Replies to post #89595 on Bancorp International Group Inc (fka BCIT)

[maverictx]

Bobby, could not the brokerages have traded on the fraudulant shares thinking they were real 106's, so at the time (over 2 years ago) they thought everything was hunky dorry (plus shorting to high heaven), now it is not? Now they realize that they are not real and don't have real 106's to exchange for 205's!! Do I make sense here?? lol

[op9171787]

ok, bobby, now you're starting to sound broker/dtcc friendly and that's a RED FLAG. In SUMMER OF 2005 THE PUBLIC FLOAT WAS LESS THAN 1.1 million shares. NONE OF THE MAJOR ONLINE BROKERS I AM SURE HAD ANY 106 CERTS. Do you NOT understand what NAKED SHORTING IS? THEY SOLD THE BCIT SHARES FOR CASH AND NEVER HAD A Jumbo 106 CERT in the first place. Stop confusing the issue. They SOLD NON-EXISTENT electronic entries into peoples' brokerage accounts and would worry later about how to solve it if it ever came to that.









imo

[coinsguy]

bobbybdb, Do you understand what air shares are?

They are shares we ordered from a broker who took our money, put an IOU in our account and then never obtained shares from another party to fill that order. As a result, we end up with an IOU in our account with no certificate whatsoever to back it up that IOU (ie we have naked shorted shares).

Your statement that, "if they never obtained certs to begin with we would never have ever traded period" is incorrect. The brokers could sell BCIT shares all day long and never obtain a cert to back them up. This DOES happen. 38 brokers were just indicted by the SEC for doing just that, selling naked shorted shares just as I described. The SEC has only scraped the top of the mountain. IMO, there is far, far more of this going on in the market.

The BCIT brokers got greedy and took this to a level surpassing anything we have heard of before. It wouldn't surprise me to find out that there were more than a billion shares sold into the market this way.