Bancorp International Group Inc (fka BCIT)

[H2NRG]

Over a year ago since this was sent...
to Wisconsin Rep. Mark Green. Did Rep. Green attempt to help?
[Interesting that Rep. Green is now running for Wisconsin governor... http://www.votemarkgreen.com ]


https://ssl.capwiz.com/congressorg/bio/userletter/?id=638&letter_id=471469606

Letters To Leaders
All messages are published with permission of the sender. The general topic of this message is Financial Services:
Subject:
Help with SEC and investigation on BCIT stock

To:
Rep. Mark Green

September 16, 2005

Dear Congressman Green,

I would like to call your attention to BCIT (Bancorp International Group). This whole situation reeks of fraud and insider "favors" between brokers, market makers, even the SEC and the DTC. From my position, it appears as if these entities have teamed up against retail investors to save their own hides.

Bancorp CEO Thomas Megas began issuing PRs as early as August 1, claiming that most, if not all, shares of BCIT currently trading were counterfeit. Estimates range from 200 to 800M counterfeit shares sold against a 5M total OS. However, most large online brokers continued to trade fraudulent shares even after receiving a counterfit alert memo from DTC 8/16/2005.

What's more upsetting is that Scottrade has released written correspondence to retail investors (with a copy forwarded to the SEC), claiming that the SEC informed Scottrade of an impending trading suspension DAYS before the retail investors were informed. Ameritrade correspondence also hints at foreknowledge. But SEC regulations claim they inform no one of a suspension prior to the suspension date. The net effect of the SEC leak was that Ameritrade, Scottrade, and Etrade, the larget online brokerage firms, switched to a sell-only policy in the days leading up to the SEC suspension. The helpless retail investors could only watch as this action caused the value of their investment to tumble 65%.

Now the suspension period has officially ended, and the stock is down from a high of .053 to .005. As of September 16, no brokerages are allowing trades in this security, despite the "reinstatement" of the security by the SEC 9/15/2005.


Background information:

last Spring a crime was committed. On 4/21/05, Marion Pino (of Mellon fame) and Carter Care Inc., via fraudulent documents filed by a ``Louis Lesser' with the Nevada Secretary of State, attempted to hijack the dormant Bancorp shell and effect a reverse merger. The individuals and corporate entities involved with the illegal takeover of the company printed hundreds of millions of invalid share certificates. These certificates were signed by Richard Carter of Carter Care, and were apparently illegally sold by market maker Sterne, Agee & Leach, Inc. (SACM) beginning 5/12/2005. Pino, Carter, and cohorts then began pumping the stock by issuing phony PRs regarding gold and diamond mines.

Thomas Megas, Bancorp CEO, immediately contacted the FBI and the SEC, and began issuing statements regarding the phony filings and PRs beginning June 13. On 6/20/2005 Thomas Megas and Martin Duffy were reinstated as officers of the company with the Nevada Secretary of State. On 7/28/2005, Blue-sky Solutions, LLC, having been hired by the fraudulent parties, resigned as investor relations contact for the company. Megas issued subsequent PRs warning of probable counterfeit shares as early as Aug 1, yet still the brokerages and market makers played for profits. They also ignored a memo/alert from DTC August 16, and continuing to buy and sell over 250 million bogus shares of BCIT during this period.

But the broker "party" came to a crashing halt when Megas appointed a transfer agent on 8/26. That day, the newly hired transfer agent announced the true share at less than FIVE MILLION SHARES. I firmly believe it was this fact that caused mass panic by the brokers: despite numerous public warnings about counterfeited shares, BCIT traded normally until 8/26. After the events of 8/26, the online brokerages began rescinding trades, changing to "sell only" and even "no trading" policies.


Additional "suspicious" occurrences:

I have copies of emails sent to CEO Megas from an Oklahoma broker who claims they froze ten of Pino's (and his cohorts) trading accounts. This broker was insisting that Megas issue a Texas 504 private placement to help them out of the situation -- which he refused.

BCIT apparently had a large number of "failures to deliver" -- it was on the SEC's Reg. SHO list until 8/17/05. Then it disappeared from SHO, ostensibly because the naked short positions had been covered. The burning question is, how does one cover a naked short position with counterfeit securities?

In an effort to (I assume) instill further fear into the retail shareholders, Ameritrade fraudulently claimed in writing September 14 that they would not be trading BCIT following the SEC suspension because "Bancorp International is undergoing Chapter 11." This outright lie prompted CEO Megas to issue a particularly nasty "cease and desist" letter to Ameritrade on Monday, September 12. I also have a copy of Ameritrade's response to Megas.

Myself and a large number of concerned BCIT shareholders can provide more details of the entire situation, including a very interesting (and highly incriminating) timeline built from actual events, along with numerous written and signed correspondence from brokers and the SEC. Please look into this situation before the "back room deals" are cut -- and the retail investors lose yet another battle against Wall Street corruption and illegal stock manipulation.

Website with much backround inforamtion on BCIT and investors in BCIT:
http://www.investorshub.com/boards/board.asp?board_id=3879

Contact information for Thomas Megas:

Thomas Megas
President and CEO
Bancorp International Group Inc
15 Onslow Gardens
Suite 7
London, SW7 3AW
United Kingdom
Phone: [phone]

Grren bay , WI