quote:Originally posted by George: If it all started because someone some how made a bad investment last week I do not see how they can stop it. They do not step in when I make a bad investment.
The trouble started because someone put shares into the market last week. Not because amtrade got the F/S shares on Friday night.
The REAL trouble is that in all likelihood they sold into the market after a FLUFF PR was released of a merger. That PR was designed to increase the price so that "seller" could make a lot of money. The only thing is that they thought they were selling f/s shares already, LOL.
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence. Posts: 502 | Registered: May 2005
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posted
That was supposedly hatemm's order. I think hes full of sh__ that he made 500 k on this stock. Nobody can get money.
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence. Posts: 502 | Registered: May 2005
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posted
All I know is the due bills are late and I can't get any money for a legit trade. I want my f'in stock! Sent AMTD another email demanding that they find whoever sold me my stock and make them cover! This sh__ is getting old. Give me my gd f'in stock!!!!!!
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence. Posts: 502 | Registered: May 2005
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posted
Yet another same-old, same-old email response from Scottrade:
quote:Thank you for your e-mail.
As of 5/25/05 this issue is still pending SEC and NASD ruling. We have not been made aware of a time frame on this ruling. DTC is also involved in an investigation of their own. Scottrade will not post these shares to accounts until such time as DTC has completed their review and allocated shares to Scottrade. We do understand the frustration resulting from this issue with GVRP. Unfortunately there is no additional action that Scottrade can take at this time. Scottrade will post shares immediately upon receiving them from DTC.
Please let us know if you have further questions.
Thank you, Kevin ****** Scottrade Inc.
Scottrade has been named Highest in Investor Satisfaction With Online Trading Service Five Times in a Row by J.D. Power and Associates. For award information, visit " target="_blank">www.jdpower.com.[/QUOTE]Posts: 257 | Registered: May 2005
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Posted by: Purl Gurl In reply to: None Date:5/26/2005 1:25:07 PM Post #of 658
Marvin At NASD
I talked at length with Marvin at the NASD regulations department. Again, I urge you to call and apply pressure.
This time, I simply started with the bottom line. I explained almost all brokers are denying trades to customers but their market makers continue to trade, presumably bringing in profits for their companies at individual traders expense.
Marvin cited the standard line about "bonafide" market maker activity and how they have a right to make a market for a security even when individuals are denied a right to trade.
I explained my opinion is market makers are cornering the market for profit by trading while not allowing individuals to trade. I advised him I am trying to point blank prompt him to admit market makers are engaging in unlawful trading.
He advised he cannot comment on that notion.
My opinion is it is a securities violation and is a civil violation for market makers to trade securities and deny the public a right to do the same.
Market makers are robbing individuals of potential profits.
Marvin idicates they are aware of the situation and both the NASD and SEC are investigating. He could not provide a time frame for resolution.
Responses I am receiving from various regulatory bodies is it is legal for market makers to trade securities, for profit or loss, while not allowing individuals to trade.
Previous phone number at the NASD I was provided is,
1 800 925 8156
I talked with Kevin (name coincidence) at that number. He said he could not answer my questions and transferred me to another department, for which Marvin spoke.
That number, the different department is,
1 240 386 5105
A number was provided for the SEC, for reporting violations,
1 800 SEC 0330 (1 800 732 0330)
Marvin suggests complaints be filed through both the NASD web pages and the SEC web pages. Please review my old articles for the best NASD page to use. Most of their pages respond, "This is a SEC matter" but there is a generic category at the NASD web site through which you can sneak in a complaint.
Again, I urge you to apply pressure. No actions will be taken in a timely fashion unless hundreds of people make contact and "annoy" them.
Squeaky wheel gets the grease.
Once again, if you do nothing, you will get nothing.
posted
If its true that a little old lady from Pasadena with a 300MM family trust has my stock, liquidate her gd account and deliver my stock please!
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence. Posts: 502 | Registered: May 2005
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When it serves the public interest and will protect investors, the SEC may suspend trading. For instance, the SEC may act when public information about a company is not current, accurate, or adequate. The SEC has acted when serious questions arose about a company's assets, operations, or other financial information."
There was no suspension (or halt, which the company can initiate--but *NOT* with a PR through "bizwire"); hence the SEC failed to protect investors once. Reversal protects neither the public interest nor investors.
At this time, I don't have any additional information regarding the payment of these split shares. Inquiries regarding the status of this company should be directed to the companies investor relations department.
If you have further concerns or inquiries, please reply to this message.
Have a great day!
INVESTOR RELATIONS DEPT? GIVE ME A BREAK!!!!!
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence. Posts: 502 | Registered: May 2005
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posted
MM's are making money trading this stock today, and I can't get my shares. Why the F are they trading it and not letting us trade it or get our money if it is under investigation?
Seems like in the end there will be a lot of responsible parties here, not just the company or insider.
