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we also do not know how much the delay of reporting the identity theft, IMO approx. 40 days, to the proper authorities by Megas contributed to the mess that has BCIT delisted and not trading 5 years later. Remember trading activity was occurring while invalid certs accepted by the DTCC were backing the brokers trades. Maybe this is why it is perceived that the DTCC was trying to extort shares from Megas. They were wanting Megas to pay for part of the mess because of delayed reporting of identity theft. Oh that's right, not performing as an officer his fiduciary responsibility.
Need to know what Megas knew and when he knew it in order to straighten this mess out.
By the way, if you haven't figured it out yet, Megas isn't talking.
No it doesn't help. You still did not explain what you meant by 'frozen'. You spent time telling what you didn't mean. Please clarify. Thank you.
It appears that both are active and free, not in jail. So is there something you have access to that states Pammy and Pino are frozen? Please clarify what you mean by frozen, because it appears from reports they are active.
Good Friday, the weekend Jesus paid the price for all.
Remember, it appears that Megas does not have to answer any questions,even those by the Senate Finance committee. We are just supposed to believe what he says. Megas says, "trust me" and we are suppose to bow as if BCIT is his monarchy in the US.
I understand the DTCC was to blame initially. But I am just having problems with reconciling the time between when Megas knew something was going on from Sytner and meeting with Pino to the time he finally reported to the DTCC/SEC. The facts seem to be incomplete.
what we do not know is how culpable is Megas to this fiasco by waiting to report the identity theft and how much that time line between knowing and telling that allowed more shares backed by forged certificates into the market.
What we don't know is are all the facts on the table? Megas is not talking. If they are not, everyone on this board is dealing with partial truth, which IMO, is a whole lie. Don't believe me, ask the people that lost out in ENRON.
Or the love expressed for Megas holding BCIT shareholders hostage, swings both ways. Megas first tried to swing a deal to make a $2 million sale of BCIT to Pino, then when he realized that was DOA, he sued the fake shareholders of which most bought on the open market, and then the last PR where he lied to the shareholders about what he was going to do which as we know we are now a year later and BCIT is now delisted.
Doesn't get much better than that, just trying to be fair and balanced.
What most everyone is leaving out of the equation here is what did Megas know and when did he know it and when did he report it? It has to do with the timeline and fiduciary reponsibility of the CEO to BCIT and its shareholders, which at the time should be Mach Indy shareholders only. Megas had a fiduciary responsibility to report the incident upon discovery of the identity theft.
The answers to the above questions, IMO, are still not clear after all these years, only Megas knows. And he is not talking. Yes, DTCC drew first blood, but what was the delay time reporting to the DTCC when Megas first discovered the identity theft.
Megas even admitted making a deal with Pino, of which he stated he regretted. Then when he realized he had been misled by Pino and he was never going to be paid, he then reported the theft to the proper authorities. IMO, Megas did not act with fiduciary responsibility. But in between all that, shares were being bought and sold(approx. 2 billion+) in the market place that were backed by forged certificates that the DTCC did not perform proper due diligence on and SEC delayed placing halt on trading activity once Megas PR'd in August '05.
IMO, a combination of screw-ups on DTCC, SEC, and Megas is why BCIT is in its current state of delisted and non-trading. All the while the brokers have their money from BCIT share buys/sells, DTCC has their money from BCIT share buy/sells, stockholders have non-trading shares that brokers state are valid but will not give certs, and Megas supposedly is out $800,000 trying to get this trading.
Bottom line:
Winners: DTCC, SEC, and brokers
Losers: Megas, Mach Indy and fake shareholders, and don't forget Pino and Pammy and others involved in identity theft. I think it is reasonable to include the Congress also.
IMO, the problem with E&O insurance is cupability. If the insurance buyer is found to have contributed or caused the insuring incident, they may not be able to collect. Similar to a life insurance policy and the purchaser commits suicide. The insurance company will not pay.
let's start a fund to pay for the fees
Thank you Allez for reposting this. DTCC wrongly handled the certs provided by Pammy/Pino team. This is the major issue where Megas had an early Christmas present handed to him in 2005. What I see as a major stumbling block is how Megas handled this IMO without fiduciary responsibility. It is about the timeline and who knew what when.
