posted
I think we should all keep giving NITE bad publicity so HE stops shorting our stocks.
Posts: 973 | From: usa | Registered: Aug 2003
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posted
Could you explain this to me? I apologize, but I am new to this and am cofused about this situation.
Posts: 86 | From: Dallas, TX | Registered: May 2004
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posted
All mm short stocks. Many times its not purely profit driven. Someone put a post on here that explained it quite well. Sometimes a MM finds themselves on a best Ask, often in the midst of a big surprise run, and they are forced to sell shares that they dont have. And then they continues to sell shares they dont have during the run and average their short upwards. So sometimes shorting is just a result of not being able to pull your ask before the pps gets there. MM have alot of stocks to watch so sometimes they get caught with their pants down, especially with pennies.
Posts: 609 | From: Bloomington, Indiana | Registered: Feb 2004
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posted
i am using lowtrades to try and purchase this stock on a limit of .0001 The bid and ask orice on lowtrades is showing.0000 Does this mean that I am unable to purchase the stock?
Posts: 86 | From: Dallas, TX | Registered: May 2004
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posted
Hey they have mouths to feed too. I would like to be MM in my next life. LOL
Posts: 516 | From: Worcester,MA,USA | Registered: Dec 2003
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posted
Read my post on Allstocks -Hot picks for all board on reporting illegal MM activity to the SEC at sec.gov. There is an online complaint form. Describe what you have observed on level 2 and if you have placed buy or sell orders that were ignored to manipulate price. GLTA-Debi
Posts: 1188 | From: Clinton, MA 01510 | Registered: Jan 2004
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posted
What I have seen shows the SEC couldn't care less about the small investor. They change the rules and then do nothing to enforce them. We'll be at the mercy of the MM's, that do naked short selling, for a long time.
Posts: 1543 | From: Ogilvie, MN, US | Registered: Apr 2004
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posted
It's like giving all the tellers who work at the bank the keys to the front door and safe-deposit box. Like they won't take all they want. TAKE AWAY THEIR KEYS SEC OR WHAT ARE YOU HERE FOR!
I am proud of the company usxp. It's the only company to stand up to the SEC with guts. In DEC. they are going to take the SEC to court for Millions of dollars for shorting. How can they loose, it's so obvious...
quote:Originally posted by emunahstock: It's like giving all the tellers who work at the bank the keys to the front door and safe-deposit box. Like they won't take all they want. TAKE AWAY THEIR KEYS SEC OR WHAT ARE YOU HERE FOR!
I am proud of the company usxp. It's the only company to stand up to the SEC with guts. In DEC. they are going to take the SEC to court for Millions of dollars for shorting. How can they loose, it's so obvious...
WOW they are really taking the SEC to court....that's great.......maybe other companies will do the same if they are sucessful in their lawsuit.
posted
I've been in USXP for years. Altamore has tried to keep the naked short issue burning for some time. I hope he is successful with the SEC lawsuit.
But there have been some nasty allegations against USXP lately that make me wonder what the real truth is with USXP.
Signing this helps but its just the start. I really think we don't make enough noise about this. Well, anyway, I am planning on retiring from qbid and cmkx shares. Ahhh...
posted
Lets make this the biggest thread ever.....maybe the SEC will take notice or Nite will get a little nervous. LOL
Posts: 516 | From: Worcester,MA,USA | Registered: Dec 2003
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posted
usxp make $15,000,000 last quater and the stock went down half. The CEO was very upset about this and started talking about the SEC and shorting then the SEC made acusations, not before. The got in the way of a train heading down hill, yeah, downhill this December I hope and then usxp will be worth a fortune.
Posts: 973 | From: usa | Registered: Aug 2003
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posted
Let's find all the negative information we can on NITE and post it here.
Posts: 516 | From: Worcester,MA,USA | Registered: Dec 2003
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posted
I spoke to the guy at this petition website and really its so hard to track this stuff he tells me. A lot of the problem is also the Berlin Exchange which lists companies many times without them knowing but still even this You can't tell for sure Berlin is shorting them or here in the us. One thing for sure is that NITE is very big into shorting. So maybe we need to put some pressure on him.
