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Message: Re: O-o-o-ops!
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Jul 09, 2010 10:47AM

Thanks very much for the update Jdub. I have posted thefollowng on the other BBs and I will send an email to Rich.

"I have just learned that the information posted by “your1banker” re naked short selling on the Ihub will not have the intended effect it purported and that changing the CUSIP number will not prevent naked shorting. Time impediments with FINRA, Co. symbol change and complicated dealings with the DTCC (the US Depository Trust and Clearing Corporation ) which again can be protracted do no good. So, besides causing undue stress, and cost for a pubco’s management and it’s legal advisers, it apparently does not address the problem after all. It all makes sense since the impediments to those seeking justice in this matter are mind boggling,

The fact that naked short selling is a serious and ongoing problem infesting the markets can not be denied. That is a fact. Unfortunately, the SEC and regulators in both Canada and the US are looking the other way and I am sure that all those who take advantage of fraudulent but rewarding practices are having a good laugh on me today.

One way to assure yourself that your stocks will be secure is to take possession of them personally…if your broker can get them issued in certificate form for you. I believe this is still possible in Canada but not necessarily in the US due to the change to electronic digital recording only. There are other options that I will leave to others here who better understand the situation in the US.

While my intentions were honest I did not follow my own advice and do extensive research on the subject…which is very complex. I should have known that if some of the best minds in the business have and are being been thwarted in their lengthy efforts to put and end to such illegalities, that there was no quick fix answer.

My apologies to all for being both impetuous and wrong in posting that information. I am a fervent supporter of many JPM stocks, the market integrity that gold represents and pursuing free trading markets. I hold SFMI stock and I am a long time investor


Jul 09, 2010 12:49PM

Jul 09, 2010 06:32PM
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