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OT: A must read for all..........
TIMELINE TO FINANCIAL TERRORISM
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Friends,
I will call this the timeline to financial terrorism. The timeline I am about to show you will define dates and times by which our US Securities Regulators and US Law Enforcement Officials began to realize the magnitude of a manipulation scheme that has, to date, never been resolved for reasons I will discuss at the end of this memo. Reasons that will identify why our Securities Regulators are now playing Russian Roulette with Human lives to protect big business revenues.
The Financial Terrorism is perpetrated through illegal offshore stock manipulation using ?Naked Shorting? and it has created massive issues in our US Financial Institutions as our Brokerage firms accepted these trades for commission revenues.
Timeline:
1996 ? SEC reports on NASD administrative and enforcement activities. Finds NASD conflicted by Member pressures and recommends a change in their attitudes towards investor protection if they are to become an effective SRO. Cites multiple violations of fair market practices and conflicts with SRO enforcement actions. http://www.sec.gov/litigation/investreport/nd21a-report.txt
1996 ? 2000 Securities and Exchange Commission (SEC) and FBI investigate Pacific International in Canada and their links to US Organized Crime. Pacific International being the conduit to Organized Crime Money Laundering. (http://www.rgm.com/articles/cornucopiaofcrooks.html)
1999 ? SEC has an open comment period on Short Selling and receives more than 2000 comment letters addressing the abuses of Naked Shorting. No actions or reforms came from those comment letters. http://www.sec.gov/rules/concept/s72499summary.htm
September 2000 ? SEC speaks in front of Congress to discuss Organized Crime infiltration into Securities Markets. They speak heavily about the Micro-Caps as the easiest to infiltrate. (http://www.sec.gov/news/testimony/ts142000.htm)
September 2000 ? National Association of Securities Dealers (NASD) meets with Congress to discuss Organized Crime in the Markets and also discusses the Micro-Caps as the easiest to infiltrate. The NASD being an SRO consisting of the member bodies of Wall Street. (http://www.nasdr.com/1420/goldsmith_04.asp)
2000 ? 2001 Sedona Corp. Addresses the SEC over trading abuses and stock manipulation taking place on their Security. They are accusing Rhino Advisors of Stock manipulation. SEC begrudgingly initiates investigation. http://www.findarticles.com/cf_dls/m0EIN/2001_Oct_4/78886768/p1/article.jhtml
January 2001 NASD bars Fiero Brothers from Industry and fines them $1 Million for Stock Manipulation, Illegal Shorting, and Extortion. No reforms came from this action. (http://www.nasdr.com/news/pr2001/ne_section01_003.html)
2001 ? Naked shorting campaign begins by Micro-cap companies to address the short selling abuses. Many going public over the abuses they see in their stocks trading patterns. Complaints begin to pour into SEC and NASD over Brokers failures to deliver shares in physical form and failure to settle trades. Lawsuits are initiated against brokers for settlement failures on short sales.
September 2001 ? Sedona Corp. De-listed from Nasdaq as victim to shorting abuse. Cannot maintain minimum Market Capitalization. Must trade on OTCBB due to de-listing. Sedona remains trading on the OTCBB today as the SEC has never forced correction to Rhino stock manipulation and massive short sale dilution on the security. Sedona the Company, and it?s investors remain(ed) unprotected from future assaults. .http://www.bizjournals.com/philadelphia/stories/2001/09/03/daily8.html?jst=s_rs_hl
October 2001 NASD submits a reform bill to SEC for approval to ?Close a Loophole? in offshore shorting practices. Request changes to Affirmative Determination requirements to address non-member shorting abuses (Offshore shorting). No response from SEC, Loophole and abuses remained in place. http://www.nasdr.com/pdf-text/rf01_85.pdf
2002 ? Naked shorting campaign heats up with more than 100 publicly traded companies going public with their problems. Many try to take action by moving to ?Certificate Only? trading and to exit the Electronic Settlement System of the Depository Trust (DTC).
June 2002 ? Genemax (OTCBB:GMXX) is the first of 6 Companies that had successfully exited the DTC Trade settlement system for ?Certificate Only? Trading. Shareholder failures in receiving Certificates was evidence of counterfeit shares manipulating the Markets. SEC and NASD failed to take any actions for correction.
