern Palm Beach county in early am. But I'll be there in spirit...at least. Babe
The DNAP board on RB is being fumigated at this time.....it was infested with so much board lice that it was beginning to crawl away....bit by bit every day. When the fumes settle and the lice are history, you can access it again, my friend. Babe
Easyman....no, I live in So. Fla...Ft. Voterdale area...but have a lot of friends in CA. Are you in that area? Right now...I'm concerned about the bashing on RB. It never ends. And some seem to be beginning to believe what they are saying.
This drop, drop, drop, drip, drip, drip in the share price does have me concerned. I want to know exactly what the reason is...is it really La J selling...or people believing Tony may be leaving or market makers doing their usual naked shorting, unabated and unstopped by nasdaq & sec...what is wrong? Here we have a shareholders' meeting coming up and you'd think something very negative is going on, by the way the share price is acting.
If La J. is shorting this stock to get more shares...that is illegal. It's call manipulation, period. Toxic lenders used to do this all the time, and now, they are getting sued for so doing and companies are being let out of agreements that were
never meant to help, rather hurt the company's bottom line.
I'm not going to just sit here and watch my investment go south forever. I want some answers and now! Over a week from now is too far away.
something is not right and if all that dnap has
said is true...and I do believe them...then the price should NOT be two cents! Any ideas? tia.
Babe
Bag8ger ~ your guess is as good as mine..they have postponed it a couple of times, from around April.
They may be too intimidated to do it...with all at stake...and all involved. Please go to RB and read post by Kashman9 #305162 from July 12th, and see what conclusions you reach. This is all about the Dateline inquiry...so it appears. Please bring it here, as well...if you don't mind. on webtv, I have a problem getting it all in one post...
tia. Are you going to meeting? Babe
Ming ~ believe I sent a copy to you....as well.
could you let me know if you could access the content. One CEO abroad said he could not read what was in the forward e-mail...I had to cut and paste it again for him. Would like to know if you got it and if you could see the content? tia. Babe
Stakddek ~ I recently sent Tony a very long article on the upcoming Dateline show on naked shorting, etc...containing all the information re: this outrageous and deceitful practice. I asked him to please pass it along to Gabriel...who does not seem to be aware of the dangers to DNAP in this practice.
I would be glad to forward to you, personally, and anyone else I know and trust here...that e-mail.
It is very informative and leaves nothing out, whatsoever. The Dateline show has been postponed a couple of times...some say pressure not to air it, others say to get all the facts together and update them before airing it. Who knows? However...
you may want to post it here...just pm me here with your e-mail address and I will send it asap.
This is a cancerous activity...and nasdaq has been asked to look at the trading in this stock in the past....which they did...because of the possibility of harm to the company and its shareholders.
They know DNAP is a worthwhile not scam company and that they have a great deal to offer to humanity if allowed to flourish, unimpeded by manipulation.
It is a very interesting article...and I believe I posted it on some RB boards...back then, but not certain...if I did it on DNAP. If so, it got lost in the food fight that goes on there day and night.
Let me know...
Babe
GE ~ you've got mail! Babe
is anyone from Ft. Lauderdale, on this board going to the meeting? tia. Babe
stockboy...great story!!! good way to end my day.
Let's get there again, my friends...it's time for this dry run to end...time and a half, that is!
Babe
Arch..thanks for the px pass word. But didn't you have px of shareholders way back...in individual photographs or was that not you? If not, never mind. Re: selling. I would never sell this stock for any reason except if Tony did leave all of a sudden...as suggested by one poster. If he's not going anywhere..I'm certainly not selling my shares. The point I was making was...that if such were the case, then I would be very let down and would go.
But if it's not...and I believe after reading more, that it's isn't the case...I will be here for a long time....Lord willing.
now...are there any more pictures other than the meeting...of shareholders? tia...Babe
Dnaowner ~ thank you for that clarification.
It seemed from first blush that he was going to be working, at times, at that company as well...at least, that's the impression I got from reading that post earlier. Glad to read your post. I will sleep better tonight, after yours and Arch's responses.
The otcbb is not an easy place to be invested in
these days....always something out of the blue, unexpected, it seems...sometimes, good news, and sometimes let downs.
thanks again
Babe
Arch ~ Thanks for your thoughtful comments. All I was saying...was....if it proved to be true ~ and Tony just left...I would sell.
And I also said I didn't believe it to be case...that he would leave DNAP at this time.
But my main point was...if someone I trusted as I do Tony...were to do such a thing, it would tell me that my opinions and impressions of others.. were not serving me well anymore. And I would be
very upset were this to happen...especially with a stock so very dear to me...and to people who own it, who are very special....people who give so much of themselves towards the good of DNAPrint.
That would shake my confidence in investing period, were this to happen, as one or two have suggested..
