Toni, I'm paranoid that OLDE is doing the same as others are reported as doing...which they still COULD do as well! even tho when I asked, my broker assurred me they do NOT loan out shares -- right! Unless there is some huge multi-billion dollar scandal brewing, OLDE is not doing any such lending out of OTC-BB shares.
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Actually when shares "are lent" they come from a clearinghouse where many brokerages may have their Street Name certificates.
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So, what can assure us that this does not go on? Can we threaten/enlighten with the knowledge that they are not suppose to conduct business this way and to cease and desist? If you mean OLDE, they are doing nothing improper, and there is likely NO ONE you could ever reach there who would comprehend WHAT you are even talking about. The illegal shorting of OTC-BB stocks is a dirty little secret that 99.99% of the WALL STREET PROFESSIONALS don't even have an inkling about!
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Illegal shorting CAN'T BE DONE! It says so right there in Title 17 of the Federal Regulations! (g)
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Big wholesalers and retailers (like OLDE) don't play the game. Their traders would be FIRED if they tried. The shorting is done with professional, well-connected, street-savvy, well-financed speculators who blatantly violate the law, knowing that the spineless SEC bureaucrats will do nothing. 99% of SEC bureaucrats will tell you, "no one can do that! It is strictly prohibited, it just CAN'T be done!"
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They usually work through smaller Market Makers, as I think have been mentioned here by name.
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Colin |
