To: Stock Watcher who wrote (16840 ) 10/18/1999 12:01:00 AM From: Francois Goelo Read Replies (2) | Respond to
CONFIRMATION: more Canadian Brokerages Banning "naked Shorting"... taylorstock.com From: STaylr14 staylr14@aol.com Newsgroups: misc.invest.canada Subject: Re: Ending of Naked Canadian Shorting of OTC:BB stocks - 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 OTCBB 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 many have done illegally. As the SEC and Canadian authorities step up their investigations, I think you will see much more of this kind of action. taylorstock.com