Posts: 973 | From: usa | Registered: Aug 2003
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Subject: NAKED SHORTING Author: <PugsTKO@aol.com> at Internet Date: 12/04/1999 6:06 PM
Sirs, I am an OTC BB investor who, for one, would love to see the abusive practice of naked shorting abolished from the OTC market. There are many examples one can cite, but I would like to use the example of OTC:AZNT; In the case of AZNT, which filed a complaint in federal court against Joseph Andy Mann, JB Oxford, Canaacord, Whitecliff, Shoreline, The Canadian Depository and the DTC, for stealing 4.48 million shares , shorting the stock and then hypothecating it several times in an effort to cleanse it, the abusive practice of naked shorting is being used to combat a company that has had to go to court for the return of stock stolen from them . The company was granted a restraining order for the return of the stock to the court. Instead of sending the stolen stock to the court, as ordered, JB Oxford sent the stock to DTC, where DTC imposed a freeze . The stock could not be returned to the court. AZNT then got an injunction and extended it to include DTC for the return of the stolen stock. DTC would still not return the stock to the posession of the court and, instead, became a defendant in the case as well. Why would DTC choose to become a defendant rather than return the stolen stock? The DTC report states that the short position against the 4.48 million shares is 1.3 million shares. This does not include the naked shorting coming out of Canada, particularly through Pacific International. The worst thing about the case of AZNT, is that it is not unique....from this point, boiler rooms, aligned with AZNT shortsellers and rogue brokers, continue to short the stock naked as the boiler room telemarketers solicit long shareholders for their stock. The telemarketers use smear tactics and work in concert with other boiler room associates who participate in a smear campaign against the company, it's products, it's management and even it's shareholders. Newspapers are contacted , companies the company does business with are contacted and fed misinformation...all in concert with agressive naked shorting. Market Makers of AZNT, like NITE , have 2.2 million shares on their books and were never on the bid , in a float of approx. 1.6 million shares. And that's only one Market Maker! AZNT is a fully reporting company, also compliant with NASD rule 6530, yet, they were delisted . Why? The NASD has "troubles" with their financials, even though the SEC does not. Are we to assume now that the NASD is now liable when a stock falls because they allowed it to be listed after they "approved" the company in question's financials? Why has the DTC prevented AZNT shareholders from getting physical posession of their stock for 23 months with a self imposed freeze of the AZNT DTC account that they will not lift even after the court ordered it ? The NASD created a new rule AFTER THE FACT citing that ; if the NASD did not approve of a companiy's financials, they would have 30 days to resolve the matter, trading with an 'E' added to the ticker. AZNT never had that option. The abusive practice of naked shorting is used as a tool of professional shortsellers, promoters & rogue brokers to crush the companies they target. They agressively short naked in concert with smear campaigns and , in my opinion, exploit the bureaucracy of the NASD, DTC & SEC. Who loses are OTC:BB investors, to those who 'work' the system, made possible by the abusive practice of naked shorting.
posted
I think this website speaks for itself. It looks like some guys who just got out of prison got together and made a website and business.
Posts: 973 | From: usa | Registered: Aug 2003
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I WROTE THEM AND GAVE THEM A PIECE OF MY MIND. I am sure they hate publicity against them. Guys are attacking them on the RB board today to try and get their own trading price to drop to send the message.
posted
HAHAHAHA what a joke and the joke is on us...what is the SEC doing about it.......yes I am bitter as are many of you guys and dolls.
Found this on another site:
October 20, 2003. (FinancialWire) In a surprise announcement that has shot through the U.S. microcap securities community like a lightening bolt, the U.S. Securities and Exchange Commission said late last week it will consider a new Regulation SHO Wednesday, October 22, at its 10 a.m. meeting. The regulation would require short sellers in all equity securities to locate securities to borrow before selling short, and add further requirements to address "naked" short selling.
The practice of selling stocks without securing certificates has pitted at least 13 market makers, including Deutsche Bank AG (NYSE: DB), Goldman, Sachs & Co. (NYSE: GS), Knight Securities, LP (NASDAQ: NITE), and Ladenburg Thalmann & Co., Inc. (AMEX: LHS), against some 106 public companies claiming “foul” for over a year now, and has also called into question the electronic settlement system run by the Depository Trust and Clearing Corp. more commonly referred to as the “DTC.”
Despite its immense power in the securities industry, and its “old boy” network of directors, the Depository Trust has so far largely escaped the governance crises that have struck, first the U.S. Securities and Exchange Commission itself under Harvey L. Pitt, and then the New York Stock Exchange and the American Stock Exchange, currently owned by NASDAQ (OTCBB: NDAQ).
Among other things, Regulation SHO would institute a new uniform bid test, applicable to exchange-listed and NASDAQ National Market System securities, that would allow short sales to be effected at a price above the consolidated best bid. Regulation SHO would also suspend the operation of the proposed bid test for specified highly liquid securities on a two-year pilot basis.