I would know that I could no longer 'read' people as I once did ~ and it matters a great deal to me...what happens to the company and the shareholders who care about it.
As I said, I don't think he'd do this...at all..
and it is comforting to know that most of you don't feel he would, either.
btw...do you still have the pictures of the shareholders, as you once did? I asked you before, and you must not have seen my post...
thanks for your kind concern...as always.
Babe
Can't believe this means that Tony is leaving us...
he wouldn't have us vote the proxy and then walk away. That makes no sense at all. It could just be something he and his father are doing on the side for whatever reason. If it were connected to DNAP as some have suggested, it would have been shares of DNAP, not Tony or his Dad's $$$ involved.
Maybe down the road he plans for something more that will involve DNAP...but whatever, remains a mystery. I bought more recently and hope it's not something negative...surely not. I can't imagine him not being fully involved here with all that's possible and happening with this company. This, hopefully, will be the best time to be in this stock.
If he were to just walk away from this...I would simply sell most every stock I own, over a dozen.....because I would then never trust my opinion about a CEO...or CSO....period.
There are enough unpleasant surprises in this otcbb cess pool...and I don't need one like this, now.
Most of us have been very patient here...for a very long time...and I will continue to be...unless some news comes that he is going to 'other' pastures.
That would be 'it' for me.
I believe now, that he is not leaving us...but if I am wrong, so long! Babe
If these shorters have agents working the boards, that is illegal. It is called 'stock manipulation' and must be reported! DNAP has to go to NASDAQ and report this...if true, and it looks very suspicious to most of us...and also to SEC.
This *&%$#@ has to be stopped NOW! When the Dateline show finally is aired, exposing these scam
shorters and what has not been done...the American investors will be furious at Congress allowing this through neglect by SEC.
It has to end immediately..and we have to do all we can to expose this scam otcbb trading!
they are messin' with a stock with so much potential to help mankind...in medicine and in law enforcement and I'm sure there are those who would want to look into the matter, if alerted. Got to run...
Babe
Mingwan ~ unfortunately re: being able to get share certs....the SEC has stated that this would be counter-productive and work against the best interests of the market in general...
That's Annette Laz., if I recall....making that remark. After all, according to one publication, she's married to Roger,second in command of the Federal Res. and as we know, the Fed is in charge of the DTC....the entity that makes a fortune off of naked shorting shares being sold...
And also seems to lend out and sell more shares than they have in their coffers....often selling the same shares to different shareholders at the same time.
Now..I do not know if this is totally true or not..but one financial publication on line...has reported it as fact.
the best tactic, imo, is to demand that the SEC include the market makers in the new SOH rules against naked shorting, along with off-shore and US brokers, etc. This is where a lot of our t rouble
begins and ends....with the walking down the price after good news...and all the other tricks up their sleeves...They are still locking bids and asks on otcbb stocks and widening spreads way more than should be allowed...to stop buying interest.
Remember when we came off the pinks and everyone thought we'd do well on the otcbb for a change...
I said then that the MM's would demolish the price and they did...bit by bit...over and over again.
But one day...we'll have such strong news with a lasting oomph in it...that if they mess with DNAP then...it will be so obvious that the company could take them to court as a few companies are now doing.
We were not invented to become fodder for a few
greedy market makers...and the time is approaching that this manipulative game must stop or those doing it, be called into court and fined for their
maltreatment of otcbb market investors.
I think the problem is not just Berlin...but right here under our noses...with those supposedly overseeing the trading in our stock...we the 'sheep' and they the shepherds...with a sly and sardonic, fang exposing, smile on their homely faces.
Babe
by Alo on RB board...will DNAP be there?
http://www.nihsummitworkshop.com
I do hope so!! It would be a shame if they were not part of this.
Babe
RE: DNAP on Berlin EX. mentioned on RB..latest on naked shorting cases, etc. very interesting read.
