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No doubt. I have to wonder if one of these smaller brokers follows through with the share purchase, perhaps the giants will have to reluctantly follow suit. Wouldn't that be nice!
But the brokers had the opportunity to stop selling at ANY time before or after the global lock. Any guesses why they chose not to? I think it's pretty obvious.
I would like to hear more about P2 & P3, personally. Not sure how that can be perceived as "pumping".
I totally disagree. They were clearly looking for CERTS. Although it was definitely confusing at first. Why are we talking about this anymore? lol
Nice to see that.
Is ST the only firm that hired an outside law firm so far?
Really none of my personal business, but have you contacted Carlton Huxley? I really think you should, but again that is your own choice to make.
Huh? In the end what harm did the lawsuit have on any of its shareholders (excepting for the ignorant few that decided to opt out)?? I will never understand why people are still so hung up over that.
August 11th 2005
Thank you. I very much enjoyed seeing the latest 2 entries on the LBT website. Great stuff.
Etraders:
I hope everybody is sending a letter to Ms. Eberhart as well the Jersey address. I say we bombard her good.
Courtney.Eberhart
TL - Risk Trading Team ETrade Financial Corp.
4005 Windward Plazza Drive
Alpharetta, Georgia 30005
LOL.. gotta love it.
"I can only guess at the losses with 6 processors. "
Go right ahead. Let's hear your guess.
Because that doesn't make the tiniest bit of sense to me. What does the website have to do with anything? I'm talking about the Megas letter specifically. Carry on with your excuses.
And this what you are expecting to happen with JBII?
LOL
"And the "Business 101" knowledge that when your ventures all remain in the "startup" phase for years and years, and you need bigger and bigger discounts to attract PIPE funding, it's not a great model for investors."
Carlton, have any of the entities that you have written to bothered to respond? SEC, FINRA, DTCC, Montal, etc.
WRONG. He did. Why can't you acknowledge this?
http://www.imgjoe.com/x/20111005head.jpg
Huh? That part was all heresay, of course. Nothing official was published on that.
Those SEC links I previously posted were in reference, of course, to the pump and dump orchestrated by Pino and friends. Remember this PR?
http://www.globenewswire.com/newsroom/news.html?d=81477
LONDON, July 11, 2005 (PRIMEZONE) -- Bancorp International Group, Inc. (Pink Sheets:BCIT) is a high growth, diversified mining company that is presently operating in multiple regions in Venezuela today announced that it has signed a contract with Torrez Diamantes S.A. of Venezuela to purchase two diamond dredgers that are currently operating on the Orinoco River in southern Venezuela.
"This is a significant step for our company as it concretely demonstrates our intent to diversify our business model and mining operations," said Thomas Magnus, the CEO of Bancorp International Group, Inc. "This is a big step for us as it enables us to move into the lucrative diamond mining business in Venezuela -- we are purchasing two operational diamond dredgers that have a total production capacity to produce in rough form approximately over 22,000 carats of diamonds per month in one of the world's best locations for diamond dredging."
About Bancorp International, Inc.
Bancorp International, Inc. (Pink Sheets:BCIT) is a multinational mining company that locates, mines, and processes precious metals and diamonds in diverse locations around the globe. The company is operational in Venezuela at present, but plans on starting additional mining operations in other locations in Africa, Europe, and Asia. BCIT's growth model is based on acquiring the mineral rights where there are potential extensive deposits of precious metals or diamonds that can be located using the latest sophisticated mining processes such as digital imaging via satellites and airplane to minimize prospecting costs. The company's focus is on delivering long term shareholder value by developing first class mining properties that have a potential significant yield to enable the company to sustain a strong competitive advantage through many business cycles.
This release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the company's current views with respect to future events that involve risks and uncertainties including uncertainties related to successful negotiations with other parties, closing of transactions, capital availability, operational and other risks, uncertainties and factors described from time to time in the company's publicly available SEC reports. In light of these risks and uncertainties, the forward-looking events described in this release might not occur.
Read these carefully. You seem to be extremely lost.
http://www.sec.gov/litigation/litreleases/2008/lr20466.htm
and
http://www.sec.gov/litigation/complaints/2008/comp20466.pdf
LOL... exactly.
What we need is not heavy fine, but a forced buy-in. Maybe some precedents that are finally being set will aid us. I have to disagree with anybody that says the SEC and FINRA are useless. Things are obviously starting change. It's definitely worth a shot.
Thanks... will do. I'm adding Neha Parekh as well since she is the compliance officer who wrote my letter. These people need to be investigated.
Why my letter was different, I'd really like to know.