But Megas is not talking. I would like to believe that BCIT shareholders will receive a Christmas present 'this' year, but past performance tells me not. History has a lot to do about revealing how today will go. One day at a 'time', and time is our friend.
Anyway, put no trust in any man.
kruy:
Does this have to do with someone receiving illegitimate shares, then depositing them into their brokerage account, and then actively trading on them without due diligence by the brokerage firm?
Could this explain how the DTCC/SEC could remove shares from someones brokerage account if illegitimate shares were deposited in their brokerage account? The purpose to prevent someone from trading illegal share into the open market?
Interesting how a poster on this board stated they knew a BCIT shareholder that recently claimed their shares were removed from their account.
Very interesting as Megas had one thing right, time is on our side, to those that understand how time works. In time, the truth will be revealed and it will set BCIT shareholders, that bought in the open market, free.
Former moderator Art2Gecko. Meant A2G. ty
Another thought: Could A2G been given the shares by someone and he deposited in his brokerage account?
Were the shares purchased thru a third party broker? A fair question to ask as to how did A2G acquire the 4 million shares?
Without asking this of A2G, any answer is pure assumption.
Still does not explain Megas delay in reporting to proper authorities. Megas admitted to making a deal with Pino and then later regretting it. That delay, IMO, is why we are here 5+ years later. Megas tried to handle matters his way instead of reporting the theft immediately to proper authorities, which demonstrates lack of 'fiduciary responsibility' on his part.
The delay resulted in many illegal shares being sold many times over until trading was halted. That is why Megas had to file to issue new certs in Jan 2006 and formed the new company Energy Source. That was never completed satisfactorily. I know I never received the new shares with new cusip.
dirkie is a man of a few words. I am sure he meant up .0001 or 11.11%
I understand, but what makes this even more difficult is when you have corrupt people, remember back door deal with Pino, that contribute to the grid lock.
Megas was given a gift by the DTCC thru Pino/Pammy. But here we are 5+ years later. Why?
Masta calls it a stroke of genius. I call it a stroke of stupidity. Unless there was something else going on. But Megas isn't talking.
A stroke of genius? IMO not, unless you are referring to how someone can have a gift given to them that they screw up and here we are 5 years later, just stunningly brilliant.
We obviously are not talking about the same person, unless the Brit has a Jekyll/Hyde personality, which I am beginning to believe more so each and every day. Your response and Megas lack of responses have convinced me more there is something wrong here.
Understand, do you have any of that ammo? IMO, the answer is no. Who has the ammo? If you had the ammo, I would be in for a class action lawsuit, maybe with Attaway. But I need to see the ammo before I throw any money to any fund. Typically, if this was such a shut and close case, wouldn't there be attorneys fighting over this case willing to do it without up front money?
This whole fiasco does not pass the smell test when it comes to Megas telling the whole truth and nothing but the truth, so help him God.
You may be correct, in that those that helped distribute them may still be unknown and have the fakes in their possessions still without being deposited with a broker.
IMO, counterfeit shares may have been cleaned up with the lawsuit causing the brokers to check any certificates placed in their care. The Brokers pulled any BCIT 'fake' or counterfeit certificates in their possession and returned them to the DTCC/SEC in order to remove them from the market. So some unsuspecting people may have been blindsided when the shares they deposited with their broker just disappeared from their account.
No cash exchanged hands.
masta:
Has Megas ever apologized to the 'fake' shareholders for suing them? Or for not following thru with his last PR? Or has he apologized to anyone, especially the original BCIT/Indy shareholders, yet for his inability to properly provide 'fiduciary responsibility' for the mismanagement of this shell?
I await your post of any of the above apologies I may have missed from Megas.
The DTCC needed to validate the officer of the company requesting the change of the TA as well as the replacing TA credentials. An officer of the company should notify the DTCC. How that got by the DTCC is unknown to me. But the DTCC also needs to validate the certificates also. I understand there were glaring mistakes in the counterfeit certificates that a rookie should have caught.