____________________________________________________
BY: AlanC POST NUMBER: 1888
REPLY TO: 1887 BY: tpaul_pittsburgh
Actions against DTCC getting hotter!!! StockGate: DTCC Chief Spokesperson Denies Existence of Lawsuit May 11, 2004 (financialwire.net via COMTEX) -- (FinancialWire) FinancialWire received a confidential email between a reporter and Stuart Z. Goldstein, Managing Director of Corporate Communications for the Depository Trust and Clearing Corp. in which Goldstein was represented as denying that a lawsuit filed by Nanopierce Technologies (OTCBB: NPCT) exists. The chief spokesperson for the DTCC, whose board of directors represent a who's who of financial entities, including Lehman Brothers (NYSE: LEH), Citigroup / Solomon Smith Barney's Corporate Investment Bank (NYSE: C), and Morgan Stanley (NYSE: MWD), was quoted as stating that the "lawsuit" did not exist and was simply "charges being leveled by internet crackpots." FinancialWire sent Goldstein a scanned copy of the actual court filing, which occurred April 29 at 12:15 p.m., and asked Goldstein if he or the DTCC still denied its existence or had any comments. No response was received. A complete copy of the lawsuit has been posted at www.investrend.com/Admin/Topics/Articles/Resources/206_1084219273.doc . The full story is at www.investrendinformation.com The lawsuit alleges that the Depository Trust and Clearing Corp. has a lot of reasons, almost one billion of them a year, to keep illegal naked short selling in operation. It was the proverbial shot across the bow by the legendary Houston law firms of Christian, Smith, Wukoson and Jewell, and O'Quinn, Laminack and Pirtle, whose notches already include environmental targets, the breast implant industry and the tobacco industry, all brought to their knees. In comments to the U.S. Securities and Exchange Commission, C. Austin Burrell, who is providing litigation support and research for the law firms, said that StockGate is more massive than anyone may have imagined. "Illegal Naked Short Selling has stripped hundreds of billions, if not TRILLIONS, of dollars from American investors," and have resulted in over 7,000 public companies having been "shorted out of existence over the past six years." Burrell said some experts believe as much as $3.5 trillion to $4 trillion has been lost to this practice. He stated that the restrictions on short selling were deliberately put into the Securities Acts of 1933 and 1934 because of the first-hand evidence then available that the "sheer scale of the crashes was a direct result of intentional manipulation of US markets through abusive short selling by a massive conspiracy." Burrell noted that the 65-lawyer team presided over by lead lawyers Wes Christian and John O'Quinn has uncovered more than 1,200 hedge fund and offshore accounts working through more than 150 broker-dealers and market makers in a joint cooperative effort to strip small and medium size public companies of their value. Recently the NASD and U.S. Securities and Exchange Commission approved an interim naked short-selling band-aid, requiring U.S. brokers to make an "affirmative determination" that short-sellers, even foreign short-sellers, mostly Canadian, can find certificates to cover before processing the order. The SEC is considering even more stringent rules under proposed "Regulation SHO," but even before the ink has dried on these orders and proposals, some three dozen of the most "shorted" small public companies listed in the FinancialWire "StockGate 100" were listed on the "wild west" Berlin Stock Exchange, whose executives admitted in an exclusive FinancialWire interview was without their permission or authorization. This allows market manipulators the benefit of the "arbitrage" loophole that none of the present regulations or proposals aim to fill. Among the most recent demanding "delisting" from the Berlin exchange include BGR Corp. (OTCBB: BGRR), Advanced ID Corporation (OTCBB: AIDO), Goldspring Inc. (OTCBB: GSPG), Whistler Investment (OTCBB: WHIS), and Datascension, Inc. (OTCBB: DTSN). Berliner Freiverkehr (Aktien) AG has been singled out as the broker and market maker that has been "listing" the compan! ies. It is suspected that one broker, RA Angsar Limprecht, is involved in all if not most of the listings. The SEC band-aid hasn't been entirely effective, either. As late as Sunday, May 9, one of the most outspoken thorns in the side of the NASD and SEC over the naked short-selling scandals, small investor Dave Patch, was still demanding shares of Datascension a month after Al Laubenstein, Compliance Director for Computer Clearing Services had emailed him that it had "issued a buy-in notice." On April 21, Laubenstein wrote Patch that it's buy-in notice "was not accepted by the seller, as they reportedly have certificates in transfer. As you are no doubt aware, all of the issuers in question have unusual registration policies which impede the settlement process between firms. While we regret these delays, given the circumstances, they are not unexpected." Patch has complained to the SEC and NASD that he has lost 50% of his value while his shares are in limbo, although the money for the shares had been extracted from his account and are being used by the broker! . Last year, many besieged public companies sought refuge from the manipulation by seeking to exit the DTC, but on June 4, 2003, the SEC stated "the issues surrounding naked short selling are not germane to the manner in which DTC operates as a depository registered as a clearing agency. Decisions to engage in such transactions are made by parties other than DTC. DTC does not allow its participants to establish short positions resulting from their failure to deliver securities at settlement. While the Commission appreciates commenters' concerns about manipulative activity, those