Alert.People started E-mailing President Mr.Clinton about the Market maker manipulation on BB stocks.
By: DRwillie
Reply To: None Saturday, 24 Jun 2000 at 2:55 AM EDT
Post # of 74164
Just sent this email to President Clinton. Next will be Janet Reno and
my Congressmen and Senators.
E-Mail Confirmation
Send Another Message
Your Message was sent to President Bill Clinton.
From:
XXXXXXXXXXXXX
Address:
XXXXXXXXXXXXX
XXXXXXXXXXXXX
Subject:
Critical OTCBB Market Maker Stock Manipulation
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I am writing to you with honest hope that someone in your cabinet
could looks into the fraudulent behavior that is being allowed to take
place at the Over The Counter Bulleting Board (OTCBB) exchange.
This behavior is called Market Makers Stock Manipulation and it is
done when some of the exchange Market Makers are shorting the
"non existent" stocks (called naked shorting) with the intention of
lowering the price of start up companies and in many cases the
companies have to declare bankruptcy (See SEC comment #1
below). The small companies affected are the core of the United
States economy and the main source of employment. Presently, the
Security and Exchange Commission (SEC) does not demand and
enforce the same investor's protection rules that are applied to the
higher exchanges (NASDAQ, NYE, AMEX, ETC.). The result of this
stock price manipulation is that thousands of shareholders/investors
loose their hard earn moneys. Not because the companies they invest
on is not fundamentally sound but, because the Market Maker's are
very forceful and illusive companies that have no government body
monitoring them nor supervising them. The SEC has been
investigating this issue since October 1999 and it appears that there
is no resolution in the short future.
I am appalled and amazed that this fraudulent behavior performed
against American investors could go on unchecked for this long in this
USA, the land of fair play and equal opportunity.
Please let me know what actions will be taken to at least investigate
this crime. I sincerely appreciate you time and efforts.
Yours truly,
XXXXXXXXXXXXXXX
SEC comment #1 follows:
sec.gov
Date: 06/21/2000 11:41 AM
Subject: Manipulation
I have been in the securities business for over thirty years. What I
have to say reflects my opinion only, and not that of Southwest
Financial Services, affiliates, Southwest Securities, or officers and
directors of same. Some years ago, I subscribed to a service
specializing in OTC stocks, and was told that they knew of at least
thirty companies that had been forced into bankruptcy because of
continuous market maker naked shorting. There were numerous
stories
of stocks where shorting in excess of the float occurred. I was told
that the thirty companies to which I refer were legitimate enterprises,
and repeated complaints to the NASD and SEC were ignored. To me,
this is a national disgrace, and I remember someone saying to me
that he could only conclude, because of the impunity with which thes
market makers were acting, that the regulators were looking the
other way. (I am not making this allegation.) I find it hard to believe
that these market makers are allowed to naked short these stocks.
Additionally, I don't know a single person with whom I have spoken
about it who doesn't believe collusion is alive and well. The effect of
this is to shut the
door to financing so needed by many small companies, not to mention
the enormous losses suffered by investors who saw reason to invest
in these companies. The bulletin board is even worse, and I have
heard of trades made below the bid and above the offer, only to see
the stock go right back to where it was. Apparently they continuously
report trades out of sequence and withhold reporting a trade when to
their advantage. As to the naked shorting, I've heard that clearing
house fraud is rife, with trades cancelled, that delivery fails are
covered up, etc. I have heard that organized crime is putting up
capital in exchange for some guaranteed return. I don't pretend to
know if any of this is true, but I have witnessed trading in stocks that
defies belief, and I have no doubt whatsoever that something stinks in
the kitchen. I believe markets should function to accommodate supply
and demand, not to allow these market makers to hurt companies by
what in effect is a perpetual stock offering. I know a lot of bitter
people whose complaints were ignored. I have never once knowingly
misrepresented anything to clients, but to me the markets are
misrepresenting their true function by allowing this to go on.
Thank you for your attention,
Bob Garrett
There are hundreds of additional cases of shareholders complaints.
To see them use this SEC link:
sec.gov
WRITE THOES LETTERS!!!
Everyone of them count:) |
