Bancorp International Group Inc (fka BCIT)

[janice shell]

They didn't "take your money ex-clearing". They settled the trade ex-clearing. That was the wrong thing to do; they should have heeded the Global Lock.

But back then Global Locks were taken as seriously as they are today. That was partly DTC's fault for not making sure the news was properly disseminated. I don't know how they informed the brokerages. Certainly they made no attempt at enforcement, though I don't know if technically they had the means to do so.

And it was partly the SEC's fault for not backing DTC up.

Not to mention that it was August, when key people everywhere were probably on vacation. A Global Lock and a suspension should have happened much, much faster, as they did with GVRP.

But then--and this is something glossed over in the complaint--Megas should have informed the SEC of the hijacking MONTHS earlier than he did.