concerns must be addressed by other means." The Nanopierce lawsuit, said to be the first of many out of the box, emphatically suggests otherwise. According to lawyer Christian, et.al., the DTC is at the very heart of the problem, and has almost a billion dollars a year at stake in keeping the problem. The Depository Trust Company (DTC) is a member of the U.S. Federal Reserve System, a limited-purpose trust company under New York State banking law and a registered clearing agency with the SEC. The depository supposedly brings efficiency to the securities industry by retaining custody of some 2 million securities issues, effectively "dematerializing" most of them so that they exist only as electronic files rather than as countless pieces of paper. The depository also provides the services necessary for the maintenance of the securities it has in "custody." The largely unregulated DTC has become something of a defacto Czar presiding over the entire U.S. markets system, wielding more day-to-day influence and control than the SEC, the NASD and NASDAQ combined. And, as the SEC's June 4 ruling indicates, its monopoly over the electronic trading system appears even to be protected. How entrenched is the Depository Trust and Clearing Corp.? It's two preferred shareholders are the New York Stock Exchange and the NASD, a regulatory agency that also owns the NASDAQ (OTCBB: NDAQ) and the embattled American Stock Exchange! Regulators, regulate thyself? In an era when corporate governance is the primary interest for the SEC and state regulators, the DTCC is hardly a role model. Its 21 directors represent a virtual litany of conflict: They include Bradley Abelow, Managing Director, Goldman Sachs (NYSE: GS); Jonathan E. Beyman, Chief Information Officer, Lehman Brothers (NYSE: LEH); Frank J. Bisignano, Chief Administrative Officer and Senior Executive Vice President, Citigroup / Solomon Smith Barney's Corporate Investment Bank (NYSE: C); Michael C. Bodson, Managing Director, Morgan Stanley (NYSE: MWD); Gary Bullock, Global Head of Logistics, Infrastructure, UBS Investment Bank (NYSE: UBS); Stephen P. Casper, Managing Director and Chief Operating Officer, Fischer Francis Trees & Watts, Inc.; Jill M. Considine,Chairman, President & Chief Executive Officer, The Depository Trust & Clearing Corporation (DTCC); Also, Paul F. Costello, President, Business Services Group, Wachovia Securities (NYSE: WB); John W. Cummings, Senior Vice President & Head of Global Technology & Services, Merrill Lynch & Co. (NYSE: MER); Donald F. Donahue, Chief Operating Officer, The Depository Trust & Clearing Corporation (DTCC); Norman Eaker, General Partner, Edward Jones; George Hrabovsky, President, Alliance Global Investors Service; Catherine R. Kinney, President and Co-Chief Operating Officer, New York Stock Exchange; Thomas J. McCrossan, Executive Vice President, State Street Corporation (NYSE: STT); Eileen K. Murray, Managing Director, Credit Suisse First Boston (NYSE: CSR); James P. Palermo, Vice Chairman, Mellon Financial Corporation (NYSE: MEL); Thomas J. Perna, Senior Executive Vice President, Financial Companies Services Sector of The Bank of New York (NYSE: BNY); Ronald Purpora, Chief Executive Officer, Garban LLC; Douglas Shulman, President, Regulatory Services and Operations, NASD; and Thom! pson M. Swayne, Executive Vice President, JPMorgan Chase (NYSE: JPM). In their comments to the SEC regarding Regulation SHO in January, the 50 state regulators, through their association, the North American Association of Securities Administrators (NASAA) issued what many consider to be a strong warning that if the DTC is not dealt with in the final regulations, state regulators such as New York State Attorney General Eliot Spitzer may step to the plate. In what many considered to have been explosive comments, Ralph Lambiase, NASAA president and Director of the Connecticut Division of Securities, warned "NASAA urges the Commission to reconsider its stance regarding the role of the Depository Trust and Clearing Corporation (the DTC). As a threshold matter, NASAA believes that the Commission should explicitly prohibit the DTC from lending more shares of a security than it actually holds. The ability of the overall proposed rule would be severely impared unless the Commission undertakes to implement such a prohibition." As the Nanopierce lawsuit reveals, those were indeed strong words, meddling as it did, in a substantial revenues base for the DTCC. According to the suit, the DTCC has an enormous pecuniary and conflicted interest in the entire short selling scandal through the huge income stream they were realizing from it every day. They have made literally billions of dollars lending individual real shares, in most cases over and over, getting a fee each time they made a journal entry in the "Stock Borrow Program." The Stock Borrow Program was purportedly set up to facilitate expedited clearance of stock trades. Somewhere along the line, the DTCC became aware that if it could lend a single share an unlimited number of times, it could collect a fee each time, according to Burrell. "There are numerous cases of a single share being lent ten or many more times," giving rise to the complaint that the DTCC has been electronically counterfeiting just as was done via printed certificates before the Crash. "Such re-hypothecation has in effect made the potential 'float' in a single company's shares virtually unlimited and the term 'float' meaningless. Shares could be electronically created/counterfeited/kited without a registration statement being filed, and without the underlying company having any knowledge such shares are being sold or even in existence." Burrell said the Christian/O'Quinn lawsuits will seek to show that the "counterfeiting/creation of unregistered shares is a specific violation of the Securities Act