I don't know who the TA was, if there was one at all. If they weren't above forging signatures, who's to say they needed a TA. Don't companies sometimes act as their own TA's? Why couldn't Pino have just given the invalid stock to the selling brokers that he used, and just said "here, dump it"? I doubt very much "doing things buy the book" was a priority for them..
I'm sure this will all come out someday in an SEC litigation release, but until then, I guess it's all just conjecture.
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