Replies to post #133603 on Bancorp International Group Inc (fka BCIT)

[mastaflash]

That is a darn good post, and coming from you, almost revolutionary. There is much we don't know, so hard to say what really went on. Two additional points I can add: TM took advice from lawyers and the SEC, as to how to proceed once he knew something wasn't right, and, according to TM, SEC knew about and had no objection too, the Pino 'deal'. Why I don't know, but this info is 'conjured' from several e-mails I personally received from TM years ago. So, yes, TM is 'responsible' for what transpired, in the same way the president was 'responsible' for the Gulf Oil Spill. But to demonize him because he followed the advice of those who should have known better, isn't right. He is a victim as well. Anyways, he has learned his lessons, and apparently, bent on revenge. Must be the Greek blood. BTW, Megas does talk to those willing to listen.

[puckhead]

It took an army of media coverage and years to get the SEC to even consider Patrick Byrne, CEO od Overstock.com, that his company was being dessimated and driven into the dirt by trading practices and abusive NSS.
http://investors.overstock.com/phoenix.zhtml?c=131091&p=irol-lawsuits.

The SEC will not admit to NSS compounded with issuance of fraudulent shares being the demise of BCIT......Even though it has been proven in a court of law......

Like I have said for years....if it happened to uSoft it would have been cleared up years ago....

[2late]

Entertaining post, but again not accurate as to the claims of fiduciary failure.

QUOTE:
"However, what people fail to recognize here is that when Megas discovered the hijacking in early May, he decided to work a back room deal with Pino for $2 million."

The PR released at that time identified after attempting to just get out of this mess Megas found he was unable due to the FACT that criminal actions had transpired. Megas has EVERY legal right to sell this shell, which he desired as a profitable walk away, but not after he discovered that the buyer had committed a crime using the shell he owned that would make him criminally liable as well.

Megas reported the crime at that time as the PR disclosed. Everything else that transpired did so at the liability of the regulators and those who cleared and settled trades for fraudulent or non-existant shares.

QUOTE:
"When trading activity exceeded the number of BCIT allowable shares(Apprx. 4 million), is when Megas needed to approach the DTCC/SEC. But from my estimates of following the timeline, it took Megas 40 days before he finally reported the identity theft to the proper authorities."

Actually there were only 650,000 legal shares on deposit with the DTC. The DTC accepted the 230 million fraudulent shares being their negligence. Megas had reported it to the legal authorities and they not only didn't care, but someone saw an opportunity to sell into it for profit. Their motive for failure to act is greater then Megas's motive to commit a fiduciary failure having a liability. The time it takes to realize fraud had occured when MM are free to exchange unlimited shares creating false markets is a weak arguement. NSS doesn't even exist at that time remember. Everything else was reported to back slapping best buddies who love to turn a blind eye to move up the ladder of success.

QOUTE:
"Then to compound the problem was the delay by the SEC on halting the trading activity of BCIT. Megas published PR in early August, but halt was not executed til September where by then over 2 billion shares exchanged hands in the open market. Remember that these shares were backed by the DTCC with forged Pino shares."

That kinda supports the unlimited MM shares exchanged arguement doesn't it:) Even at that time the DTC and the SEC knew there were 230 million shares if they were real and some should have been restricted. YET THEY ALLOWED 2 BILLION TO TRADE.

So now we have a proven NSS positions GREATER then the fraudulent positions that were sold, criminally prosecuted, and found liable for compensation with costs in a civil court of law.

Someone needs to break out their check book:)