of 1933, barring the 'Sale of Unregistered Securities'." While the Nanopierce lawsuit has been filed at the state level, another companion lawsuit just heading to the courts on behalf of Exotics.com (OTC: EXII) will be argued at the Federal level. Nanopierce's suit in the 2nd Judicial District Court in Nevada, is Case No. CV04-01079, alleges that the DTC's "stock borrow program" was "purportedly created to address SHORT TERM delivery failures," but that the "end result of the program has been to create tens of millions of unissued and unregistered shares to be traded in the public market," and in some instances resulting in "two or more shareholders who purchase shares in separate transactions to own the same shares." The complaint alleges that the DTC has a colossal disincentive to stop the "stock borrow" program, booking revenues from services of $425,416,000 and similarly, the NSCC deriving revenues of $293,133,000. Further, the suit alleges that "open positions" resulting from this activity at the close of business on December 31, 2003, "approximated $3,025,467,000" due to NSCC, and $2,303,717,000 due by NSCC, and unsettled positions of $721,750,000 for securities borrowed through the NSCC's "Stock Borrow Program." Nanopierce claims that DTCC and NSCC have joined in a "scheme" to "manipulate downward the price of the affected securities, thereby reducing the market value of the open fail to deliver positions." The suit also claims that the defendants have permitted sellers to maintain open fail to deliver positions of tens of millions of shares for periods of a year and even longer. It quotes the National Association of Security Dealers as admitting that "concerns have been raised by members, issuers, investors and other interested parties about potentially abusive short selling activities occurring in the marketplace. In particular, naked short selling, or selling short without borrowing securities to make delivery, can result in long term failures to deliver, including aggregate failures to deliver that exceed the total float of a security. NASD believes such extended failures to deliver can have a negative effect on the market. Among other things, by not having to deliver securities, naked short sellers can take on larger short positions than would otherwise be permissible, which can facilitate manipulative activity." Nanopierce claims that it had "relied on material misrepresentations and omissions by DTC and NSCC in trading its shares in the stock market "without knowledge of Defendants' fraud-on-the market through statements they made about the clearing and settlement services they provided." Further, it claims that the Defendants acted with "scienter" since they had a major financial financial motivation to falsely represent their services, which Nanopierce claims are also anticompetitive. ......ETC at:
BY: AlanC POST NUMBER: 1888
REPLY TO: 1887 BY: tpaul_pittsburgh
Actions against DTCC getting hotter!!! StockGate: DTCC Chief Spokesperson Denies Existence of Lawsuit May 11, 2004 (financialwire.net via COMTEX) -- (FinancialWire) FinancialWire received a confidential email between a reporter and Stuart Z. Goldstein, Managing Director of Corporate Communications for the Depository Trust and Clearing Corp. in which Goldstein was represented as denying that a lawsuit filed by Nanopierce Technologies (OTCBB: NPCT) exists. The chief spokesperson for the DTCC, whose board of directors represent a who's who of financial entities, including Lehman Brothers (NYSE: LEH), Citigroup / Solomon Smith Barney's Corporate Investment Bank (NYSE: C), and Morgan Stanley (NYSE: MWD), was quoted as stating that the "lawsuit" did not exist and was simply "charges being leveled by internet crackpots." FinancialWire sent Goldstein a scanned copy of the actual court filing, which occurred April 29 at 12:15 p.m., and asked Goldstein if he or the DTCC still denied its existence or had any comments. No response was received. A complete copy of the lawsuit has been posted at www.investrend.com/Admin/Topics/Articles/Resources/206_1084219273.doc . The full story is at www.investrendinformation.com The lawsuit alleges that the Depository Trust and Clearing Corp. has a lot of reasons, almost one billion of them a year, to keep illegal naked short selling in operation. It was the proverbial shot across the bow by the legendary Houston law firms of Christian, Smith, Wukoson and Jewell, and O'Quinn, Laminack and Pirtle, whose notches already include environmental targets, the breast implant industry and the tobacco industry, all brought to their knees. In comments to the U.S. Securities and Exchange Commission, C. Austin Burrell, who is providing litigation support and research for the law firms, said that StockGate is more massive than anyone may have imagined. "Illegal Naked Short Selling has stripped hundreds of billions, if not TRILLIONS, of dollars from American investors," and have resulted in over 7,000 public companies having been "shorted out of existence over the past six years." Burrell said some experts believe as much as $3.5 trillion to $4 trillion has been lost to this practice. He stated that the restrictions on short selling were deliberately put into the Securities Acts of 1933 and 1934 because of the first-hand evidence then available that the "sheer scale of the crashes was a direct result of intentional manipulation of US markets through abusive short selling by a massive conspiracy." Burrell noted that the 65-lawyer team presided over by lead lawyers Wes Christian and John O'Quinn has uncovered more than 1,200 hedge fund and offshore accounts working through more than 150 broker-dealers and market makers in a joint cooperative effort to strip small and medium size public companies of their value. Recently the NASD and U.S. Securities and Exchange Commission approved an