Actually, in my letter from from etrade's compliance office they made no reference to the removal of shares at all. In a long two page letter they just simply said they would not be able to deliver certs b/c of the global lock (cough), and they also flat out denied a refund. Nothing about the removal of shares. So far anyways. Officer's name was Neha Parekh on behalf of Courtney Eberhart.
Well it looks like FINRA actually did their job here. In today's news.
http://www.chicagotribune.com/business/sns-rt-us-ubs-shortsales-finetre79o44m-20111025,0,6898522,print.story
chicagotribune.com
UBS fined in U.S. over improper short-sales
Jonathan Stempel
Reuters
11:27 AM CDT, October 25, 2011
Advertisement
(Reuters) - In the largest penalty of its type, Swiss bank UBS AG was fined $12 million by a U.S. brokerage regulator over its "systemic" failure to properly handle millions of short-sale orders.
The Financial Industry Regulatory Authority said violations by the bank's UBS Securities LLC broker-dealer unit caused the orders to be mismarked or filled without reasonable grounds to believe the underlying securities could be located.
In short sales, investors sell securities they do not own, hoping the prices will fall so they can repurchase the securities later at the lower price, repay the lender and pocket the difference as profit. Regulators fear that abuses can distort markets, and accelerate declines in share prices.
FINRA said UBS's violations lasted from 2005 to 2010, and that the bank likely processed "tens of millions" of short sale orders for equities and exchange-traded funds improperly.
Many problems were not detected until FINRA's probe caused UBS to review its systems, the brokerage regulator said.
"Broad, systemic failures is the best way to describe it," Brad Bennett, FINRA's chief of enforcement, said in an interview. "The fine reflects the gaps in the system that we found. We didn't identify any specific delivery failures, but that could means the bank just got lucky."
UBS spokesman Christiaan Brakman said the bank was pleased to settle, and has made a "substantial investment" to improve its systems and oversight. It did not admit wrongdoing in agreeing to settle, and also accepted a censure. FINRA said the fine was reduced to reflect UBS' "substantial assistance."
"NAKED" SHORT-SALE ABUSES FEARED
FINRA said UBS violated Regulation SHO, a rule imposed in 2005 by the U.S. Securities and Exchange Commission to thwart abusive "naked" short selling, and ensure that brokerages can deliver shares on short-sale transactions they process.
Naked short sales occur when investors sell short without first borrowing the underlying shares or making sure they can be borrowed.
While the practice is not always illegal in the United States, the SEC has taken steps to limit abuse, including during the 2008 financial crisis when it restricted short sales of some financial stocks.
In July 2009, the SEC adopted a rule requiring that "fails to deliver" in all equity securities be promptly closed out.
"If there were failures to deliver, short selling would have the ability to affect the market, especially in hard-to-borrow, thinly traded stocks," Bennett said.
In the last two years, FINRA has fined Deutsche Bank AG $575,000, Milwaukee-based Robert W. Baird & Co $900,000 and Boston-based National Financial Services Inc $350,000 for Regulation SHO violations over their handling of short-sale orders. None admitted wrongdoing.
Bennett said FINRA will bring more enforcement cases over Regulation SHO and short sales. The independent regulator oversees nearly 4,500 brokerages.
Copyright © 2011, Reuters
Who dumped on the today's open? Yikes... lol.
What part of this letter is not to your satisfaction?
http://www.imgjoe.com/x/20111005head.jpg
"So there is no excuse there is not a PR from Megas."
A) There is absolutely no need for one, and its been made clear that there won't be one.
B) He wrote us a letter (Oct 5th) instead. Why do do you refuse to acknowledge this?
What is it specifically that you desperately need PR'd?
And so what? What relevance does it have to what we the shareholders are presently trying to achieve? It's nothing more than the a wacky diversion tactic.
Was the October 5th letter not good enough for you? If not, please explain why.
Any chance this post could get a "sticky"? It really should, imo.
WOW... lol
Did you remind them where your money went? lol
Carlton, are we ready for phase 2 yet? Almost there?
I sent my fourth email to Miss E today. Still not a peep out of her.
Right. I mean the very day before it got revoked.
Doubt it. I suspect that is exactly what the brokerages want to avoid!
What was the last known pps before the revocation? Anybody know? 15? I can't remember.
Fantastic post, Carlton. Things are really coming into clear focus. Thank you very much.
And some people still think that...
Megas was a part of this fraud (as in working with Pino)all along. Now why would Megas have direct contact with the FBI back in 7/2005 if he had any connections at all with Pino? That is ridiculous to nth degree.
Huge thanks to those involved in updating the website! Great feature and great 10/6 letter from CH!