NorthWest Biotherapeutics Inc (NWBO)

[biosectinvestor]

I had made an argument similar when the NWBO case was first filed but can't find the post now, my argument being that Broker-Dealers cannot allow their facilities to be a tool for illegal activities and then claim they have no responsibility for it because they were just following orders. It's willful blindness at that point. They have a duty to prevent things like spoofing using their systems. I think the other problem is that they likely not only did these activities at the instruction of their clients, but likely built these kinds of activities into their algorithms in the first place to "get best execution". I think they likely thought no one would ever find out nd that likely all of their competitors were doing the same. It's going to create serious problems when and if this comes out fully. It's just my opinion. It's not like I think everyone at a broker-dealer knows this goes on. I expect it is a very narrow set of people who create the algorithms, possibly even thinking they are going good work, and then the brokers and marketers and possibly some technically knowledgeable persons looking at compliance issues. But most likely, this has been going on so long that they didn't even think there was anything wrong with having a permissive system and leaving it up to their clients to be ethical. And then the algorithms, that's so technical, I expect probably only a very few people know what's in them.

It's going to likely open up a whole range of new responsibilities and requirements that they thought they could avoid, just blame it on the software and the clients. They may even outsource the programming, maybe even to India, etc. Plausible deniability... we didn't know. I hope the ruling and case are upheld at all levels. It will be a huge improvement and change to the markets.