Post by kranker on Dec 10, 2005 18:15:52 GMT -4
Stockgate: Turning up the Heat
By Mark Faulk
May 31, 2005
In yet another major development in a week that saw several members of Congress join the battle in the stock market scandal that is shaking up the financial markets, a video released by a former broker turned activist, and a planned march on Washington, DC, the President and CEO of a transfer agency that handles the shares for 300 companies blasted the DTC (Depository Trust Company) in a letter to the Securities and Exchange Commission.
"Get Rid of the DTC"
Lori Livingston, President and CEO of <a href=http://www.transferonline.com/>Transfer Online, Inc.</a>, said in an interview with The Faulking Truth that the DTC and Market Makers are "perpetuating the entire scam against the companies and their shareholders, who are getting creamed". In her letter to the SEC, sent on Friday, May 27, 2005, she says, "As someone who has been in the transfer agent business for 23 years, I am alarmed by recent developments and trends that all work toward a system of increasing positions on the books and records of corporations in the name of Cede & Co. (nominee name for DTC). As the transfer agent for approximately 300 issuers, I am increasingly contacted by these companies as they seek information regarding the stock ownership in their companies and the underlying trading of those shares in the market."
According to Livingston, "these are not pump and dump scams, many of these companies are legitimate companies whose shares are being manipulated through the buying and selling of counterfeit shares of their stock." In some cases, "'arrangements' are being made between brokerage firms to 'loan' shares from one broker to another to cover short positions at a reduced price," so that the broker who was short to begin with can then "replace the 'borrowed' shares on the open market, as they are able to beat the share price down."
Read the rest at: www.faulkingtruth.com/Articles/Investing101/1028.html
To read Lori Livingston's letter to the SEC in it's entirety: www.faulkingtruth.com/Articles/LettersToEditor/1012.html
Add your name to our Stockgate Activist mailing list, and voice your opinion on our Stockgate forum on our new Message Board at www.faulkingtruth.com/ We will email you only when we have new articles or information dealing with this issue. Please link the articles everywhere you can, post them on stock message boards, and send them to the appropriate public entities. To enact positive change requires positive action.
By Mark Faulk
May 31, 2005
In yet another major development in a week that saw several members of Congress join the battle in the stock market scandal that is shaking up the financial markets, a video released by a former broker turned activist, and a planned march on Washington, DC, the President and CEO of a transfer agency that handles the shares for 300 companies blasted the DTC (Depository Trust Company) in a letter to the Securities and Exchange Commission.
"Get Rid of the DTC"
Lori Livingston, President and CEO of <a href=http://www.transferonline.com/>Transfer Online, Inc.</a>, said in an interview with The Faulking Truth that the DTC and Market Makers are "perpetuating the entire scam against the companies and their shareholders, who are getting creamed". In her letter to the SEC, sent on Friday, May 27, 2005, she says, "As someone who has been in the transfer agent business for 23 years, I am alarmed by recent developments and trends that all work toward a system of increasing positions on the books and records of corporations in the name of Cede & Co. (nominee name for DTC). As the transfer agent for approximately 300 issuers, I am increasingly contacted by these companies as they seek information regarding the stock ownership in their companies and the underlying trading of those shares in the market."
According to Livingston, "these are not pump and dump scams, many of these companies are legitimate companies whose shares are being manipulated through the buying and selling of counterfeit shares of their stock." In some cases, "'arrangements' are being made between brokerage firms to 'loan' shares from one broker to another to cover short positions at a reduced price," so that the broker who was short to begin with can then "replace the 'borrowed' shares on the open market, as they are able to beat the share price down."
Read the rest at: www.faulkingtruth.com/Articles/Investing101/1028.html
To read Lori Livingston's letter to the SEC in it's entirety: www.faulkingtruth.com/Articles/LettersToEditor/1012.html
Add your name to our Stockgate Activist mailing list, and voice your opinion on our Stockgate forum on our new Message Board at www.faulkingtruth.com/ We will email you only when we have new articles or information dealing with this issue. Please link the articles everywhere you can, post them on stock message boards, and send them to the appropriate public entities. To enact positive change requires positive action.