Replies to Post #6443 onNSS ~ Counterfeiting Stock ~ MM Games Played

Replies to #6443 on NSS ~ Counterfeiting Stock ~ MM Games Played

06/24/11 4:09 PM

#6444 RE: Oilersrule #6443

Oilersrule, Looks like Pension and/or their clients are extremely short. They do not want their retail clients buying and competing with those attmpting to short cover for cheapies. They will let retail sell only.

Looks like those of us with brokers other than Pension cleared brokers may be able to capitalize on the upcoming mandated short covering.

Good Luck!

Accordingly, effective immediately, PFSI (Pension Financial Services, Inc) one of the largest clearing houses, will impose the following changes to its house requirements:

Opening transactions in non-listed stocks (i.e. Pink and Bulletin Board Stocks) trading below $1 will no longer be permitted.

Closing transactions for existing positions in stocks below $1 will be allowed for liquidations that close open positions.

For any existing short positions, it is necessary to begin to immediately close out such short positions in an orderly, but expeditious manner.

PFSI will no longer accept deposits of sub-penny stock (equity securities priced below $0.01) utilizing the following methods of deposit:

1. Any form of Physical Certificate Deposit

a. Through the Penson SPS application (Securities Processing System)

b. Through the Transit System (TNST)

c. Via Mail

2. DWAC (Deposit/Withdrawal at Custodian)

3. DRS (Direct Registration Service)

4. ACAT Transfer of Restricted Stock (although, we will continue to accept
deposits of sub-penny stocks without any restrictive legend via ACAT)

PFSI recognizes that these new requirements pose certain challenges, however this decision is not negotiable. Our policy to cease processing deposits for these securities is an effort to reduce the exposure to both PFSI as well as its Introducing Broker-Dealers correspondents related to these securities.

fourkids_9pets

06/24/11 5:51 PM

#6445 RE: Oilersrule #6443

Cases Case Investigations Penson Worldwide, Inc.

Case: Penson Worldwide, Inc.
Attorneys: Laurence D. King, Jeffrey P. Campisi

May 13, 2011 – Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has been investigating Penson Worldwide Inc. (“Penson” or the “Company”) (Nasdaq: PNSN) for potential violations of the federal securities laws. Investors who purchased Company securities may be affected.

The Dallas-based Company's core business lies in clearing trades in securities and derivatives contracts for broker-dealers serving retail investors, as well as high-frequency trading firms that need access to exchanges. The Company also operates a Chicago-based futures brokerage.

On May 13, 2010, Dow Jones reported that a Company board member resigned on May 12, 2011 after the Company's disclosure of his relationship to a large, illiquid bond position held by the Company. Penson reported that it held as trading collateral $42.6 million in bonds issued by a Texas horse-racing track operator that maintains ties with Penson director Thomas R. Johnson. The Company warned that, under certain circumstances, it may write-down the collateral.

"We believe that a significant risk to Penson is that the new disclosures affect its correspondent clearing customers," Rich Repetto, an analyst with Sandler O'Neill, wrote in a research note that warned of competitors poaching Penson's existing customers and potential clients taking their business elsewhere.

At the end of the first quarter, Penson held $97.4 million in nonaccruing receivables, which analysts said reflect nonliquid assets held as collateral against trades gone bad. Nearly half that figure represented bonds issued by Retama Development Corp., owner of Retama Park, a racetrack located in Selma, Texas.

Those bonds are collateralized by the value of Retama Park's real estate, and although they were regularly traded at the time Penson took them as collateral, "there is no longer any active market," according to a note from Raymond James analyst Patrick O'Shaughnessy.

Raising further questions was the relationship of Penson board member Johnson, chief executive of Call Now Inc., which manages the racetrack and owns $15 million of the Retama Development Corp. bonds, according to Sandler O'Neill's Repetto; Call Now was an early investor in Penson.

"While we believe that Call Now's use of RDC bonds as collateral for margin loans could have reasonable explanations, Penson's exposure to $27.8 million of other Retama bonds raises questions about how the concentration of risk developed," Repetto wrote.

For Penson, which has seen its valuation nearly halved to $87.5 million this week, nearly $100 million in nonaccrual receivables is "a troubling level," Repetto wrote.

On May 11, 2011, Penson shares declined 23.8% and on May 12, 2011, Penson shares declined 21.9%.

If you purchased Penson shares and would like to discuss our investigation, please e-mail Jeffrey P. Campisi.

http://www.kaplanfox.com/cases/caseinvestigations/508-pensonworldwide.html?gclid=CIeTjIXCz6kCFYHb4AodWg_nOQ

===
suspect this was the *smoke screen* for what was *somewhat*
revealed via the latest round of info :)

==
4kids
all jmo

Cassandra

06/24/11 7:59 PM

#6447 RE: Oilersrule #6443

That does not look legitimate. The name of the clearing firm is Penson Financial Services, Inc. (PFSI) - not "Pension." Their website: http://www.penson.com/

If this were real, it would be huge news and you would have been informed by your broker-dealer.