Bancorp International Group Inc (fka BCIT)

[janice shell]

If the regulatory and custodians of the market had been doing their job validating controls this wouldn’t have happened.

Okay. What if they had? BCIT had been on the Reg SHO threshold list at some time in the first half of July, but was removed. (The original data is no longer available.)

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=6984560

On 26 July, it once again appeared on the threshold list:

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=7118290

What if the SEC had suspended the next day, and DTCC had slapped on a global lock at the same time? it would have had a beneficial effect in the sense that it would have stopped many people from buying. But it would have done nothing for those who'd already taken a position.

There's no way for the regulators to know everything about every ticker they deal with. If something's wrong, chances are they won't find out about it unless someone tips them to a problem. In this case, Art Gecko persuaded Megas to contact the SEC at the end of July. Megas said he did that. I don't believe we have any proof he did, except for his own word, which isn't worth much. I no longer remember whether Art also wrote to the SEC.

The SEC did suspend, but not until a month later. That isn't necessarily unusual--generally it seems to take about three weeks to conduct an initial investigation and get the action approved by the Commission--but it was unfortunate. They took down GVRP much more quickly: within a week or ten days.

But again, if they had moved faster, the only difference it would have made is that fewer people would have lost money, because fewer people would have had a chance to buy.