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Microcap & Penny Stocks : DCI Telecommunications - DCTC Today
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To: Timbo who wrote (7127)7/28/1998 8:55:00 AM
From: Dean Dumont  Read Replies (2) of 19331
 
Timbo,

In cases such as this, no the shares do not have to be bought back when violation of securities laws has taken place. What happens is, if you file under 13G or 16B filings, and the beneficial holder of those shares sells out of sequence or more than he is allowed it is a violation of " The short Term Profit Rule". meaning these shares are considered insider shares and they are not allowed to be sold except in a specefic manner. That manner is simple to calculate. 1% monthly of the issued and outstanding shares. In this case the problem I am having is seeing companies like Whyteburg having 2.3 million in the 13G filing a few months ago and now they have a remaining position of 700,000. That is most certainly not 1%. What has been sold represents 10% of what has been sold. When in fact they should have only been able to sell to date about 131,000 shares. Thusly the company becomes entitled to those funds, from the seller, legally.
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