The hearing, and assuming the SEC approves the staff’s proposal, the subsequent public comment period, is expected to attract immense interest, as shareholders and company executives vent their frustrations. SEC spokesperson John Heine told FinancialWire that the Wednesday hearings will be webcast directly from the SEC at http://www.sec.gov.
At the recent SEC Forum for Small Business, the CEO Council worked in the committees to support SEC action on this matter. Last year the CEO Council prevailed on the SEC to require the NASDAQ to preserve the over-the-counter bulletin board.
Like the research and other scandals, the SEC is more or less Johnny-come-lately to the issue but is trying to get ahead of what Financial Times recently termed “Wall Street’s Next Nightmare.”
Financial Times noted that the issue has attracted the attention of John O’Quinn, the 62-year-old senior partner of O’Quinn, Laminack & Pirtle, who has already, according to Forbes, won $1.5 billion from makers of silicon breast implants and cigarettes, and sees the manipulative trading damages on Wall Street as even bigger.
His firm is involved in some 15 lawsuits alleging that brokers such as Ameritrade and E-Trade and “marketmakers like Knight have destroyed his clients by helping to sell the companies’ shares short in a scheme to run the stock prices in the ground.” O’Quinn was quoted as saying that 1,000 companies have lost at least $100 billion in market capitalization, threatening “an honest market.”
The Financial Times noted that the “fuss is over naked shorting, a practice that's been around for decades and that is sometimes legal. Normal short-selling involves borrowing real certificates for stock, selling the stock, buying new shares at a later date, and using the new certificates to replace the ones borrowed. Naked short-selling differs in that no real certificates change hands. Instead, the short-seller creates a paper entry showing that it owes shares to the stock buyer and will get around to delivering them later.
Naked short-selling is legal if done by a marketmaker in a temporary arrangement; it's normal for a marketmaker to be net short for a day or two and then close out the position by buying real shares later. Naked shorting can be illegal if done with the conscious intention of leaving the short position as a paper entry indefinitely."
FT notes that Depository Trust &Clearing Corp.'s subsidiary is one of the leaders in the clearing business. “In the normal course of business DTCC tolerates so-called failed-to-deliver entries of shares offered for sale by, say, brokers. This means the seller doesn't have the certificates on hand but promises to be good for them eventually. Is the clearing firm too tolerant of failed-to-delivers, thereby facilitating illegal naked shorting by brokers (or their customers)? That's the allegation in the lawsuits.”
According to FT, O'Quinn and his top lawyer on these cases, James W. Christian, senior partner with Houston-based Christian, Smith & Jewell, claim that over the last three years billions of uncovered naked shares were sold; that marketmakers (and/or their clients) took profits after waiting for share prices to fall before buying in--if at all; and that brokerages allowed fictitious shares to be traded two, three and four times over, in possible violation of Securities & Exchange Commission rules.
One of the reasons the SEC is now moving more quickly is that according to FT, “New York's Attorney General, Eliot Spitzer, is interested in the case.”
The Financial Times points out that “a lot of O'Quinn and Christian's success will rest on whether they can demonstrate hanky-panky within the DTCC's stock-lending pool. These are shares set aside to assist members that come up short during the day. Marketmakers, for example, borrow them and promise to make good on the missing certificates--eventually. But here's where it gets fuzzy. The SEC's Rule 15c3-3 allows for ‘temporary lags’ in possession of the shares, ‘provided that the broker or dealer takes timely steps in good faith to establish control.’ And therein lies an area of ambiguity larger than Texas.” It is this ambiguity that supposedly Regulation SHO will address. There are 119 public companies that have so far been touched by the growing national financial scandal.
Some thirteen on the list of 119, such as A.G. Edwards, Inc. (NYSE: AGE), Ameritrade Holding Corp. (NASDAQ: AMTD), Deutsche Bank AG (NYSE: DB), E*Trade Group, Inc. (NYSE: ET), FleetBoston (NYSE: FBF), Goldman, Sachs & Co. (NYSE: GS), Knight Securities, LP (NASDAQ: NITE), Ladenburg Thalmann & Co., Inc. (AMEX: LHS), M. H. Myerson & Co., Inc. (NASDAQ: MHMY), Olde / H&R Block (NYSE: HRB), Charles Schwab (NYSE: SCH), Toronto-Dominion’s (NYSE: TD), TD Waterhouse Group and vFinance, Inc. (OTCBB: VFIN), have been accused by one or more public companies as allegedly participating in short selling activities or abuses, or of failing to settle trades.
