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What's the status of affairs here? Is Altomare in Jail? Can anyone bring me up to date?
Mingy,
1) What makes you think SPNGE.OB is being naked shorted?
2) How does one go about naked shorting SPNGE.OB?
3) What are your "findings and suspicions"?
TIA
PS: Did you write this? Is it not a crime to even attempt to secure a copy of someone's tax return?
"I’ve been trying adamantly to get a copy of David Patch’s income tax filings from 08. I think it could prove very telling into who’s signing this scumbags checks.
Remember, these people act in concert, and are all part of the criminal enterprise. In my book, not one person is more guilty than the next, they are all held accountable for the acts the enterprise in general commits."
Brian Conklin, where is Altomare?
scion, you don't need to read along. Go away and let him talk. The rest of us would like to hear what he has to say about Altomare.
Scion, why are you trying to drive the guy away? Aren't you interested in finding out what he knows about Altomare? Who cares if he goes off-topic and talks about his company or something else.
Brian, please post whatever was gained from the 10K background investigation you had done on Altomare. I would guess there are a few thousand people that would like to see what you found out.
scion,
Let him speak, please. He probably knows more about Altomare's current state of affairs than anyone here.
Brian, among other things no one should invest in a private placement when there is not a scheduled date for the IPO or reverse merger and no penalties for not meeting that date.
Brian Conklin, Eurocapital Bancorp, S.A., Internet Ideas International, S.A. and Market Strategies, S.A. are doing business in Florida, therefore all 3 corporations need to be registered in Florida with the Division of Corporations. Also, there are other Federal & State laws and regulations that apply when selling investment opportunities. You should address these issues before continuing to do business.
In my opinion you have raised every red flag in the book. Tell me if I am wrong on any of these points, again this is just my opinion:
1) You are selling stock in a web site that has no intrinsic value. You know now that there are better programs for under 2k. Your domain name is not worth anything. The site requires hard core telemarketing to generate revenue. There are 10,000 similar sites out there. Your renewal rates are dismal. The categories and areas you can sell ads in are dwindling. Phone people are getting harder to come by, you are thinking more of door to door. Charge backs are common. You believe capital can change all of that and you want to go for it before your revenue stream runs out?
2) You created an offshore bank on paper. This is often done to give investors a false sense of legitimacy and security.
3) You created an offshore holding company. This is often done to hold and sell stock acquired without paying taxes.
4) You have created an offshore brokerage firm. This is often done to avoid any of the issues associated with broker licensing and regulation in the States.
5) Steve Bryant technically owns the underlying securities you and he are selling (is that what we are reading?)
Am I right on any of these points?
Brian Conklin, neither Florida regulators or the SEC are going to believe you're selling shares in a Florida company from offshore when you're soliciting investors using Stateside phone numbers and a website that lists an address in Boca Raton. If you've been told by an attorney it is legal I suggest getting it in writing and just to be sure seek the advice of another attorney.
You may also want to reconsider your business arrangement with Joan-Lesley Hansford-Jensen: http://www.nzherald.co.nz/fraud/news/article.cfm?c_id=213&objectid=10564393
Better safe than sorry. You have a lot of red flags.
Brian Conklin, thank you for the response. I am aware of the corporate structure that was set up offshore. Are you aware of the licenses you are required to obtain when soliciting business/investments from Florida? Eurocapital Bancorp and Market Strategies Corp, S.A. have to register with the Division of Corporations in Florida as a foreign corporation doing business in Florida and appoint an agent for service of process before you can conduct business onshore in the manner you have been conducting business. There may be additional requirements when soliciting funds from investors (check with the State to see what those are). Hope this helps.
saudek, Brian Conklin more or less stated they are trying to regain control of USXP. Call and find out what their scheme is. One pipe dream would be to push this thing into bankruptcy and go forward with their own plan of reorganization. There may be other pipe dreams. Please let us know. TIA
Brian, per USPS CMRA regulations the address you are using on the web site needs to be updated to include "PMB (insert box number here)".
Public License Information for the address used by Market Strategies Corporation (no business license found for Market Strategies Corp.):
Tax Receipt Number: 95-00002538
Business Control: 0002391
Location ID: 000992803
PAK MAIL CENTERS OF AMERICA
2234 N FEDERAL HWY
BOCA RATON FL 33431
Brian Conklin, I can't find a local business license or filing with the Division of Corporations in Florida for the following:
EuroCapital BanCorp
Market Strategies Corporation
Please explain.
TIA
Brian Conklin, why do these two sites look the same?
http://marketstrategiescorp.com/
http://www.reversemergerparagon.com
Brian Conklin, please explain:
Generic, this is the best part:
janice, is there any new information the kind of business he is starting and where it is at?
Janice, it seems weird they haven't. What about the other players? Has the DOJ gone after those guys?
Mezz, is the house still for sale?
Statute of Limitations for Securities Fraud
Section 1658 of title 28, United States Code says 2 years after the discovery of the facts constituting the violation or 5 years after such violation.
Where did RA go?
Why would someone buy this shell?
LOL, no kidding. I like the pic of where they relocated to.
