Sulja Bros. Building Supplies, Ltd (SLJB)

[jeannine]

Letter to Sen. Dodd, new Chair of Sen. Banking Committee

The Honorable Chris Dodd
448 Russell Building
Washington, D.C. 20510
Tel: [phone] Fax: [phone]

Dear Senator Dodd,

Congratulations on your appointment as the Chairman of the Senate Banking Committee. Though I have great shame in admitting my vote for this present administration which includes the unsavory likes of Hank Paulson and Dick Cheney, I find great hope in the recent change of the guard, especially seeing you take over for Richard Shelby as the Chairman of the Senate Banking Committee. It is most clear that Mr. Shelby was “inexplicably” biased against reforming Wall Street and the Securities and Exchange Commission, ultimately acting in a manner that protected immeasurable corruption and thievery on the highest levels. Mr. Shelby refused to let this issue proceed to the Senate floor, placing every roadblock in its’ way imaginable. With criminal allies on such high levels constantly blocking such desperately needed reforms, we investors only further see our dreams of a fair and opportunity-oriented America slip through the grasp of our hands.

It is my understanding that you are interested in possibly taking up the case for major reforms of the Securities and Exchange Commission. On behalf of Americans everywhere, I urge you to make this mission a priority. Although I am confident that there will be many voices you hear speaking against such reforms, they are the voices of individuals either directly reaping the benefits of such corruption, or those working on their behalf. Common sense tells any objective person that an honest soul could not possibly oppose reforms that make the SEC do their job and curb the massive fraud form being perpetrated on the American people.

Sir, I have been a victim of this corruption on several occasions. I have owned certain securities that have been proven the victim of naked shorting (shorting/selling stocks without actually owning or borrowing stocks - tantamount to counterfeiting), such that the supplies of artificially created stock so outweigh the natural demand that the price gets manipulated through the floor. Then, after driving the stock price down, the criminals don’t even bother to cover/replace what they never had and fraudulently sold. If they purchased back the phantom stock that they sold in the legally mandated 3-day period of time, the buying pressure on the price would force the price so high so fast that it would trigger margin calls on the way up and ultimately, a short squeeze would occur. Instead of letting a short squeeze drive the stock price high, the criminals must commit to a war of attrition with the subject company by engaging in non-stop naked shorting to keep the price low. They usually retain the services of internet “bashers” - persons who repeatedly go on the internet chat boards before thousands of perspective investors and falsify facts about public companies to help destroy the price or maintain it at artificially low levels. If that does not work, and some positive event causes the price of the stocks to soar, the SEC has repeatedly shown their ugly presence by halting the stock with their patented unjustified 10-day administrative halt. They often pretend that fraud investigations are going on and put out a press release to that effect. Once the 10-day administrative halt is over, the short squeeze is deflated and the criminals keep their ill-gotten gains. Even internet stock news services such as Stockpatrol.com and Stockwatch have been used by the criminals to take advantage of often-time bogus negative articles in efforts to scare investors away and contributes to the criminals keeping their loot. Note that Stockpatrol.com is run by ex-felon and disbarred New York attorney named Bernstein who has been under much scrutiny in the news as of late.

The problem is that the honest people in the government are so far behind in controlling this problem, and it has gone unchecked so long, that the criminals act with seemingly limitless arrogance in thinking that the bell will never toll for them. Their belligerence has led them to act in the open so blatantly that their schemes are obvious and transparent to the watchful eye. We have to take action now or see America and Americans drained of money until we are merely a shell of a nation. We need good men now, more than ever. Will you please be one of those good men?

You will hear from the criminals and their cohorts, pretending to be “concerned citizens,” that “it is impossible to make a market without permitting naked shorting.” Funny, the United States is the only country on earth that allows this unethical and illegal conduct. Every other nation not only requires the actual delivery of securities sold, most on the same day as the transaction, but each imposes severe penalties for engaging in selling something the sellers never had in their possession in the first place. How this massive criminal enterprise has gone unchecked in America for so long is mind-boggling. However, the ever presence of a continued illicit and easy cash flow and the presence of people willing to take it without a conscious, makes a remedy for financial disaster.

