Purepennies Newsletter - purepennies.com
Copied from the PCBM board.
A call to change the way the OTCBB
market trades. Regulation and a
Dynamic Trading system is needed...
Spreading of the word and "acting"
on it will get this noticed. Remember,
"The squeakiest wheel always gets the most
attention".
I haven't been following the ordeal
with WAMEX Holdings and I won't comment on
it... the purpose of this email is to
summons the thinking process of how are we
as an investment community in the OTCBB going
to help and participate in the changing of
how orders are executed. Not only executed but
done fairly, orderly and without prejudice...
meaning each order regardless of the mm's
current economic state or greed, order's from
investors will be done as supply and demand DEMANDS.
Visit the webs penny stock portal
purepennies.com
Post your strategies and tips
clubs.yahoo.com
DS
**********************************
UPDATE 7/01 12:32PM MAD AS HE LL NOT GONNA
TAKE IT ANYMORE!
TO ALL UPDATED COMPILATION AND ADDRESSES,
SEE BOTTOM OF PAGE FOR HOUSE OF
REP AND SENATE LINKS , THE INFORMATION
SUPPLIED BY MANY MEMBERS TOO
NUMEROUS TO NAME.
Ive made it easy follow instructions: Copy and paste
entire post to email and add email addresses
just put your name where mine is. :) just cut copy
and add your name at bottow where I have
xxxxxx and send to news sec govt
agencies, Thanks this is for us all.
Thank Jack Burney: jburney@otcnn.com !!!!!!!!!!!!
----------------------------
FEDERAL REGULATIONS COMMITEE
businesslaw@abanet.org,
enforcement@sec.gov,
MEDIA
commerce@msnbc.com,
mwir@marketwatch.com,
dateline@nbc.com,
mtp@msnbc.com,
nightly@nbc.com,
today@nbc.com,
letterstoed@washpost.com,
sloan@panix.com,
feedback@thewire.ap.org
-----------------------------------------
MM Manipulation Wamex Holdings
Date: 6/30/00 11:36:33 AM Eastern Daylight Time
From: Cathejay
To: enforcement@sec.gov
Dear Goverment Rep;
These are copies of some articles I sent to newswires,
which I am forwarding to you as well for
your review, we the investor are tired of the
manipulation of the OTCBB stocks, and now we are
talking about it. Please review these articles, I do
appreciate your time and consideration.
Thanks
XXXXX XXXXXXX
OTCBB Investor (wamex) as well as others.
Dear (news agency)
Recently you ran a story regarding a company called
WAMX and the FBI related MOB probe of
Wall Street. There have been a number of Corrections
and Retractions coming from different
news organizations regarding the accuracy of what
was initially reported. I would like for you to
consider that the news media way have played an
unknowing part in an even bigger situation. I
am including information taken from the
www.otcnn.com news site and suggest that you look
into
the questions raised there. In My Opinion I think that
there may be an even bigger scam
perpetrated on investors in the stock market. Please
consider this.
Thank you XXXXX XXXXXX
---------------------------------------
otcnn.com
MM Blocks Progress Of MM-less Alternate Stock
Exchange
By Jack Burney
Published by OTCNN.com
06/29/2000 07:58 AM CST
“They’re here,” says the frustrated receptionist at
Wamex Holding, Inc. (OTCBB: WAMX), “but
they can’t talk.”
Wamex executives were silenced by an SEC
subpoena, part of a complaint lodged against them
by MM Herzog, Heine, Geguld, Inc. (HERZ) within hours
(some say 30 minutes) after the company’s first
commercial for its new “ATS” alternate trading system
was aired on CNBC. SEC halted trading in
WAMX until June 27 – but no resumption of trading
has begun.
Even hardened MM watchers were awed by the display
of HERZ’s raw power over SEC, and its
ability to command instant obedience from that
government body. MMs usually act in secrecy, but
here was an announcement of a system that would
cut them and their methods out of the picture
entirely, and they moved quickly to intercept it.