August 2002 ? Operation Bermuda Short ? Joint FBI Royal Canadian Mounted Police (RCMP) sting operation concludes with nearly 60 arrests of offshore bankers and brokers associated with stock manipulation. Sting Operation took 3 years to complete. The manipulation of our Markets continued while this sting was in play. (http://www.globeandmail.com/servlet/ArticleNews/business/RTGAM/20020818/818bcbc/Business/businessBN/breakingnews-business )
(http://www.globeandmail.com/servlet/ArticleNews/business/RTGAM/20020816/wxmain/Business/businessBN/breakingnews-business )
October 2002 ? NASD speaks to Congress about Anti-Money Laundering initiatives. Throughout this time, the NASD was fully aware of the trade settlement failures and the public outcry from Companies violated by the ?Naked Short? abuses. Abuses that are part of the process in laundering money as dictated back in 1996- 2000. A process that had, to date, never been reformed. http://www.nasdr.com/1420/walter_01.asp
2002 ? Foreign press initiates coverage on the ?Naked Shorting? Problem with evidence of US Regulators working with Canadian Regulators on ?Loophole? used to manipulate our markets. Even with Coverage in place, no real emphasis on corrections are being made. Entire situation is being downplayed by all.
( http://www.rgm.com/articles/blamecanada.html )
( http://www.rgm.com/articles/predatororprey.html)
(http://www.rgm.com/articles/nakedreview.html)
December 2002 ? Paul Lemmon pleads guilty in Operation Bermuda Shorts. Given light sentence for disclosing mechanisms to fraud and names. No net actions to date have been taken by the FBI or our Securities regulators based on the evidence provided by Mr. Lemmon (http://www.rgm.com/articles/tk2.html )
January 2003 ? DTC seeks support of SEC to stop all Companies from exiting the electronic trading system for ?Certificate Only? trading practices. Evidence to date by those that did exit was a disclosure of the settlement failures within the DTC settlement process. It became better to cover up the problem than expose it at the present time. In June the SEC supported the DTC?s request to stop future exiting from the system. Cite ?potential? of Counterfeit paper and lost paper as a rationale while accepting the electronic counterfeit shares to remain in place. (http://www.dtcc.com/PressRoom/2003/nakedshorts.html)
(http://www.sec.gov/rules/sro/34-47978.htm)
February 2003 ? SEC fines Rhino Advisors $1 Million for stock manipulation and short selling abuses to Sedona Corp. Stock. What will later be learned is that the SEC had evidence in hand regarding the bribery of US and offshore brokers to manipulate this security. No actions against a broker has ever taken place. No attempts at restitution to shareholders taken and no demand for unsettled trades to be settled by brokerage firms. Sedona?s stock remains oversold/manipulated to this day. (http://www.sec.gov/news/press/2003-26.htm )
June 2003 ? SEC initiates first action in Genesisntermedia case. MJK Clearing house becomes victim to stock loaning scandal and is placed into bankruptcy protection and receivership. The receiver's suit alleges a wide-ranging and sophisticated securities loan and market manipulation schemes financed by the Toronto branch of Deutsche Bank. http://www.rgm.com/articles/sec.html
Summer 2003 ? More companies join in war against short sellers. Public opinion of SEC cover-up grows. Grass Roots organization seeks full congressional investigation into the SEC?s criminal liabilities in allowing continued stock manipulation. (www.investigatethesec.com)
October 2003 ? SEC proposed regulation SHO to address shorting issues including ?Naked Shorting?. SEC admits in background to proposal that ?naked shorting? and settlement failures exceed the entire float of a company. (http://www.sec.gov/rules/proposed/34-48709.htm ). Comments to this reform include a letter from the North American Securities Administrators Association (NASAA) identifying that small companies and investors have been victimized by the short selling abuses. (http://www.nasaa.org/nasaa/Files/File_Uploads/Short%20Sales%20Comment.37990-38287.pdf)
October 2003 ? Forbes article identifies ?naked shorting? as ?Wall Street?s Next Nightmare?. Coverage of issue remains sparse. (http://www.forbes.com/forbes/2003/1013/066.html)
November 2003 ? SEC approves 2001 request by NASD to close offshore short selling loophole. Seeks accelerated approval of reforms. Accelerate request for approval in contradiction to 2 year hiatus on approval. http://www.sec.gov/news/digest/dig112003.txt
December 2003 ? Department of Justice (DOJ) arrest Andreas Badian (Rhino Advisors) under criminal indictment for Stock manipulation. Thomas Badian fled country just prior to arrest. DOJ provided audio tapes by SEC with Badian bribing US Brokers to ?Collapse? stock. Like the SEC
(Feb. 2003) the DOJ leaves the Brokers untouched in the criminal actions. (http://www.rgm.com/articles/DJwire6.html)
January 2004 ? Senate Banking committee council member identifies that a joint SEC/NASD task force is looking into the ?Naked Shorting? abuses including the investigation into specific companies. Still no public address of the issue to prevent further abuses from evolving.
