>
>To: Toni Wheeler (9461 )
>From: Colin Cody
>Tuesday, Oct 20 1998 10:20AM ET
>Reply # of 9474
>
>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.
>.
>Actually when shares "are lent" they come from a clearinghouse where many
>brokerages may have their Street Name certificates.
>.
>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!
>.
>Illegal shorting CAN'T BE DONE! It says so right there in Title 17 of the
>Federal Regulations! (g)
>.
>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!"
>.
>They usually work through smaller Market Makers, as I think have been
>mentioned here by name.
>.
>Colin
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