Observers have said that trades to not settle because broker-dealers do not effect buy-ins, as required by law, and that there is an unspoken understanding that any brokerage that tries to force a buy-in will be retaliated against. The remaining 106 companies have issued press releases or been named in the media as having been victimized, or as taking various actions, either alone or in concert with other companies, to oppose manipulative trading in the form of illegal naked short selling. The actions have ranged from lawsuits to withdrawals and threatened withdrawals from the electronic trading system managed by the Depository Trust & Clearing Corp., to withdrawals from toxic financings, to the issuance of dividends or name changes designed to squeeze manipulators, to joining associations or networks or to contacting regulatory authorities to provide documentation of abuses or otherwise complain. On June 4, the SEC stated “the issues surrounding naked short selling are not germane to the manner in which DTC operates as a depository registered as a clearing agency. Decisions to engage in such transactions are made by parties other than DTC. DTC does not allow its participants to establish short positions resulting from their failure to deliver securities at settlement. While the Commission appreciates commenters' concerns about manipulative activity, those concerns must be addressed by other means.”
Nevertheless, short positions do in fact exist due to failures of the electronic settlement system to balance their electronic books, and the SEC has provided shareholders and small companies with no inkling of what the Commission has in mind in “addressing” these concerns “by other means.”
However, in mid-September the SEC admitted in a Dow Jones interview that “naked short selling” is a problem, and said its market regulatory division is taking aim at the practice. However, one public company reported that two days later a field office of the SEC asked the public company to “prove naked short selling exists,” once more seemingly sending mixed signals to shareholders trapped in the manipulators’ vise.
Recently the NASD revealed its plan to stop the practices that have ravaged these public companies and their shareholders – a wrist-slap to perpetrators such as Paragon Capital Markets, which was “censured” and fined $35,000 after the NASD said it had “executed short-sale orders in certain securities and failed to make an affirmative determination prior to executing such transactions.” An even smaller fine was subsequently assessed against vFinance for similar allegations.
The complete list of those 106 companies include Advanced Viral Research Corp. (OTCBB: ADVR), AdZone Research, Inc. (OTCBB: ADZR), Amazon Natural Treasures (OTC: ANTD), America's Senior Financial Services (OTCBB: AMSE), American Ammunition, Inc. (OTCBB: AAMI), AngelCiti Entertainment (OTCBB: AGLC), ATSI Communications, Inc. (OTC: ATSC), Federal Agricultural Mortgage / Farmer Mac (NYSE: AGM) Allied Capital (NYSE: ALD), American Motorcycle (OTC: AMCYV), American International Industries (OTCBB: AMIN), Ameri-Dream (OTC: AMDR), Adirondack Pure Springs Mt. Water Co. (OTCBB: APSW), Bluebook International (OTCBB: BBIC), Blue Industries (OTCBB: BLIIV), Bentley Communications (OTCBB: BTLY), BIFS Technologies Corporation (OTCBB: BIFT), Biocurex (OTCBB: BOCX). Broadleaf Capital Partners, Inc. (OTCBB: BDLF), Chattem, Inc. (NASDAQ: CHTT), Critical Home Care (OTCBB: CCLH), Composite Holdings (OTC: COHIA), CyberDigital, Inc. (OTCBB: CYBD). Diamond International Group (OTCBB: DMND), Dobson Communications Corp. (NASDAQ: DCEL), Eagle Tech Communications (OTC: EATC), Edgetech Services (OTCBB: EDGH); Also, Endovasc Ltd. (OTCBB: EVSC), Enviro-Energy Corporation (OTCBB: ENGY), Environmental Products & Technologies (OTC: EPTC), EPIXTAR Corp. (OTCBB: EPXR), eResearchTechnologies, Inc. (NASDAQ: ERES), Flight Safety Technologies (OTCBB: FLST), Freddie Mac (NYSE: FRE), FreeStar Technologies (OTCBB: FSRCE), Geotec Thermal Generators, Inc. (OTCBB: GETC), Genesis Intermedia (OTC: GENI), GeneMax Corp. (OTCBB: GMXX), Global Explorations Inc (OTC: GXXL), Global Path (OTCBB: GBPI), GloTech Industries, Inc. (OTCBB: GTHI), Green Dolphin Systems (OTCBB: GLDS), Group Management (OTCBB: GPMT), Hop-On (OTC: HPON), H-Quotient, Inc., (OTCBB: HQNT), Hyperdynamics Corp. (OTCBB: HYPD), International Biochem (OTCBB: IBCL), Intergold Corp. (OTCBB: IGCO), International Broadcasting Corporation (OTCBB: IBCS), InternetStudios, Inc. (OTCBB: ISTO), ITIS Holdings (OTCBB: ITHH), Investco Corp. (OTCBB: IVCO), Lair Holdings (OTC: LAIR), Lifeline BioTechnologies Inc. (OTC: LBTT), Life Energy & Technology (OTCBB: LETH), MBIA (NYSE: MBI); Also, MegaMania Interactive (OTC: MNIA), MetaSource Group, Inc. (OTCBB: MTSR), Midastrade.com (OTC: MIDS), Make Your Move (OTCBB: MKMV), Medinah Minerals (OTC: MDMN), MSM Jewelry Corp. (OTC: MSMC), Nanopierce Technologies, Inc. (OTCBB: NPCT), Nutra Pharmaceutical (OTCBB: NPHC), Nutek (OTCBB: NUTK), Navigator Ventures (OTC: NVGV), Orbit E-Commerce, Inc. (OTCBB: OECI), Pitts & Spitts (OTC: PSPP), Sales OnLine Direct (OTCBB: PAID), Pacel Corp. (OTCBB: PACC), PayStar Corporation (OTC: PYST), Petrogen Corp. (OTCBB: PTGC), Pinnacle Business Management (OTC: PCBM), Premier Development & Investment, Inc. (OTCBB: PDVN), PrimeHoldings.com, Inc. (OTC: PRIM), Phlo Corporation (OTCBB: PHLC), Resourcing Solutions (OTC: RESG), Reed Holdings (OTC: RDHC), Rocky Mountain Energy Corp. (OTCBB: RMECE), RTIN Holdings (OTCBB: RTNHE), Saflink Corp. (NASDAQ: SFLK), Safe Travel Care (OTCBB: SFTVV), Sedona Corp. (OTCBB: SDNA); Also, Sionix Corp. (OTCBB: SINX), Sonoran Energy (OTCBB: SNRN), Starmax Technologies (OTC: SMXIF), Storage Suites America (OTC: SSUA), Suncomm Technologies (OTC: STEH), Sports Resorts International (NASDAQ: SPRI), Technology Logistics (OTC: TLOS), Swiss Medica, Inc. (OTCBB: SWME), Ten Stix, Inc. (OTCBB: TNTI), Tidelands Oil (OTCBB: TIDE), Titan Construction (OTC: TTCS), Trezac Corp. (OTCBB: TRZAV), Universal Express, Inc. (OTCBB: USXP), Valesc Holdings, Inc. (OTCBB: VLSHV), Vega Atlantic (OTCBB: VGAC), Viragen (AMEX: VRA), Viragen International (OTCBB: VGNI), Vista Continental Corporation, (OTCBB: VICC), Viva International (OTCBB: VIVI), Vtex Energy (OTCBB: VXENE) and Wizzard Software (OTCBB: WIZD), WorldTradeShow.com (OTC: WTSW) and Y3K Secure Enterprise Software, Inc. (OTCBB: YTHK). For up-to-the-minute news, features and links click on http://www.financialwire.net For FinancialWire audio clips, click on partner ON24 at http://www.on24news.com FinancialWire is an independent, proprietary news service of Investrend Information, a division of Investrend Communications, Inc. Additionally, Investrend provides a wide range of forums, independent research and webcasting platforms for shareholder empowerment. For more information or to receive the FirstAlert daily summary of news, commentary, research reports, webcasts, events and conference calls, click on http://www.investrend.com/contact.asp
posted
I am not religious but I would like to hear their answer to GOD.......when GOD says...... you know many a thousands of investors lost their hard earned money to you. Your kids went to Yale and you.....your kids went to Harvard........they were just trying to make their kids college fund but their kids had to go to community college. NITE=Satan SEC=demons
Posts: 516 | From: Worcester,MA,USA | Registered: Dec 2003
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posted
I understand some rule changes took effect in April.
Doesn't look like that did anything to change things. The MM's are still pulling crap like listing companies on the Berlin exchange without permission and then shorting the hell out of them
quote:Originally posted by BlindMellonChitlin: I understand some rule changes took effect in April.
Doesn't look like that did anything to change things. The MM's are still pulling crap like listing companies on the Berlin exchange without permission and then shorting the hell out of them
That rule was a joke to appease the simple minded fools that think the SEC would even enforce it.
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