let-bcit-trade.com
BCIT - I don't know all the issues and it is sort of a unique case. Apparently, a serial manipulator or two forged or faked stock certificates, got them to brokers, who got them to market makers. The stock flooded the market and the share price tanked. When the scheme was "revealed," the stock price started to rise on theories of a planned business combined with a short squeeze as the MM's and brokers really were short in a naked kind of way the stock, having sold counterfeit or fake shares.
Each time shareholders have held out hope that the stock would trade higher, either the DTCC or the SEC have pulled out the rug and the stock was suspended from trading. I believe the stock is in the process of being de-registered and would no longer even be a public company.
There are lots of other issues such as how much the CEO "knew" and there are plenty of the usual "nay-saying" self-styled "cyber sleupps" who seem to be so quick to defend MM's and brokers when it comes to manipulative shorting.
I'm putting it here, not to refute arguments of penny stock scams hiding behind NSS issues, but rather for two reasons, namely, 1) it is an interesting, unique, case study and 2) it may bring more publicity to the issues which concern this board.
At the very least, there should be a definitive finding by the SEC as to the issues. If the CEO was not involved, then MM's and brokers sold short (fake shares aren't real shares) and violated their warranties under the law. If the CEO was involved, then shareholders have claims against him. Right now, shareholders are in limbo and that is simply not fair no matter how one looks at the underlying issues. If there are any shareholders of BCIT out there (there may have been a new symbol), they are welcome to post as I'm probably incorrect or out-of-date in much of what I remember about the issues here.
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