Bancorp International Group Inc (fka BCIT)

[ohbull2000]

And the gloves are coming off! This Megas mail can...

and should be iBoxed:

From: Tom Megas <[e-mail]>
To: [e-mail]
Cc: thomas megas Megas <[e-mail]>
Sent: Saturday, May 30, 2009 4:01:14 PM
Subject: dtc



dear Jacob,

As a ceo of what was a fully compliant otc company destroyed by the dtc I can vouch first hand of the need for a second clearing system.

In 2005 bcit was a sleepy shell of which I was and still am the ceo and majority shareholder president.
Earlier in that year a group of fraudsters printed fraudulent certificates and presented them for clearing to the dtc, who did not do their due diligence and allowed these fraudulent shares into their clearing sytem. Hundreds of millions of these shares were sold in the market place as a result of a vigorous publicity campaign by those purporting to be representatives of the company. I t was the equivalent of credit card identity fraud. The SEC were informed , the DTC were informed and they did nothing for months despite my public statements that the brokers and the dtc were now complicit in a massive fraud as a result of the
internal failure of the due diligence systems of the DTC and the total lack of initial interest of the SEC. When the brokers realised there was a problem instead of
stopping they mounted a massive sales program knowing that the shares would be ultimately suspended and therefore would not have to deliver any shares because of the stop in trading. It also meant the money they took from the retail purchasers was money for nothing. The brokers sold around 2 billion shares short knowing they would not have to deliver and the poor investors got nothing for their money.

As a consequence I took the fraudsters to court and won a case against them and got some damages. With this money I bought the filings up to date with the SEC who accepted our filings and the sanctity of our stock register (i.e. only those entities on the stock register had shares, we then filed with Finra a 15c 211 which cleared us to trade again) . The SEC said we were fully cleared to trade again. However the DTC told us we could not trade unless we made good on all the bad shares they had let into the system( also meant giving brokers free stock for all their short sales). I refused and as a result my company is being delisted by the SEC.

This situation has ocurred because the DTC has a monopoly and is answerable to no-one not even Congress nor the SEC since they are staffed by ex SEC
people and or from the major broker firms. Mr Goldstein is lying and I am prepared to say so publicy, lying cynically as his organization continues to bilk the retail investor in colllusion with the major brokers of billions of dollars from the american public. If this is not a case of systemic failure I do not know what is.
I wish you would give my comments a public platform as I would love to be sued by Goldstein as he continues to commit fraud in all his public statements.
What apalls me is the confident arrogance with which he and his organization lies based on the fact that he represents a monopoly that is effectively answerable to nobody.

Bring on the competition.

best regards

Thomas Megas
CEO & Chairman
Energy Source Inc (formerly BCIT)