GVRP: SYNOPSIS
From: xxxx
GVRP "Just My Opinion"
In my opinion this is a classic case of
'the rules don't count for you the trader'
First and foremost is the issue that it is NOT the
informed traders that traded the stocks problem.
There are some basic rules that apply to stocks:
1. If you buy a stock that has been short sold the original seller is on the hook & their Broker is also.
2. Any Market Maker that trades the stock is next in line.
15c-211 rule applies 100% of the time not 99%
3. Standing Trades cannot be undone without SEC/NASD,
or a Court Order.
Here is where it gets interesting.
I know what happened on this deal.
I talked to the MM, NASD Market Data Integrity, and the transfer agent when this all started.
Market Data Integrity confirmed the issue of stock trading with a dividend attached. "to me and I have been told also to the Market Marker that was selling the stock"
I also called THE MM and told them of the issues.
The MM ignored the issue with the dividend and kept selling the stock into the market. (they are on the hook 100%)
The transfer agent issued stock before the correct date.
At issue is that they do not, or did not understand their
own business....
Declaration Date: Ex Date: Record Date: Payment Date:
(they are also on the hook 100%)
Now all the brokers and Market Makers that traded the stock
to the current stockholder are trying to worm out of their legal responsibilities.
If you buy a stock and it's not delivered to you then there is a forced buy-in after the stock is called for delivery.
Not this *** that they are trying to pull, "oh those trades don't count" That is just illegal Bull **** to cover their own a** They do count, ask the broker you use if you can cancel some trades you made 2 weeks ago that you lost money on, and they will laugh in your face. Same applies to them if they like it or not.
Failures to deliver, and Brokers failures to act in the best interest of their clients is the issue here.
Any Broker that wants to, or tries to undo a trade, take money from accts, or defraud an investor should be sued, and a letter to the SEC requesting that the Brokers license be revoked and a fine be levied against them should be sent.
Ask for everything in WRITING from your broker!!!
Tell them they can't trade your acct without your consent and you do not give it to them for any issues with GVRP.
This one is gonna end up in court fast if the insurance for those that "Screwed up" does not act fast...
And the payoff for us will be bigger "In My Opinion"
The only way they will is if the Brokers Push the issue,
and get the deal paid off soon.
All the Brokers, Market Makers, and the transfer agent as well as the original short seller look to be in the same mess if the informed traders sue them, AND THEY ALL LOOK TO HAVE DEEP POCKETS SO THEY WILL GET SUED...imo
This has been just my opinion .... all traders need to stand up for their rights on this one or there will be no rules to protect them in the future....
