American Energy Partners Inc (AEPT)

[docrew0]

Re: Financial Industry Regulatory Authority FINRA

This goes a little deeper than just mentioning the recent Form-T compliance. And I do mean "recent compliance".

Financial Industry Regulatory Authority FINRA:
So who are these guy's and how do they tie in? Remember NASD? They are basically the same authority now called FINRA that we with our WTWO holdings are now in the comments phase regarding the OTCBB move. They are also the SEC designated authority regulating the fair practices or our normal hours and after-hour's trades.

I actually contacted my broker regarding these after-hour's trades and have been corresponding back and forth about this for about 2 months now. He told me these trades were simply late reporting which I've stubbornly argued. My contention was the trades had no designation flag per the SEC/FINRA rule 6620 Transaction Reporting and I asked him to file a FINRA inquiry and a complaint if the offending Market Maker wasn't complying per OATS 6620 (Order Audit Trail System). I also forwarded him information about actions taken against other non-reporting Market Makers who ignored 6620 and other related reporting rules. Looks like Form-T was the resulting concession. I was hoping some disciplinary action would be taken. This still may be the case if we press it.

Please Note I'm not saying this Form-T was the result of my inquiries because I know some of you are also making waves.

Now that the Form-T is being filed what else can we do? There are a couple of other avenues that can be pushed.
1) Since the effective date of the rule was June 11th, 2007 what about all the months this Market Maker didn’t follow the SEC/FINRA rules and file Form-T. I'm asking my broker to file a complaint on these grounds.

2) In addition to this the following can also be argued.
(5) A pattern or practice of late reporting without exceptional circumstances may be considered conduct inconsistent with high standards of commercial honor and just and equitable principles of trade, in violation of Rule 2110.

The Form-T designation also confirms these are without a doubt after-hours trades. It also lends credibility to the notion that one of the Market Makers is waiting until after the market closes to avoid executing the trade at the best market price. While not a rule infringement of itself it does indicate a pattern of market manipulation. I now routinely enter a higher bid several minutes before the close. I've demonstrated to my broker that many of the current and past after-hours trades were made below the ECN's published bid and many times my order is ignored completely and not published at all under the 90 second rule. My broker's contention has been the Market Makers do not have to list or fill my order but it has given me grounds to file a complaint.

Other than this I'm open to suggestions that would help curb this manipulative trading loophole. I know that trader_vic88 has also been making similar inquiries; I say the more the merrier. If you don’t like it ask questions and shed light on it PERIOD.

Additional reading for the technically inclined who want to know more about the trading system we're on:
OATS Reporting Technical Specifications August 7, 2008

Search FINRA Order Audit Trail System





As always JMHO

Docrew

Do the Due, this is not an endorsement to buy! Lets keep it real!! Good luck to all