Rinehart updated his page on USXP: http://brad-rinehart.blogspot.com/
What you need to remember, roundabout:
"To support its contention that Altomare had good title to the jewelry, TED relies on the declaration of Richard Altomare, a person that this court has found to have committed fraud."
Taken from:
02/22/2008 297 RESPONSE in Opposition re: 263 MOTION to Intervene
I don't think they know.
Posted by: CHEESOFRIEZZZ
In reply to: None
Date:2/20/2008 5:07:49 PM
Post #of 14497
whats the o/s here like lately?
Yeh, RA still needs to be indicted but I would guess that is coming soon.
Posted by: roundabout
In reply to: Mighty_Mezz who wrote msg# 14492
Date:2/20/2008 4:10:00 PM
Post #of 14493
But the BATTLE is not over...
Or with Altofraud buying $500,000 worth of jewelry using company funds.
Does this answer the question the receiver had as to why Bud was getting $4,000 checks?
A last ditch effort before he tries tattling on RA?
Posted by: Mighty_Mezz
In reply to: All State who wrote msg# 14479
Date:2/19/2008 1:31:08 PM
Post #of 14480
I wonder what Gundy thinks he stands to gain by repeating claims which have been thoroughly discredited time and time again.
Write him back and ask him if the first one to testify against Altomare gets immunity.
Posted by: Doogrof
In reply to: All State who wrote msg# 14476
Date:2/19/2008 8:26:06 AM
Post #of 14478
---------- Forwarded message ----------
From: Chris Gunderson <chgunderson@gmail.com>
Date: Feb 17, 2008 8:28 PM
Subject: "Naked Shorting" is Counterfeiting
To: Bud Burrell <b.burrell1@cox.net>
Mr. C Austin Burrell
Buddy:
Senator Bennett made a very important point in his exchange with Cox at the Senate Banking Committee Hearing on last Thursday, February 14, 2008.
He described naked short sales as the sale of "counterfeit" shares.
He used the word "counterfeit" shares four or five times.
This was deliberate.
That is obvious because in his seminal speech on naked shorting on the Senate Floor on July 23, 2007, less than seven months ago, he did not once use the term "counterfeit" shares, but only the words "naked shorting," or twice used "phantom shares."
As you know, each such naked short sale constitutes a sale of a counterfeit security is a violation of Sections 513 and 514 of Title 18 of the Criminal Code of the United States.
Violations of these sections of the Criminal Code are Class B Felonies.
Naked short sales of shares not delivered is the sale of "counterfeit securities," shares sold in the name of a company, but not issued by the company from its authorized shares.
They are as criminal as the passing off of counterfeit currency, which is covered by the same statutes.
Counterfeit "securities" are also covered by these criminal statutes and shares of stock are securities.
There have been billions, if not trillions, of such violations of the Counterfeiting Statutes by the naked short sellers.
And, the DTTC and the SEC are aiders and abettors of these crimes of counterfeiting
securities under Sections 513 and 514.
- When a prominent United States Senator;
- As member of the important Senate Banking Committee;
- Speaking at an important hearing with top Government Officials;
- On the important issue of the Problems With the Economy;
- Calls the problem of naked short selling of shares at that hearing as the selling of "counterfeit shares;"
- Then those involved better run for the hills because their heading for long prison terms, including their aiders and abettors.
That's why Cox was fidgety and sweating.
Best,
Chris
I suspect we'll be reading about him tapping his foot in an airport bathroom someday, or something like that.
Seriously, what does proving naked shorts exist have to do with USXP? Anyone with a shoe size IQ can see why this stock was never going anywhere and why Altomare will probably be indicted.
Posted by: janice shell
In reply to: badshah who wrote msg# 14448
Date:2/18/2008 9:40:14 PM
Post #of 14464
He used the word "counterfeit" shares four or five times.
This was deliberate.
It was. Unfortunately Bennett has never had a clue what he was talking about.
Do naked short sale transactions create "counterfeit shares?"
(from the SEC's website: http://www.sec.gov/divisions/marketreg/mrfaqregsho1204.htm )
Answer: Some believe that naked short sale transactions cause the number of shares trading to exceed the number of shares outstanding, which in turn allows broker-dealers to trade shares that don't exist. Others believe that the U.S. clearance and settlement system, and specifically the National Securities Clearing Corporation's ("NSCC") Continuous Net Settlement System ("CNS"), produces "phantom" or "counterfeit" securities by accounting for fails to deliver.
Naked short selling has no effect on an issuer's total shares outstanding. There is significant confusion relating to the fact that the aggregate number of positions reflected in customer accounts at broker-dealers may in fact be greater than the number of securities issued and outstanding. This is due in part to the fact that securities intermediaries, such as broker-dealers and banks, credit customer accounts prior to delivery of the securities. For most securities trading in the U.S. market, delivery subsequently occurs as expected. However, fails to deliver can occur for a variety of legitimate reasons, and flexibility is necessary in order to ensure an orderly market and to facilitate liquidity. Regulation SHO is intended to address the limited situations where fails are a potential problem (for example, fails in securities on a threshold list).
