Replies to post #125704 on Bancorp International Group Inc (fka BCIT)

[glaszman]

what are your credentials to make this claim exactly

Counterfeit shares are not "cleaned up" thru a buy-in. It's a civil issue ---


Tom could have made those brokers buy back those shares at the last known trade plus asked the court for additional punitive damages.

so could FINRA and/or the NYSE.

the idea that counterfeiting shares is a civil matter is a very narrow interpretation of the law.

counterfeiting is a crime, so is forgery. the fact that FINRA and the NYSE want to be SRO's seems to be the only reason the DOJ stays out of it, but that is changing very fast because the SRO's have proven themselves to not be up to the task.

[glaszman]

the SEC clearly found that the Co (Megas) did not negligently hired the Defendants and negligently supervise their actions and activities. it is stated as such in precise words within their findings against Pammy and Pino.

the settlement in court went the way it did is because of the NYSE and FINRA, they refused to be an SRO, and take responsibility for their screwup.

Except they intervened and went after the company.

Capital Growth Financial, L.L.C. and JH Darbie & Co. intervened in the Civil Litigation (the "Intervenors") and alleged that the Company negligently hired the Defendants and negligently supervised their actions and activities.

Furthermore, the claims of the Intervenors against the Company were exchanged for the issuance of 25,025,000 shares of the Company's common stock to JH Darbie & Co. and 219,723,000 shares of the Company's common stock to Capital Growth Financial,L.L.C. for an aggregate sum of 244,748,000 common stock shares

[mastaflash]

What about naked short shares? Trading would clean those up. The DTC doesn't want that to happen.

[ohbull2000]

What in the world are you talkin' about???........

"Unfortunately, Megas, under a civil court agreement was forced to deliver guaranteed shares to those brokers in exchange for what worked out to a huge discount based upon the last trade of .0489 before the halt."

Megas was not forced to do that...he forced it to happen by Jan. '06 by taking the known brokers involved to court in Dec. '05.

He thought that was the end of it...244+M shares reportedly entered the market, illegally, and he sold them what was presumed to be the total counterfiet share issue.

Unless you just started following this soap opera yesterday one would know now that that was just the tip of the iceberg.The rest of the brokers sold 100's of millions of shares that they got either from the DTCC (based on counterfiet certs from Pammy n Pino) OR they went ahead and created them on their own, in house.

The DTCC knew the share count...but they have NEVER answered the question of how many there are.

Read glaszman's post as to the reality of how NSSing a stock works....get 'em to go BK or get them to be de-registared and never have to cover.