The SEC said there were questions about Wamex's
ability to comply with commission rules for its
trading system, and about funds purportedly raised
from private investors. There has also been
recent market activity in WAMX stock that may be the
result of manipulative conduct or other
illegal activity, the SEC said.
Wamex investors were adamant. Said one investor, “It
is my belief that it is not coincidence that
they (MMs) pulled the plug on Wamex trading on the
day in which the stock would have reached
the $3 range. They stood to lose millions. Someone
must expose these guys!”
Another Wamex investor told OTC News Network,
“One of the major attractions of this (ATS)
product to so many shareholders and stock traders is
that it is supposed to eliminate the market
maker in the trading process, allowing trader to trader
activity without brokers or market makers.
It is the strong feeling of some of the shareholders,
including myself, that this whole situation with
Wamex has occurred because of market maker short
positions in this stock when it started to
make a run up.
Wamex had planned the CNBC advertising campaign
beginning June 14 with commercials
promoting the launch of its ATS Technology. They
were scheduled to run through July 30, but
were instantly suspended. The company was set to
launch a membership drive on July 4th,
offering to “provide investors 24/7 access to trade all
registered securities at low cost with price
enhancement capabilities and anonymity across
borders.”
Mitchell Cushing, CEO of WAMEX Holdings, Inc. said
(before being muzzled by the SEC),
“Advertising, early registration and registration drives
will give Wamex critical information
necessary to assess the prospective user base so that
we can properly configure the
engineering, service and support prior to the
presentation of the technology." The system would
purportedly reduce spread exposure by eliminating the
middleman.
Never before has a securities firm opened its limit order
book to its clients, but Wamex says the
ATS not only does this, but also displays its orders to
the whole world. ATS would allow investors
to trade amongst themselves; therefore eliminating the
losses associated with proprietary trading
so commonly employed against individual investors.
Nobody has questioned whether ATS works. The
SEC’s concern is that it may not comply with
SEC requirements. If it does work as suggested, it
could cut the MMs out of trading in OTCBB
and other stocks.
What lengths will MMs go to in order to prevent ATS
from ever becoming reality?
--------------------------------------------
otcnn.com
Wamex Brings Hope to Beleagured OTCBB Investors
By Jack Burney
Published by OTCNN.com
06/30/2000 08:12 AM CST
A Fresno, CA investor said the Thursday OTC News
Network story about Wamex Holdings, Inc.
(OTCBB: WAMX) and its “ATS” alternate trading
system “is one of the most important in years!”
His statement signals the hope of fellow investors for a
trading arena free of MMM.
Wamex was about to introduce its system as the basis
for an investor-to-investor online stock
exchange that would totally eliminate the middleman
MMs, using a campaign of commercials on
CNBC, when, within minutes, MM HERZ contacted the
SEC, which halted WAMX trading until June
27. The SEC went even further placing a gag order on
Wamex executives so they couldn’t
even talk about what had been done to them.
But Wamex endured the suspension. Came June 27,
they sought reinstatement to the OTCBB,
but SEC told them they had to have a form signed by
HERZ, their tormentor, to get back on the
Board. Can you see HERZ letting a company, with the
MM’s death sentence in its technology,
resume trading?
But Wamex, still silenced by the subpoena, is trading
again, not on the OTCBB, where its last
trade was registered at $1.6250, but on the Pink
Sheets. The price, one source said, ranged
from $0.35 to $0.50.
But investors seemed less concerned with Wamex’s
troubles than with its technology. “I just hope
that the good guy wins in the end,” said the
enthusiastic correspondent. “It seems that everyone
is tired of the MM manipulation. It borders on criminal,
even if it's legal.”
“Anything that would cut the MM out of the loop and
clean up the market is an asset to everyone
in the market.” He continued, “…support should be
given to the company trying to implement a
better system, as they (Wamex) are.”
Another Wamex supporter wrote: “From what I
gather, the (complaining) MM has to file a form
with the SEC showing that they have done their due
diligence on WAMX. Once they do that they
will be back on the OTCBB. If the conspiracy theory is
correct, I really don't think the MM will take
that step if they really view WAMX as a
threat.”