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence. Posts: 502 | Registered: May 2005
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posted
i have been trying to read about and understand this whole situation, is certainly very strange. have to admit, am not sure i fully grasp the entire thing.
what is clear in skimming this monster of a thread though, is that there is growing indignance and demanding of shares and talk of MM's making profit and all that.
i have to admit, coming in from a situation of ignorance about this whole thing and trying to make sense of it, almost seems surprising and confusing to me. is this whole thing basically not a case of trying to take advantage of a mistake? in other words, how is this situation different than say, if best buy accidentally forgot 2 zero's and priced a 60" plasma tv at $100 instead of $10,000? if you took it to the register, would it be "right" to be indignant that they would not honor the price, when clearly it was a mistake? disappointed? sure. but - indignant and demanding?
i dunno, i fully expect to get savaged over this question, but - honestly it is an innocent question, seriously. and one likely borne of my lack of understanding of this whole thing, i fully admit i haven't been following the whole thing. but - can someone explain to me in very simple terms (a) this whole thing (is there a link to a good summary somewhere? -and- (b) how it is different than say my best buy tv example, and/or basically not trying to "get away with one?".
i am sorry if this offends or angers anyone, that is not my intent. i am just trying to understand the whole situation because it's certainly a fascinating one, and was a little confused about some of the reactions here.
Posts: 1698 | Registered: Mar 2004
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quote:Originally posted by blue_in_MI: i have been trying to read about and understand this whole situation, is certainly very strange. have to admit, am not sure i fully grasp the entire thing.
what is clear in skimming this monster of a thread though, is that there is growing indignance and demanding of shares and talk of MM's making profit and all that.
i have to admit, coming in from a situation of ignorance about this whole thing and trying to make sense of it, almost seems surprising and confusing to me. is this whole thing basically not a case of trying to take advantage of a mistake? in other words, how is this situation different than say, if best buy accidentally forgot 2 zero's and priced a 60" plasma tv at $100 instead of $10,000? if you took it to the register, would it be "right" to be indignant that they would not honor the price, when clearly it was a mistake? disappointed? sure. but - indignant and demanding?
i dunno, i fully expect to get savaged over this question, but - honestly it is an innocent question, seriously. and one likely borne of my lack of understanding of this whole thing, i fully admit i haven't been following the whole thing. but - can someone explain to me in very simple terms (a) this whole thing (is there a link to a good summary somewhere? -and- (b) how it is different than say my best buy tv example, and/or basically not trying to "get away with one?".
i am sorry if this offends or angers anyone, that is not my intent. i am just trying to understand the whole situation because it's certainly a fascinating one, and was a little confused about some of the reactions here.
We saw an opportunity, and took it. This is the stock market, not a gd flea market! They (insiders, whoever) thought they were going to make a killing by dumping shares into news last week. Ask them if it's fair to do that. Start with the beginning of the chain here, and you will see who is at fault. We bought shares knowing there were due bills attached. We made legitimate trades. Theirs were questionable at best. Let me ask you this. When I lose money in the market, am I entitled to a "do-over"?? I don't think so. We are entitiled to the shares, entitled to the split. End of story.
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence. Posts: 502 | Registered: May 2005
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posted
in other words, how is this situation different than say, if best buy accidentally forgot 2 zero's and priced a 60" plasma tv at $100 instead of $10,000? if you took it to the register, would it be "right" to be indignant that they would not honor the price, when clearly it was a mistake?
actually blue...they are REQUIRED BY LAW to honor the posted price on a product....check with your attorney if you don't believe me....
those car dealers sales ads you see in the paper..read the fine print..they are for ONE single car..sold before you get there, but the price must be honored...
there are many cases of internet sales recently the same way...they have made national headlines..
airline tix with decimals in wrong places and hotel rooms too..they must be honored..
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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this company had just done a 6.5 million to 1 R/s so i don't feel bad for them, they are getting what they deserve.
also, if you own shares before an F/S and you sell them before ex-date, You have lost your shares. This has happened to many traders. No one fixes it for them.
Posts: 9110 | From: boston, ma | Registered: Jan 2004
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quote:Originally posted by glassman: to "divest" themselves of 320,000$ in debt... LOL
I think they know the real meaning of the word "debt" now, LOL!!
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence. Posts: 502 | Registered: May 2005
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posted
No luck with requesting a demand for settlement (buy-in) from Scottrade. Since GVRP is under review by SEC/NASD, they won't do anything of the sort. Talked with a woman in Compliance at corporate.
Posts: 257 | Registered: May 2005
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quote:Originally posted by pcloadletter: Just got off the phone with trading direct, they assure me my shares will be there tommorrow
Did they tell you how? Unless SEC has made a decision I don't see how they can tell you that yet. You mean they will be in your account, or actually delivered?
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence. Posts: 502 | Registered: May 2005
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