Everyone!! Heads up! This is a very serious claim on the MM's tactics of "Naked Short Selling". There are signals from one MM to another that it's time to "ATTACK" this stock (IFSL).
IFSL is now under attack and we need to do what ever we can to stop it in it's tracks. When I get back I will find out how to file a complaint with the SEC regarding the illegal activities of these two MM's (ETMM & NITE) - if everyone on this board can file a formal complaint or whatever needs to be done maybe we can keep this from being decimated.
I have seen companies, good companies, go under from naked short selling alone. Can someone please find out who to contact or where to file a complaint.
Thanks,
Erik
I can't be the only one who got this email from Paul Currie:
Friday, October 2, 2009 3:18 PM
Dear Paul
My name is Douglas Anchell and I have been invested with IFSL for over nine months.
I use my level 2 screen to watch my investments and can tell when a company is under attack by naked short selling.
Here is a brief description what naked short selling is:
“Naked short selling, or naked shorting, is the practice of selling a financial instrument short without first borrowing the security or ensuring that the security can be borrowed as is done in a conventional short sale. When the seller does not obtain the shares within the required time frame, the result is known as a "fail to deliver". The transaction generally remains open until the shares are acquired by the seller or the seller's broker, allowing the trade to be settled. Naked short selling can be used to manipulate the price of securities by driving their price down, and its use in this way is illegal.”
Recent companies that have been under attack by naked short selling are;
HTDS
LDSR
EWRC
STLK
DLAD
As of September 29th 2009, it has come to my attention that IFSL has come under attack by naked short selling.
Two companies, NITE (Knight Equity Markets L.P.) and ETMM (E Trade Capital Markets LLC) seemed to have joined forces to drive the price of IFSL down.
NITE and ETMM are also prominent in driving the prices down of the other securities listed above.
On September 29th 2009 I first noticed a handful of unusual trades, like 900 shares or 200 shares traded at .0081 or the like.
I know from experience that these are codes that trading companies send each other to communicate an action that should be taken.
On September 30th NITE and ETTM began to join forces to drop the price of IFSL. They do this in tandem, usually one company puts up a large amount of shares to sell creating a ceiling, and the next company begins to drop their price with low sell orders. In consequence, the share price begins to drop.
They will often switch positions during the day.
To keep the price going lower, they ‘ping down’ the share price with 5000 or 10,000 share sell orders at the bid.
When the price is significantly dropped, NITE and ETTM become the primary buyers.
This was perfected today by NITE and ETMM.
At closing we had both NITE a ETTM at ask @ .0070
And both NITE and ETTM at BID @ .0065
The last trade was at .0065 for 10,000 shares
IFSL is clearly under attack by these two MM’s and if nothing is done, they will send the share price of IFSL down to .0001 if unstopped.
Contact me if I can be of further assistance.
Douglas Anchell
949-231-0917 or 949-574-4762
332 Victoria Street D-101
Costa Mesa, CA 92627
