How do fake certs get removed?
The Transfer Agent indentifies the improperly issued cert and notifies the brokerage who has that cert in hand that it's counterfeit.
The corporation then begins a civil lawsuit against either the person or group who deposited that cert. If the brokerage refuses to identify the person or group, you sue the brokerage and let them worry about how they will recoup their losses.
Should the DTCC be doing something directly or advising the TA to do something?
The T/A should be advising the brokerages that their shares are bogus and will not be guaranteed by the company. The T/A is supposed to not deal with the D.T.C.C. other than if Cede and Company also claims to have more shares ledgered than they are supposed to have.
It is almost as if the DTCC want the fake certs to stay out there or something
No they don't. They want Tom to either handle it legally with each individual brokerage or they would demand Tom issue more certs to guarantee shares like he did with Capital Growth.
The SEC did take the step of identifying Mario Pino and Pammy as the source of the badly forged certs, which is as far as we know wqy more proactive then anything the DTCC has done
That's the S.E.C.'s job. To fine and suspend individuals who create securities fraud. S.E.C deals with people, NASD deals with the brokerages/MM's...DTCC is nothing more than a fruitcake ledger system.
As to your supposition that there are piles of certs at our brokers for Energy Source, formerly known as BCIT, how come no one has been able to pull a single cert
I've never posted that there are piles of certs of Energy Source. Where did that one come from? No one should have a certificate for Energy Source. In fact, was the conversion of the corporation even properly handled? I forgot to look for the NASD link showing the proper conversion date....