January 2004 ? NASD notifies members of the new rule change that was approved in November of 2003. Rule change to plug ?loophole? used to manipulate our stock markets. Time table for incorporation ? February 20, 2004 nearly 2.5 years from the original proposal to close loophole. (http://www.nasdr.com/pdf-text/0403ntm.txt)
February 18, 2004 ? NASD pushed out proposed rule change to April 1, 2004. Members request extension to closing ?loophole? because February date was too inconvenient for them. Stalls on bringing closure to manipulation and abuse. (http://www.nasdr.com/filings/rf04_31.asp) Some within SEC and elsewhere identify that this ?Extension? is the first of what could be several extensions. The rights of member ?Convenience? is put above the rights of investor protection. NASD and SEC decide it is better to deal with the additional manipulation than to have the members slightly inconvenienced until they can get their systems ready. Ready for changes they saw coming in 2001 when the NASD made these proposals.
Now that you have seen this extraordinary timeline, if you think about it, you must then understand the revenues generated by this abusive practice are being quoted as "tremendous". (http://globeinvestor.com/servlet/ArticleNews/story/GAM/20040216/RREG16/stocks/news?ba). These illegal revenues, created from broker shorting practices beyond our borders, are what the SEC and NASD has been so willing to let slide. The SEC has never fully accepted the values of the Micro-cap stocks. Thus, contrary to their September 2000 Congressional Hearing, they have elected to ignore protecting these companies whose primary investors are middle to lower class retail investors and not the wealthy or institutional buyers. The timeline alone demonstrates this bias. Now, however, the pressure is on and the SEC is trying to protect Wall Street institutions and the settlement system's integrity. To do so, they must continue to use these abused investors and companies as pawns. This decision brings them into criminal liabilities and brings into question the ethics and standards of our regulatory system.
At the present time, our brokerage firms sit "upside down" on their books with the micro-cap positions they hold. Their shareholders combined, for example, have 100 Million shares in micro cap positions. The DTC Clearing House however has only 5 Million in settled positions for that firm. That one firm is short a combined 95 Million shares and this is only 1 firm. Every firm is situated with a similar problem as the micro-caps have collectively been oversold by multiples of the registered shares. This is the problem the SEC and member firms are trying to hide because, if these firms cannot back bill the originating seller, they then would be responsible for the buy-in and cost of these positions. This is a solution that is not in the best interest of the member firms but is the best and most immediate restitution to the investors who have been defrauded. Ultimately it is about money and who can lobby our Congress and regulators best to acquire it.
Finally, why is the SEC playing Russian roulette with the lives of US people? There have been 4 people, of whom I am aware, who have had their lives threatened for fighting this abuse. To correct this problem it will cost players (Organized Crime, Wall Street, etc?) some hundreds of billions to trillions of dollars in buy-in restitutions across the hundreds to thousands of abused companies. That monetary loss can certainly make some people and groups angry who are known for their less than ethical manners in dealing with such situations. The SEC and DOJ and the players involved are fully aware of this, yet, they continue to stall. They continue to allow further manipulations to happen and to let the situation continue to grow. They have no out that protects our Wall Street firms and thus they are willing to risk an actual event to happen in the mean time. This type of event might put our country into complete turmoil if it were to happen. The gamble being taken in Washington is which comes first ? correction or death?
For those of you who have read this far through the package, I want to thank you. This has been long and detailed, but it must be to show the proper trail of events that highlight a travesty of justice being perpetrated on the retail investor and Micro-cap stocks in which they invest. In reality, this is the abridged version of a tale much more detailed and much more alarming that has consumed the lives of many for years. We have lived under this financial terrorism for years with no means of getting out of it profitably. Companies have gone bankrupt in the process and the US integrated those workers into our unemployment figures. Taxpayers have also had to cover the burdens of our losses associated with non-taxpaying fraud from overseas. We simply want it to end, and we simply want restitution for the crimes committed upon us by Wall Street and Wall Street Regulators.
Thank You,
Dave Patch www.investigatethesec.com

Posts: 836 | From: florida | Registered: Oct 2003  |  IP: Logged | 

posted                      

please lord let them listen.....

Posts: 836 | From: florida | Registered: Oct 2003  |  IP: Logged |