interim naked short-selling band-aid, requiring U.S. brokers to make an "affirmative determination" that short-sellers, even foreign short-sellers, mostly Canadian, can find certificates to cover before processing the order. The SEC is considering even more stringent rules under proposed "Regulation SHO," but even before the ink has dried on these orders and proposals, some three dozen of the most "shorted" small public companies listed in the FinancialWire "StockGate 100" were listed on the "wild west" Berlin Stock Exchange, whose executives admitted in an exclusive FinancialWire interview was without their permission or authorization. This allows market manipulators the benefit of the "arbitrage" loophole that none of the present regulations or proposals aim to fill. Among the most recent demanding "delisting" from the Berlin exchange include BGR Corp. (OTCBB: BGRR), Advanced ID Corporation (OTCBB: AIDO), Goldspring Inc. (OTCBB: GSPG), Whistler Investment (OTCBB: WHIS), and Datascension, Inc. (OTCBB: DTSN). Berliner Freiverkehr (Aktien) AG has been singled out as the broker and market maker that has been "listing" the compan! ies. It is suspected that one broker, RA Angsar Limprecht, is involved in all if not most of the listings. The SEC band-aid hasn't been entirely effective, either. As late as Sunday, May 9, one of the most outspoken thorns in the side of the NASD and SEC over the naked short-selling scandals, small investor Dave Patch, was still demanding shares of Datascension a month after Al Laubenstein, Compliance Director for Computer Clearing Services had emailed him that it had "issued a buy-in notice." On April 21, Laubenstein wrote Patch that it's buy-in notice "was not accepted by the seller, as they reportedly have certificates in transfer. As you are no doubt aware, all of the issuers in question have unusual registration policies which impede the settlement process between firms. While we regret these delays, given the circumstances, they are not unexpected." Patch has complained to the SEC and NASD that he has lost 50% of his value while his shares are in limbo, although the money for the shares had been extracted from his account and are being used by the broker! . Last year, many besieged public companies sought refuge from the manipulation by seeking to exit the DTC, but on June 4, 2003, the SEC stated "the issues surrounding naked short selling are not germane to the manner in which DTC operates as a depository registered as a clearing agency. Decisions to engage in such transactions are made by parties other than DTC. DTC does not allow its participants to establish short positions resulting from their failure to deliver securities at settlement. While the Commission appreciates commenters' concerns about manipulative activity, those concerns must be addressed by other means." The Nanopierce lawsuit, said to be the first of many out of the box, emphatically suggests otherwise. According to lawyer Christian, et.al., the DTC is at the very heart of the problem, and has almost a billion dollars a year at stake in keeping the problem. The Depository Trust Company (DTC) is a member of the U.S. Federal Reserve System, a limited-purpose trust company under New York State banking law and a registered clearing agency with the SEC. The depository supposedly brings efficiency to the securities industry by retaining custody of some 2 million securities issues, effectively "dematerializing" most of them so that they exist only as electronic files rather than as countless pieces of paper. The depository also provides the services necessary for the maintenance of the securities it has in "custody." The largely unregulated DTC has become something of a defacto Czar presiding over the entire U.S. markets system, wielding more day-to-day influence and control than the SEC, the NASD and NASDAQ combined. And, as the SEC's June 4 ruling indicates, its monopoly over the electronic trading system appears even to be protected. How entrenched is the Depository Trust and Clearing Corp.? It's two preferred shareholders are the New York Stock Exchange and the NASD, a regulatory agency that also owns the NASDAQ (OTCBB: NDAQ) and the embattled American Stock Exchange! Regulators, regulate thyself? In an era when corporate governance is the primary interest for the SEC and state regulators, the DTCC is hardly a role model. Its 21 directors represent a virtual litany of conflict: They include Bradley Abelow, Managing Director, Goldman Sachs (NYSE: GS); Jonathan E. Beyman, Chief Information Officer, Lehman Brothers (NYSE: LEH); Frank J. Bisignano, Chief Administrative Officer and Senior Executive Vice President, Citigroup / Solomon Smith Barney's Corporate Investment Bank (NYSE: C); Michael C. Bodson, Managing Director, Morgan Stanley (NYSE: MWD); Gary Bullock, Global Head of Logistics, Infrastructure, UBS Investment Bank (NYSE: UBS); Stephen P. Casper, Managing Director and Chief Operating Officer, Fischer Francis Trees & Watts, Inc.; Jill M. Considine,Chairman, President & Chief Executive Officer, The Depository Trust & Clearing Corporation (DTCC); Also, Paul F. Costello, President, Business Services Group, Wachovia Securities (NYSE: WB); John W. Cummings, Senior Vice President & Head of Global Technology & Services, Merrill Lynch & Co. (NYSE: MER); Donald F. Donahue, Chief Operating Officer, The Depository Trust & Clearing Corporation (DTCC); Norman Eaker, General Partner, Edward Jones; George Hrabovsky, President, Alliance Global Investors Service; Catherine R. Kinney, President and Co-Chief Operating Officer, New York Stock Exchange; Thomas J. McCrossan, Executive Vice President, State Street Corporation (NYSE: STT); Eileen K. Murray, Managing Director, Credit Suisse First Boston (NYSE: CSR); James P. Palermo, Vice Chairman, Mellon Financial Corporation (NYSE: MEL); Thomas J. Perna, Senior Executive Vice President, Financial Companies Services Sector of The Bank of New York (NYSE: BNY); Ronald Purpora, Chief Executive Officer, Garban LLC; Douglas Shulman, President, Regulatory Services and Operations, NASD; and Thom! pson M. Swayne, Executive Vice President, JPMorgan Chase (NYSE: JPM). In their comments to the SEC regarding Regulation SHO in January, the 50 state regulators, through their association, the North American Association of Securities Administrators (NASAA) issued what many consider to be a strong warning that if the DTC is not dealt with in the final regulations, state regulators such as New York State Attorney General Eliot Spitzer may step to the plate. In what many considered to have been explosive comments, Ralph Lambiase, NASAA president and Director of the Connecticut Division of Securities, warned "NASAA urges the Commission to reconsider its stance regarding the role of the Depository Trust and Clearing Corporation (the DTC). As a threshold matter, NASAA believes that the Commission should explicitly prohibit the DTC from lending more shares of a security than it actually holds. The ability of the overall proposed rule would be severely impared unless the Commission undertakes to implement such a prohibition." As the Nanopierce lawsuit reveals, those were indeed strong words, meddling as it did, in a substantial revenues base for the DTCC. According to the suit, the DTCC has an enormous pecuniary and conflicted interest in the entire short selling scandal through the huge income stream they were realizing from it every day. They have made literally billions of dollars lending individual real shares, in most cases over and over, getting a fee each time they made a journal entry in the "Stock Borrow Program." The Stock Borrow Program was purportedly set up to facilitate expedited clearance of stock trades. Somewhere along the line, the DTCC became aware that if it could lend a single share an unlimited number of times, it could collect a fee each time, according to Burrell. "There are numerous cases of a single share being lent ten or many more times," giving rise to the complaint that the DTCC has been electronically counterfeiting just as was done via printed certificates before the Crash. "Such re-hypothecation has in effect made the potential 'float' in a single company's shares virtually unlimited and the term 'float' meaningless. Shares could be electronically created/counterfeited/kited without a registration statement being filed, and without the underlying company having any knowledge such shares are being sold or even in existence." Burrell said the Christian/O'Quinn lawsuits will seek to show that the "counterfeiting/creation of unregistered shares is a specific violation of the Securities Act of 1933, barring the 'Sale of Unregistered Securities'." While the Nanopierce lawsuit has been filed at the state level, another companion lawsuit just heading to the courts on behalf of Exotics.com (OTC: EXII) will be argued at the Federal level. Nanopierce's suit in the 2nd Judicial District Court in Nevada, is Case No. CV04-01079, alleges that the DTC's "stock borrow program" was "purportedly created to address SHORT TERM delivery failures," but that the "end result of the program has been to create tens of millions of unissued and unregistered shares to be traded in the public market," and in some instances resulting in "two or more shareholders who purchase shares in separate transactions to own the same shares." The complaint alleges that the DTC has a colossal disincentive to stop the "stock borrow" program, booking revenues from services of $425,416,000 and similarly, the NSCC deriving revenues of $293,133,000. Further, the suit alleges that "open positions" resulting from this activity at the close of business on December 31, 2003, "approximated $3,025,467,000" due to NSCC, and $2,303,717,000 due by NSCC, and unsettled positions of $721,750,000 for securities borrowed through the NSCC's "Stock Borrow Program." Nanopierce claims that DTCC and NSCC have joined in a "scheme" to "manipulate downward the price of the affected securities, thereby reducing the market value of the open fail to deliver positions." The suit also claims that the defendants have permitted sellers to maintain open fail to deliver positions of tens of millions of shares for periods of a year and even longer. It quotes the National Association of Security Dealers as admitting that "concerns have been raised by members, issuers, investors and other interested parties about potentially abusive short selling activities occurring in the marketplace. In particular, naked short selling, or selling short without borrowing securities to make delivery, can result in long term failures to deliver, including aggregate failures to deliver that exceed the total float of a security. NASD believes such extended failures to deliver can have a negative effect on the market. Among other things, by not having to deliver securities, naked short sellers can take on larger short positions than would otherwise be permissible, which can facilitate manipulative activity." Nanopierce claims that it had "relied on material misrepresentations and omissions by DTC and NSCC in trading its shares in the stock market "without knowledge of Defendants' fraud-on-the market through statements they made about the clearing and settlement services they provided." Further, it claims that the Defendants acted with "scienter" since they had a major financial financial motivation to falsely represent their services, which Nanopierce claims are also anticompetitive. ......ETC at:
Is anyone else here watching the pbs special on Egyptian Pharaohs....and how they are taking dna samples from inside nose, etc....to take back to
Brig. Young to try and extract dna from these?