Similarly, CNS has no effect on an issuer's total shares outstanding. With regards to the contention that the U.S. clearance and settlement system, and specifically NSCC's CNS system, creates counterfeit shares, this is not the case. CNS is essentially an accounting system that indicates delivery and receive obligations among its members (i.e., broker-dealers and banks). These obligations do not reflect ownership positions until such time as delivery of shares are actually made. Ownership positions are reflected on the records of The Depository Trust Company ("DTC").
Question 7.2: Does NSCC's stock borrow program ("SBP") create "counterfeit shares"?
Answer: The SBP was implemented in the late 1970s to allow NSCC to satisfy its members' priority needs for stocks that they do not receive because of fails. It is governed by NSCC rules approved by the Commission. Under the SBP, NSCC uses shares voluntarily made available to the SBP by some of its members to complete deliveries to members that did not receive their securities on settlement day. The SBP moves securities that are actually on deposit at DTC from the lending member to the NSCC member who did not receive securities. NSCC then records the lender's right to receive the same amount of shares that it loaned just as if the lender had purchased securities but not received them (i.e., the member lending the securities replaces the member receiving the loaned securities in the CNS system). The lending and delivery of shares through the SBP, however, does not relieve the member that has failed to deliver from its obligation to deliver securities.
The shares loaned by NSCC members for use in the SBP must be on deposit at DTC and are debited from members' accounts when the securities are used to make delivery. Once a member's shares are used for delivery to another member, the lending member no longer has the right to sell or relend those shares until such time as the shares are returned to its DTC account. Accordingly, NSCC's SBP does not create "counterfeit shares." In fact, the program facilitates the delivery of securities to buyers while maintaining the obligation of the sellers to deliver securities to NSCC. This outcome is consistent with the NSCC's obligation to facilitate the prompt and accurate clearance and settlement of securities transactions and in general to protect investors and the public interest.
Question 7.3: Should NSCC buy-in all fails to deliver in CNS?
Answer: A "fail to deliver" in NSCC's CNS occurs when an NSCC member (e.g., a broker-dealer or a bank) fails to deliver securities on settlement date. There are many reasons why NSCC members do not or cannot deliver securities to NSCC on the settlement date. Many times the member will experience a problem that is either unanticipated or is out of its control, such as (1) delays in customer delivery of shares to the broker-dealer; (2) an inability to borrow shares in time for settlement; (3) delays in obtaining transfer of title; (4) an inability to obtain transfer of title; and (5) deliberate failure to produce stock at settlement which may result in a broker-dealer not receiving shares it had purchased to fulfill its deliver obligations. In addition, market makers may maintain temporary short positions in CNS until such time as there is sufficient trading to flatten out their position.
NSCC does not have the authority to execute buy-ins on behalf of its members. Moreover, forcing close-outs of all fails can increase risk in clearing and settling transactions as well as potentially interfering with the trading and pricing of securities.
Yep, the shorts play in important role in weeding out the weak and uncovering fraud which means less commissions for Bennett's contributors.
ROBERT F. BENNETT: Top Contributors (SINCE 1989)
1 JP Morgan Chase & Co $61,500
2 Morgan Stanley $55,000
3 Citigroup Inc $41,011
4 Bank of America $40,474
5 Fannie Mae $40,000
6 American Bankers Assn $35,500
7 American Express $35,000
8 Union Pacific Corp $33,000
9 Sinclair Oil $30,250
10 1-800-Contacts $30,000
11 American Institute of CPAs $29,498
12 National Assn of Realtors $29,000
13 National Auto Dealers Assn $28,500
14 MBNA Corp $28,000
15 Wells Fargo $27,050
16 Zions Bancorp $26,100
17 Goldman Sachs $26,000
18 PricewaterhouseCoopers $25,451
19 Headwaters Inc $25,000
20 FMR Corp $24,000
20 Securities Industry & Financial Mkt Assn $24,000
The top industries supporting Robert F. Bennett are:
1 Securities & Investment $451,236
2 Commercial Banks $369,074
3 Insurance $263,055
4 Lawyers/Law Firms $251,926
5 Lobbyists $223,775
6 Pharmaceuticals/Health Products $221,800
7 Oil & Gas $197,165
8 Finance/Credit Companies $186,950
9 Real Estate $181,941
10 Pro-Israel $173,000
11 Accountants $152,404
12 Leadership PACs $131,330
13 Computers/Internet $126,647
14 Business Services $122,122
15 Health Professionals $108,800
16 Misc Finance $106,970
17 Retired $101,049
18 Automotive $98,496
19 Food Processing & Sales $86,400
20 Retail Sales $84,575
http://www.opensecrets.org/politicians/summary.asp?cid=N00006347
Glad we solved that. What's Bennett's problem, how come he couldn't figure out where counterfeit shares come from? We solved that mystery in no time at all.
Can the word 'counterfeit' apply to the shares Altomare issued illegally and sold at discount?
Bennett is an idiot. When he comes up with some actual proof that it's going on like he describes it maybe someone will listen.
As far as "That's why Cox was fidgety and sweating." I have one question: What were you watching? It certainly wasn't Cox's testimony.
medchal, thanks for sharing. I didn't catch that and yes his source would be a nice score, maybe even big news.