Bancorp International Group Inc (fka BCIT)

[mastaflash]

Letter to SEC:

(Note: if you require original PDFs, PM me, or otherwise get me an e-mail addy)

July 10, 2009



Via Electronic Transmission



The Honorable Mary L. Schapiro

Chairwoman

U.S. Securities and Exchange Commission

100 F Street, NE

Washington, D.C. 20549





Dear Chairwoman Schapiro:



As the Ranking Member of the Committee on Finance and a senior member of the United
States Senate, I write to you today in reference to a series of complaints that my office received
regarding an alleged fraud perpetrated against a private company, which allegedly resulted in
financial hardship to numerous private investors. According to the complaints received, in
February 2005, several individuals illegally assumed the corporate identity of Bancorp
International Group, Inc. (BCIT), now known as Energy Source, Inc. The complaints go on to
allege that BCIT then went on and sold millions of shares in fraudulent company stock. It was
alleged further that upon learning of the fraud, the U.S. Securities and Exchange Commission
(SEC) suspended trading and filed a civil action (No. 08-CV-353) against Mario Pino, the
individual that was reportedly responsible for perpetrating the fraud. The SEC ultimately
received a judgment against Mr. Pino in the amount of $426,756 dollars.



There are several issues that the complainants brought to my attention regarding this
fraud. Accordingly, I request that my Committee Staff be provided with information and/or a
briefing regarding the allegations set forth in the letter. Please have your staff contact Brian
Downey of my staff at [phone], no later than July 27, 2009 to make arrangements to
discuss this matter. I request that the SEC be prepared at a minimum to address the following
questions:



1. To date has any of the judgment been collected from Mr. Pino? If not, what efforts have
been made to collect the monies owed? If so, what efforts have been made to provide
restitution to the fraud victims?
2. The victims claim that the SEC has cleared BCIT (Energy Source, Inc.) to trade again; is
this statement accurate? If not, what is the SEC’s position regarding BCIT?
3. Was a companion criminal investigation initiated by another other federal agency against
Mr. Pino for the corporate identity theft?





Thank you for your attention to this important matter. We look forward to your
cooperation in this matter and if you have any questions or concerns, please feel free to contact
Kyle Burns or Jason Foster of my Committee Staff at [phone]. All formal
correspondence should be sent electronically in PDF format to Brian_Downey@finance-
rep.senate.gov or via facsimile to [phone].





Sincerely,









Charles E. Grassley

Ranking Member