OTC News Network restricts its coverage usually to
OTCBB stocks, but the publication has
“reporters” everywhere. Said one:
“Even though they are on the pinks, the share price is
rebounding. When it resumed trading, it
was at 12.5 cents. Today, there have been approx.
half a million shares traded and the price is
currently up 35%. The price is very volatile today
though. I believe that this shows incredible
confidence in WAMX by its shareholders in the
ATS.”
Another “reporter” has this news for us: “WAMX was
halted by the SEC because they claim that
the company has not taken the correct legal steps for
SEC approval of their ATS alternative
trading system. This company has been tied by news
organizations to the mob arrests but they
have retracted their statements. CNBC has retracted
their statement of Wamex involvement
and Associated Press as well.
“It is my belief that it is not coincidence that they
pulled the plug on Wamex trading on the day in
which the stock would have reached the $3 range.
They stood to lose millions. Someone must
expose these guys!”
Wamex has been nothing but forthcoming in
presenting the ATS technology for all to examine.
Before being gagged by the HERZ/SEC action, the
company cited a long list of advantages for
the system:
“24 Hour/7 Day a week active trading and execution
via Internet, fax or phone
“Fastest trade execution at the lowest cost in the
world
“The ability to trade any registered security in the
world without a broker or market maker
“The ability to convert currencies and execute stock
transactions simultaneously
“Translation in 9 different languages
“T+O Trades, and in most cases instant settlement,
confirmation and clearing with the guarantee
of delivery and cash transfer
“Easy-To-Use/Easy-To-Understand Interface
“Direct interaction between small individual investors
and institutions
“Unparalleled order management systems that can be
programmed to execute instructions
without supervision (VELOCITY)
“Communication ability between members via the
Wamex Message System
“Up to date, real time investment information, charts,
graphs and quotes
“Move from direct ATS trading to order routing for
traditional open market execution
“Minimized standards for membership
Easy-To-Join/Easy-to-Maintain
It is fascinating to imagine where such a MMM-less
trading system would take OTCBB and its
investors.
------------------------------------
A REVOLUTION BREWING
By Jack Burney
Published by OTCNN.com
06/30/2000 07:15 AM CST
Six CEOs of OTCBB companies, who believe their
stocks have been victimized by MMM, have
already answered the call with letters of interest in
forming an organization to take the fight
against oppressive MMs to Washington, while another
dozen have expressed their intent to do
so.
The prospective organization, to be made up of 100 or
more CEOs, could use the power of their
numbers of stockholders and their cumulative financial
strength to plead their cause to Congress
and to the Securities and Exchange Commission, in a
manner which would be hard to ignore.
Edward Marshall, CEO of Medizone International, Inc.
(OTCBB: MZEI) asks that interested CEOs
express their interest by e-mail to
jburney@otcnn.com, subj “CEO Org.” First suggested
by
Marshall, the CEO group seems to be taking on a life of
its own. One CEO suggested a name:
CEO Organization for Market Equity, or COME.
“Count me in to join your organization. Please advise
of any steps we could do right away to
effect this objective,” said one of the six.
“Our company would like to actively participate in the
CEO organization,” said another CEO, “and
provide any assistance that may be needed or
required.”
“I am interested and will contribute as much as I can,”
said another CEO. “Please send me more
information regarding what you are doing.”
“My company and I,” said another respondent, “would
like to join you in your efforts in bringing
this massive problem with the manipulation of OTCBB
stocks to an end.”
Another said he, “would be most interested in assisting
in the formation of an organization such
as this.”
Some CEOs, eager to take up the battle, were willing
for their names to be used, but cooler
heads advised maintaining anonymity until “COME” or
whatever it is to be called, is organized
and prepared for action. No uses tipping off the
enemy, until the organization’s ranks are up to
strength and armed.
Marshall had volunteered to spearhead a CEO
organization if enough interest was there. “At
least 50,” he had said. Six is a good start. Meanwhile a
volunteer legal team is exploring possible
tactics that the organization could adopt.
ragingbull.com
-----------------
Good Morning Gentleman,
This is my first post on this board. I am an NASD
registered broker that has produced some
$15million in commission over the last 5 or so years. I
like to invest part of my portfolio in HIGH
RISK CAPITAL issues like USAT and ACCR.