The stated corruption in the market could not have possibly gone on without complicity by the SEC. Why would they permit this corruption to persist? It is not due to incompetence, I am confident. It is due to severe conflicts of interest for SEC attorneys who work with the SEC for a few years, many soon thereafter quitting and starting new careers with the very criminals that they not only turn a blind eye to, but actively protect. Tall words indeed. However, consider the recent termination of Attorney Aguirre by the SEC for seeking to investigate the corruption for which I speak. He refused to play ball and what happened? He was fired and the SEC pretended a fine young attorney was instead a rogue, and incompetent. The December 4th and 5th, 2006 hearings held by the Senate Judiciary Committee found Senator Specter and Grassley reviewing this termination and ultimately accusing the SEC of serious corruption and cover-ups. Due to the recent change in the political climate and the focus on this otherwise secreted issue, you may note that within the last 12 months, 40 SEC attorneys have quit. In such a time frame, the SEC might lose a few in an ordinary year. Notice where these attorneys took up new jobs? All one has to do is go down the list of securities firms and hedge funds that have been feeding freely at the trough without fear of exposure. Chances are that these 40 attorneys are working for either the referenced entities or other firms working in close association with them. The conflicts of interest are massive. The Senate should address this conflict of interest by mandating that if an attorney is willing to take a job with the SEC, said attorney must sign an employment agreement limiting their immediate employment after leaving the SEC. These attorneys need to be prevented from taking employment for any entity that place them in direct conflicts of interest with their duties as public servants. After all, an attorney cannot work on a case against a former client in the private sector. Why on earth should a government attorney in such a position of a public trust be so permitted. These SEC attorneys are greatly tempted by the potential of future high-paying jobs that impede their better moral judgment. The public trust is sacred. These attorney cannot be permitted to use their government jobs only as a set up for later employment in a manner that makes their time as government employees nothing shy of an exercise in corruption.

What is further tragic is that activities which started with these white-collar criminals on Wall Street became known to the Russian Mob and other crime families, drug dealers and even terrorists. Hard to imagine but the money provided to terrorists used to kill our valiant troops overseas was possibly given to them from illegal counterfeiting shares on Wall Street. Our money stolen from us and used to harm and kill our troops and civilians. A painful irony beyond measure. For evidence of this assertion, one only has to review the conviction of Anthony Elgindy in 2004. Elgindy was an Egyptian national living in America who used naked shorting and other forms of manipulation to bilk billions from innocent investors. He was connected to sending money to known terrorists organizations in the Middle East. To further emphasize these criminals’ links to corrupt government officials, FBI agent Jeffrey Royer was also convicted with Elgindy for providing him inside information on investigations and taking a cut of the massive profits. The only difference between Royer and the discussed corruption found in the SEC is the fact that corrupt SEC agents do not always get their “bonus pay” up front as did Royer. They often get it on the backside after they leave the SEC and go to work for the criminals they previously protected for years.

I ask you, how many Americans had their dreams dashed by these people? How many parents could not afford college for their kids? How many people lost their homes? How many sick people could not afford the medical care needed due to unjust losses at the hands of these criminals? How many a U.S. soldier were injured or killed with weapons funded with our own money? The theft has been in the trillions. Why do I quote such a figure? Just the NYSE (not the Nasdaq, Amex, OTCBB, Pink Sheets or the Greys) for only the 2nd quarter of 2006, has admitted to $63 billion in “failures to deliver” or counterfeited stock sales. Multiplying this figure by 4 quarters, then by 6 exchanges, then by decades and you can see that the theft easily goes into the 10's, if not 100's of trillions of dollars. Remember the junk bond scams? Michael Milken made the news every single day for stealing a whopping $600 million. This scandal makes Milken look like a baby’s prank on the first day of preschool. However, the press barely touches this issue because of political alliances, corruption in the media and fear of panic. Yet, the news is getting out. It is well known abroad as the subject is making it into foreign news services more and more each day. As for the international response to our declining financial condition, just note the Asian nations, Opec countries and Europeans dumping dollars and U.S. Treasuries at an unprecedented rate. Our currency is being seen as seriously on the decline and that is, at least in part, because criminals have had their ways in this economy such that it may not be able to sustain the attack much longer. It may be too late for recovery. Only time and severe measures immediately implemented will give us a chance. You can see why informed Americans are infuriated that both our administrative agencies and congress have let this issue go unaddressed for decades. The time to save America is now and you have been given the awesome responsibility and privilege to be a hero to every decent American. Please do not allow this God-given opportunity to pass unaddressed.

Please, please do take up this issue and press it without limitation. Help us recapture our country from criminals who have run amok in our financial markets. Our pleas to date have fallen on decades of deaf ears. So many people I personally know have suffered so greatly at the hand of these criminals. Won’t you please help us make America right again... for everybody? All we ask is a fair shot at a better life but when an investment is manipulated into the ground, and the government aids in this manipulation, what chance do the average citizens have against such odds?

I genuinely thank you for your consideration. May God guide you and protect you.

Sincerely,


Allan F. Treffry, Esq.