Bancorp International Group Inc (fka BCIT)

[turn2him]

The facts are the DTCC allowed Pino/Pammy to slip the bogus shares into the market. Thus DTCC is at this time fully responsible and liable. However, what people fail to recognize here is that when Megas discovered the hijacking in early May, he decided to work a back room deal with Pino for $2 million. IMO, this was before he may have realized what damage had been done by Pino. In other words he did not do proper due diligence on Pino/Pammy. He may have innocently been taken in by Pino with the deal and expected payment, possibly not recognizing how Pino had taken over the company.

This is where I find that Megas failed to perform his fiduciary responsibility to BCIT shareholders. While he may have been innocent or naive of Pino, Megas should have kept Sytner or somebody watching the trading activity of BCIT. When trading activity exceeded the number of BCIT allowable shares(Apprx. 4 million), is when Megas needed to approach the DTCC/SEC. But from my estimates of following the timeline, it took Megas 40 days before he finally reported the identity theft to the proper authorities. IMO, this is when Megas realized Pino was not going to pay him any more than what he had already received from Pino. Which in that 40 days over 200 million shares were traded. So the market was trading shares backed by forged certificates for almost 40 days. Some say that DTCC tried to extort shares from Megas. It was this time when Sytner had his expletive deleted moment with the DTCC. So there may be some sour grapes with DTCC over the exchange/verbal abuse by Sytner. But when I look at the timeline, I can see how the delay of knowing and reporting attributed to the fiasco with BCIT, thus I have to ask - did the DTCC have the right to hold Megas responsible for replacing shares for that period of time? ie I think it may have been an additional 250 million shares, but could be wrong here. Remember I stated earlier that approx. 200 million shares traded hands in the 40 day period when Megas discovered and reported to SEC. As I stated I think it was an additional 250 million shares the DTCC asked for from Megas and approx 200 million shares traded in that 40 day window, but some say this was extortion by the DTCC.

Then to compound the problem was the delay by the SEC on halting the trading activity of BCIT. Megas published PR in early August, but halt was not executed til September where by then over 2 billion shares exchanged hands in the open market. Remember that these shares were backed by the DTCC with forged Pino shares. The lawsuit by Megas IMO was an attempt to remove the forged shares from the market. These were the certs given out by Pino to his friends or whoever performed work for BCIT during the Carter merge attempt. Those involved or innocently received those certs from Pino may have deposited them into their broker accounts, which may explain why possibly a few people may have had shares removed by brokers.

In summary this is my opinion of what may have transpired that has BCIT revoked and a non-trading company today. But Megas isn't talking.