Unfortunately for me, USAT lacked good
management and made many mistakes- despite
having a product in my opinion that could reach
mass appeal. Anyway, I still have a substantial amount
of shares in USAT. That stock had its own
"controversial" ELGINDY/SEC connection story which I
could share w/ you but I won't (a guy w/an
SEC connection knows a halt is coming- positions a
short before the halt- attacks the company
via press/message bds/pos lawsuits- and then covers
for a profit after the halt of USAT).
Moving on to ACCR, I am particularly concerned about
the activity in the Trade Summary Matrix.
This is a very useful and helpful analysis because it
allows one to see "where" the trades are
being done (ask/bid). I have studied the case analysis
for ACCR- and find its TSM analysis
particularly disturbing. I have noticed that ACCR
since 3/15/00 has traded almost 20% more VOLUME
at the ASK than BID during this time- yet the
stock price has declined by some 66%. That to me is
blatant!
Thank you "E" for the references on the MMManip
board.......Here is the most compelling
arguement: If you study the price trades of ACCR
from 3/15/00, you will see that ACCR is down
66% from 3/15/00 closing price of $1.50- however,
you would think that there have been more
SELLING than BUYING to warrant the HUGE
DECREASE in price. Well, here are the FACTS!
Trade Summary Matrix 3/15/00 - present
High during this period: $1.625
Low during this period: $.43
#Trades: 11,904
Trades at the ASK: 15,698,200
Trades between the Bid/Ask: 8,307,500
Trades on the Bid: 13,010,200
Total Trades from 3/15/00- present: 37,015, 900
This shows that there has been MORE BUYING
ACTIVITY than SELLING ACTIVITY- yet the price
during this period has decreased some 66%. The only
ones that can do this are the MM's. They
control Level 3, and they control the price reporting to
OTC. I'm telling you, that no stock can
trade MORE on the ASK than BID, yet the
price declines by 66%- unless the FLOAT increased
during this time.
Hope this helps, maybe you guys could pass this info
on to various news groups OTCNN, CNBC,
or even the RB editors that may want to investigate
into this- as we have a very valid case.......
Good Luck!
cybercall@ragingbull.com
--------------------------------------
United States House of Representatives----I am listing
the committees for the House of Reps
which are responsible for the oversight function for the
problem we are having. It is very
easy--just click on to your states rep and e-mail
him/her about your concerns with the market
makers and the SEC. If we will all do this they will
listen---they DO still represent us. The full listing
of committee members is listed under the first URL
house.gov
house.gov
Subcommittee on General Oversight and
Investigations
106th Congress
(6/4)
[Underlined names are links to Member's homepages.]
Peter King (NY), Chairman Bernard Sanders (VT),
Ranking Member
Steven LaTourette (OH), Vice Chairman Luis V.
Gutierrez (IL)
Robert Ney (OH) Charlie Gonzalez (TX)
Bob Barr (GA) Michael P. Forbes (NY)
Ron Paul (TX)
Lee Terry (NE)
6/20/00
house.gov
-----------
UNITED STATES SENATE Thanks Cat for adding these
to your list!!! This is the companion post
for the Senate side. Please everyone this is the July 4th
weekend, a time when we are
celebrating our freedom----please, please let your
elected officials know how you feel about this
situation. In my opinion they are probably the only
ones who can free this market from such
tyranny.
URL: senate.gov This is full
Senate Committee Senator Phil Gramm from TX
Chairman
capweb.net
This is Subcommittee on
Securities Senator Rod Grams from MN Chairman
United States House of Representatives----I am listing
the committees for the House of Reps
which are responsible for the oversight function for the
problem we are having. It is very
easy--just click on to your states rep and e-mail
him/her about your concerns with the market
makers and the SEC. If we will all do this they will
listen---they DO still represent us. The full listing
of committee members is listed under the first URL
house.gov
house.gov
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