As you recall, Megas stated time was on his side. Thus the reason for fading memories is a plus for Megas and of course the infamous SOL.
This fiasco is so amazing. Megas had a gift given to him, DTCC dead to rights, and Megas screwed this up doing things his way because he didn't want the 'fake' shareholders to get a dime. He waited too long because his pride and supposedly legal team poor advice. Megas even admitted striking a deal with Pino and regretted in one communication.
The common denominator at BCIT is that everyone here was trying to make a buck. I was looking for a healthcare investment with Carter Care, and got mislead. I have read where Carter Care was granted a $10 million dollar settlement with MLON, another PINO brainchild.
With Pino's history of MLON and BCIT and others, one of a few questions not really answered, IMO, is how involved with Pino was Megas? Inquiring minds will probably never know as Megas has the appearance to be hiding from something, maybe the whole truth and nothing but the truth.
Like I said Megas reportedly regretted it, but the reporting of the identity theft to proper authorities delay resulted in the most damage in the market and those that bought the unknown air shares from their brokers. So much so, both DTCC, SEC, and brokers have now contrived a plan to punish all shareholders of BCIT, rather than resolve the issue to properly restore the innocent shareholders.
On the other issue addressing how certs can be removed from someone's account. Here is where I was referring to another method how illegal shares can get in the brokers hand without the exchange of funds thru a typical buy order with a broker. That is, someone can give a person shares/certificates for whatever reason, such as inheritance where stocks/certs are in the possession of the deceased. The recipient of shares/certs can then walk into a broker and open an account with the shares/certificates. No cash exchanged hands. Very simple. That is what I was trying to explain, but some on this board apparently did not like this explanation of how the shares of someone can be removed from their account. I was not accusing anyone of anything, but making reference to explain the possibility of how shares/certs, not IOUs, can be removed from an account. If the shares/certs deposited at broker account are found to be invalid, they can be removed from the account by the broker and returned to the DTCC and/or SEC.
To my knowledge, noone on this board has disputed that this type of event can occur.
I agree with what DTCC and brokers have done. DTCC fired the first shot, by not vetting Pammy as an official TA nor the certificates. I have always stated this. Therefore DTCC allowed bogus certs to flow into the system. It is the timeline, IMO, after Megas initiates talks with Pino where things do not make sense, around 40 days, supposedly before Megas reports to authorities. Thus here we are 5+ years later,
that way if your account value happens to go below a minimum amount such as Etrade has, the brokers can now charge you a quarterly fee. The theft continues on.
tell that to Megas
You got to be kidding me. Megas does not want the 'fake' shareholders to have anything. period!
Let me see, that's a 25% increase in 2 days unless you were the lucky one that grabbed some .0004's.
Timing is everything.
That should take some of the presure off of you from the naysayers. Nah, nothing can please them. Planning to buy Friday.
By the way, welcome back as moderator.
And have a Happy Thanksgiving.
bobbybdb: any doubts now after reading my reply post 132784?
This promises as much transparency as the Obama administration has. It's a joke! And the laugh is on the American people.
The only reason that shares could be removed from an account IMO is because that person may have part of the original fraud shares received for payment of some service by Pino/PT, whatever, that may possibly be for promotional activities or for providing some service for setting up the merger of BCIT with Carter Care that created the whole mess. I believe Carter Care may have won a settlement from MLON that was owned by PINO.
Interesting how time keeps unraveling the web. With the focus on Health Care today, Carter Care may be doing very well right now. Did Megas miss out on an opportunity?
The only reason you are stuck is you heeded your own advice. You bought at high before doing due diligence. IMO, no one should listen to your garbage that you have been spewing on this site.
Never discounted the DTCCs involvement as they fired the first shot by not doing due diligence with Pammy. Just trying to understand what Megas, with fiduciary responsibility of BCIT, did or didn't do to screw things up. Things like delaying reporting the identity theft to proper authorities upon discovery of theft.
Megas had DTCC dead to rights , IMO, but here we are more than 5 years later delisted. Hard to put things together when Megas won't talk.
I'm thinking more like Clint Eastwood in Thunderbolt and Lightfoot.
masta, IMO, Christmas is everyday.