MARKET SCAMS

[Capt_Nemo]

Another DTC Exit, SIA Promises to Do ‘Homework’
March 27, 2003. (FinancialWire) Vista Continental (OTCBB: VICC) has joined the list of companies announcing its intent to “opt out of the DTC Share Transfer System,” bringing to 80 the number now embroiled in the illegal naked shorting controversy.
Meanwhile, reacting to investor criticism for its support of the Depository Trust Corp.’s request to the SEC for authority to block such exits, Donald D. Kittell, Executive VP and the highest ranking officer of the Securities Industry Association in New York City, promised to do “homework” on the issue.

Responding to an email from investor David Patch, Kittel seemed unaware of the rampant market manipulation among OTCBB stocks. Previously, Patch said an executive at the SIA had stated that the “financial” side of trades are being settled but was not able to confirm if the “certificate ownership” side of the trades are being settled in all instances.
The SEC has recently fined an illegal naked short seller $1 million, and there are several lawsuits now against various brokers for not delivering certificates upon demand.
“I am an investor who has been lost a considerable amount of money investing in what I believed was a tightly controlled arena,” said Patch, who has lobbied most of the industry in frustration. “Yes, trading the OTCBB stocks is a risk every investor takes,” Patch responded to an SIA official who more or less suggested that people who invest in OTCBB companies get what they deserve. “They do
so with the understanding that the COMPANY is the risk and not that an abuse inside the infrastructure of Wall Street was the risk,” said Patch.
Murray Conradie, CEO of Nutek Corp., said he has looked into the possibility of retaining a lobbying firm to bring the issue before the Congress.
http://www.investrend.com/articles/defaultFinancialWire.asp?level=160