I know pbs has different programs in different areas...but this very interesting...and wonder if dnap might be of some help to them in this attempt..
They are trying to see who was related to whom and what diseases they might have had, etc.
it's still on...
Babe
Mingwan ~ thanks for bringing that article here...
and also I appreciate, as do the others, your
agreeing to take Doug's place. We'll miss him being here, but this board will remain in good hands, with your sound, common sense and fine intellect in action, as you assist in oversight here at IHUB.
all the best...
Babe
Manti...I don't have level II...and was only going by what CBS printed above dnap's news story...
'after hours......05'. I know they round fractions out in their price reports during trading but this appeared to be a definite five cents. I'll take your word for it...though, but hope it hits five in the am. Babe
cbsmarketwatch shows 5 cents after hours. Babe
Tam ~ I, too, thank you both so very much. Made my Friday in the market a little more enjoyable. Not much news on Friday, so kind of a dead day. Your report was very interesting and only validates the optimism of the longs, here. It's an exciting time to own DNAP! Babe
I was surprised to read this particular news but felt something was coming soon...as did others, here....the quiet from the company seemed almost pregnant with promise....and as I waited, I felt
assured that news would appear at any time.
This was excellent news because of those involved and I, along with most of you, am very, very pleased by and excited about it. Could not have come at a better time either....everything seems so right about it, even though I did not expect this to be the headlines. The upcoming conference adds to my positive feelings, as it does to those of the longs, here, and today, even in the otcbb market, it's a great time to be invested in DNAP! I just hope the the SEC follows the advice of the NASD and forces the market makers to follow the new rules on 'no naked shorting',that will be in force on April 1st. Things seem to be beginning to fall into place for investors in otcbb stocks. Perhaps, someday, we won't have to dream of being on the nasdaq...and institutions will dare to invest in these small caps again...once the companies and their investors are treated as fairly as those in the big caps have been. But if we continue to make alliances and move ahead, we may find ourselves on the nasdaq anyway..but either way, this has been a very good day! Babe
Babe
Wagsten ~ good luck with WLDI. I intend to make more than just 'a few bucks down the road'....this company has a lot going for it..so we'll see and only time will tell. Glad to see you here.
Babe
Pretty good day, right? Glad I added more at the recent lows...hoped I had not been too early...but worked out perfectly. Wonder how many WLDI holders are actually here, reading and not posting?
Good site because no bashers, thus far, are infesting this board. GLTA Babe
Mingwan ~ that's good to know. Thanks for sharing.
Babe
ifida...just saw your post after reading 66's a moment ago and wanted to thank you for sharing that letter with all of us. That is very good to know, and also that you, apparently, have been working on this for a while now. I agree that it's a nice thing to consider before going to sleep. With the middle east heating up tonight, who knows what the market will do in the am. Really wish we could get a break in all of this turmoil. Anyway...we're in one of the right sectors, here...in this time of trouble.
I just hope it all ends soon. thanks again..and take care.
Babe
Hi...Investolator...glad you are doing well in WLDI.
It could go down again...who knows? But I do hope it hangs around this price for a bit and then on news(whenever it comes), move on back up where it belongs. This is not sub-penny potential...it is far more valuable than that. Of course, many don't buy now for future growth..only for the moment.
I plan to hold it for quite a while, because this is the kind of stock that can shock, if you sell too soon...on some small run-up. I am not looking for ten cents on this one...much more, in the future.
If the market doesn't crash over the situation in middle east, taking place tonight, that is.
take care. Babe
manti ~ with the additional rule requested by NASD that market makers be required to follow the same rules as others that takes place April 1, that, in itself, has to be helpful to small investors.
If it were set up as the nasdaq, none of this would have ever been necessary...but when market makers and others were shorting shares out of thin air, never borrowing them, etc...it lead to this crooked system we have had to live under all these years.
I hope it helps...that remains to be seen. But the SEC should do what NASD proposed last week...and include the market makers, some of the biggest shorters of all, in this new ruling. If they do not, then we have to complain loudly, until they listen to those who have been harmed the most by this one-sided system, including small cap companies most of all...who cannot obtain decent funding, due to share price...and who have been forced to increase shares just to exist and pay salaries and bills. It has been a vicious circle and needs to be changed immediately. Babe