TO: All
This is a copy of the letter that I sent to Senator Fritz Hollings, D-SC and
Congressman Jim Clyburn, D, 6th Congressional District, SC. I hope that if any of you
agree that you will, without fail, let your elected officials know about it.
>>>
LETTER TO SENATOR FRITZ HOLLINGS CONCERNING OTC:BULLETIN
BOARD ALLEGED STOCK MANIPULATION
jakejautus
badassjake@hotmail.com
This letter was sent to Senator Fritz Holling, D-SC and Congressman Jim Clyburn, D,
6th District, SC. I hope that if you agree
that you will let your elected officials know.
From: "JAKE JUSTUS" badassjake@hotmail.com Save Address Block Sender
To: senator@hollings.senate.gov Save Addresses
CC: badassjake@hotmail.com Save Addresses
Subject: Fwd: OTC:BULLETIN BOARD STOCK
Date: Sun, 17 Oct 1999 20:53:10 PDT
TO: Senator Fritz Hollings
From: Walter O. "Jake" Justus
POB 69, 1520 Trappers Run Drive
Wedgefield SC 29168
Phone: 803-494-9311
Fax: 803-494-3244
email: badassjake@hotmail.com
Senator Hollings:
There appears to be some serious problems in the NASDAQ,
OTC:Bulletin Board stock trading field, here in the United States and
abroad. In my humble opinion, the main problems are with the so
called "Pumpers and Dumpers" and Insiders, the OTC-BB day traders and especially,
with the Market Makers.
Senator, the cards appear to be stacked against the Individual
Investor, like myself and many others, who dabble in the OTC:BB
field of stocks.
The below post, from a board on the Internet, in my opinion, best
describes the basic problems in bulletin board stocks, here and
abroad. There probably are many problems that I am not aware of, but
these appear to be overly common.
Could you please look into these problems and make sure that the SEC
Rules and Regulations are tilted a little more favorably toward the
Individual Investor?
IMO, the shorting of OTC:BB stocks should be made illegal. It should
be a violation of Federal Law To Pump and then Dump, OTC:BB stocks, especially
by
Insider, Pump
and Dumpers and any other manipulators.
The market makers of OTC:BB stock should be put on notice that
security laws will be strictly enforced.
It should, IMHO be made a law that naked shorting/borrowed shorting
of OTC:BB, stocks by anyone, including the market makers, in the USA, or abroad,
be
illegal.
Those violating that law should be prosecuted
to the fullest extent of the law. The SEC can probably change the
rules to include this and the SEC should, then be required to enforce it. These
proposed
rules
should be made and enforced universally, here
and abroad.
Note from below: >>>"Whether this ends so called "naked shorting"
remains to be seen. Frankly, the incidents, of actual naked
shorting, is much, much less than people think it is. Most of the
cases referred to in the memos and press deal with instead illegal
insider selling. Insiders and promoters in "pump and dump" schemes
take big blocks of stocks up north and use Canadian brokers to dump
them into the market.
Naturally, this kind of massive selling depresses the market,
which the insiders and promoters (the very people selling) are
blaming on "naked shorters".>>>
Posted verbatim from the Internet Silicon Investor Board and BOBz's:
To: +Bill Evans (4436 )
From: +OLD JAKE JUSTUS
Sunday, Oct 17 1999 2:36AM ET
Reply # of 4445
O/T
Reposted from BOBz's:
Canadian Shorting....I posted a question about this in the public
forum misc.invest.canada - here is the response I got. Seems like
this is indeed true!
Voyager
voyager@ragingbull.com
-----Original Message-----
From: STaylr14 staylr14@aol.com Newsgroups: misc.invest.canada
Date: Saturday, October 16, 1999 3:54 PM
Subject: Re: Ending of Naked Canadian Shorting of OTC:BB stocks -
Detail on the reports of such, inside this message.
The memo and regulatory activity mentioned within it are believed
to be genuine. There has been an enormous amount of media
coverage within Canada on the subject over the last 4 months as US
action has been made public. Actually this stuff is not new as the
SEC and British Columbia Securities Commission, in conjunction
with the IDA and Vancouver Stock Exchange as well as several US
State regulators have been working together for several years to
combat illegal Canadian brokerage activity in the United
States. The investigations run from stock manipulation of US
OTC:BB stocks to Canadian brokers with US clients conducting
illegal US business by not being registered in the US. In fact,
the SEC and BCSC have even been engaged in a LONG court case with
one Vancouver brokerage firm over trading records of their US
clients. That case is still winding its way through the Canadian
courts. Several Vancouver brokerages have recently stated publicly
that they are ending or reducing not only their US OTC BB activity
but also withdrawing from taking US clients, which have been done
illegally.
They are finally taking steps to comply with US law, which in
many cases is long overdue, IMO. As the SEC and Canadian
authorities step up their investigations, I think you will see
much more of this kind of action.
Whether this ends so called "naked shorting" remains to be seen.
Frankly, the incidents of actual naked shorting is much, much less
than people think it is. Most of the cases referred to in the memos
and press deal with instead illegal insider selling. Insiders and
promoters in "pump and dump" schemes take big blocks of stocks up north and use
Canadian
brokers to dump them into the market.
Naturally, this kind of massive selling depresses the market,
which the insiders and promoters (the very people selling) are
blaming on "naked shorters". -ST Publisher of a free twice weekly
online Canadian Stock Market newsletter at:
www.taylorstock.com/
End of Message////woj///
[ This message was edited on Mon Oct 18 at 0:10am by the author ] <<< |
