The NOBO list should reflect number of shares each investor has. The DTC generates a report which breaks out holdings by broker-dealer. With their help, IMO he should have been able to pinpoint which ones served as an entryway for the fake stock into the market. Those broker-dealers in turn should be able to identify the responsible clients.
I don't know what Megas is trying to do. If the goal is to cancel fake stock, IMO there was no need to make false allegations against everyone. If the goal is to go after culprits, he should have narrowed down the list prior to filing. When a crime is committed, cops don't charge everyone in the local area to find the perpetrators.
The danger in tipping your hand first is not knowing what's in his. The info might be used to change his case before he does show it.
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"We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful."
-- Warren Buffett
