Bancorp is not the same issue, participants continued trading the security after it had been suspended from all services and deposits frozen. There were in fact shares sold without physical certs backing them, failed trades.
The DTCC does not sort illegal shares from legal shares.. That is entirely on the company and their dime buddy. This is not hard to understand the culprit is the company and how they failed to maintain positive control over their securities since they wanted to play their own Transfer Agent.
Someone has to pay for the time and manhours in sorting out the mess the company created. Each cert has to be no kidding verified for it’s fungability and underwriting.
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