Dave Patch's Blog
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Dec
20
Written by:
dpatch
12/20/2007 12:25 PM
US Court provides Free Pass on Possible Collusion - December 20, 2007
Setting the US Judicial system back decades, US District Court Judge Victor Marrero dismissed a class action suit filed against Wall Street’s most premiere broker-dealers based on the most ludicrous of reasons.
We will get into the case itself in a minute but it is not the case that set back our judicial system, it was the reason behind the dismissal.
In an opinion released today Judge Marrero announced his decision to dismiss the case citing "the threat of a 'nonexpert jury' mistaking lawful conduct under the securities laws as evidence of a conspiracy under the antitrust laws and exacerbated by the prospect of trebled damages, would place immense pressure on defendants to curtail the open exchange of information….Such antitrust suits would likely chill a broad range of activities that the securities laws permit and encourage, and would likely inhibit the short selling activity that provides market liquidity and pricing efficiency."
So much for the right to take your claims to court or for the impartiality of a Judge. Apparently this Judge has concluded on the case before it was ever presented to the court. "Chill a broad range of activities that the securities laws permit" has not been validated by a court of law, it is an opinion formulated by a Judge that has not even been plead the case through a process of discovery.
As if Wall Street was not already being protected by one captured Federal Agency, the Securities and Exchange Commission, the country must now suffer the consequences of an equally disruptive Federal court system. The language used within the Judges decision sounds unmistakably like the rhetoric of the SEC making us wonders whose words those really were.
Suddenly jurors who have the mental capacity to hear complicated cases relating to corporate espionage, medical malpractice, or complicated criminal enterprises are too ignorant to hear testimony of possible collusion between two independent broker-dealers. By the Judges remarks, jurors may be smart enough to invest their savings in Wall Street but they are clearly too stupid to hear a case involving potential collusion amongst broker dealers.
What does that say about the transparency of risk in our capital market system if the investors are not qualified enough to understand the system they invest in?
What I read into the Judges decision is more straightforward. The Judge was too ignorant of the facts as presented by the plaintiffs and thus passed the baton back to the agency the plaintiffs claim failed them; the SEC.
The complaint filed by Electronic Trading Group LLC in April 2006 had argued that members of Wall Street had charged unearned fees, commissions or interest on short sales where those broker-dealers failed to borrow or deliver the stock to back up a short position executed. In layman’s terms, Wall Street was charging Electronic Trading group and their clients fees for the execution of trades and then failing to fulfill all of the obligations of the trade execution.
In a short sale the representing broker dealer to the short seller must locate a share to borrow prior to executing the trade. The reason for the locate is to insure that, should the trade be executed a borrow will follow such that the share borrowed can be delivered to the representative buyer in the trade executed. The short seller pays a fee on the borrowed share similar to paying interest on debt accrued on a credit card.
In this case Electronic Trading group represented the short seller.
Electronic Trading Group (ETG) contends that as a short seller they paid the major broker dealers a fee not only to execute the trade (commission) but also paid a fee on shares that were supposedly borrowed (interest). But trade records indicate that no shares were borrowed instead letting the trade fall into a category identified as a failed trade.
ETG was paying a late fee and interest on a credit card bill with zero balance and they have taken their case to federal court for recovery of fees paid.
Under Securities law, all trades must settle within 3-business days after execution of fall into a category of failure. The intent of securities law, passed down by Congress under the Securities Act of 1934 is to seek 3-day settlement efficiencies in all markets to protect the markets and all participating parties from unhealthy liabilities. That is not to say every trade will settle within 3-days but once a trade fails, the broker dealers are obligated to continue pursuing all efforts to close that trade immediately.
ETG’s suit claims that not only did their broker fail to borrow shares for delivery to the buyer but that the buyers representative broker dealer colluded with ETG’s broker to allow the failed trade to persist for an extended period in time without the demand for settlement. Again, in layman’s terms, neither side of the contra parties were forcing the settlement of the trade and yet both profited from the commissions and fees charged for the execution of that trade. The buyer paid for nothing, the seller delivered nothing and the brokers collected a fee from both and walked away from the remaining trade obligations.
How real is it?
Over the past decade the SEC has dismissed all efforts to firm up this area of abuse although admitting that such areas exist. They have offered little if any assistance to those who may be victimized by the process despite their admissions that the abuse exists. In response to the failures of the Commission to react responsibly, more and more investors and business issuers have taken their pleas to the state and federal courts where, as witnessed today, the courts are likewise offering little by way of legal remedy.
The victims are left out in the cold while the fat cats of Wall Street remain bulletproof.
The merits of the case aside, should a Federal Judge be dismissing cases for reasons of "non-qualified" jurors? If so, what does that say about the equal opportunity for all to utilize the US Judiciary system? Where and how does a Judge decide the intelligence of the US jury pool?
Wall Street has longed ruled Washington DC, buying off politicians and regulators with an excess lobbying funds. The near Trillion Dollar industry has the money to spend and spend it wisely they do.
The decision today by Judge Marrero now begs the question, has Wall Street likewise purchased the voice of our Judicial system as well? Certainly when a Judge of supposed impartiality makes comments like "would likely inhibit the short selling activity that provides market liquidity and pricing efficiency" you have to wonder what issues of market liquidity are doing making way into a judges decision to dismiss. The beneficiaries of market liquidity real and criminal is, after all, Wall Street broker dealers.
A call into Judge Marreno’s office was responded to with a curt "The Judge does not comment on his positions".
And the drum beat of conflicts at the highest levels goes on…..
Copyright 2007
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22 comment(s) so far...
Re: STOCKGATE TODAY: US Court provides Free Pass on Possible Collusion - December 19, 2007
How does this not get forwarded to a higher court?
Does this judge think that the Supreme Court is too stupid to understand the merits of this case?
By Old Cynic on
12/20/2007 1:37 PM
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Re: STOCKGATE TODAY: US Court provides Free Pass on Possible Collusion - December 19, 2007
How come you closed the investigatethesec site? The battle seems far from over.
By kevin on
12/20/2007 2:17 PM
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Re: STOCKGATE TODAY: US Court provides Free Pass on Possible Collusion - December 19, 2007
Kevin, that decision is being re-evaluated based on some feedback we have received. Not sure where it will go. The initial consideration to shut it down was based on limited viewership and other issues.
By Patchie on
12/20/2007 2:22 PM
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Re: STOCKGATE TODAY: US Court provides Free Pass on Possible Collusion - December 20, 2007
Dave,
A great analysis of the decision.
Also, please reconsider the decision to close your site. It was a great resource.
At the very least, redirect the url to this site!
By SteveM on
12/20/2007 3:21 PM
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Re: STOCKGATE TODAY: US Court provides Free Pass on Possible Collusion - December 20, 2007
What would it take to get you to put the site back up? Your dedication to this cause has give hope to some of us that there are people that care and are willing to put their money where their mouth is to stop this corruption. I understand the tremendous stress involved and if you have to keep the site closed so be it, but I think it would be a tremedous loss to many victims of this charade we call a free market. Thanks again for you timeless and selfless efforts.
By Sean on
12/20/2007 4:00 PM
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Re: STOCKGATE TODAY: US Court provides Free Pass on Possible Collusion - December 20, 2007
Guns n Butter
When the end of all this comes soon....and ma and pa can no longer buy butter, or any other food or shelter....the guns will finally come out.
Then you may see bloody bodies tied from lamp posts like hunting trophys. Just like Italy in the later part of WWII.
Very bad times look to be upon us.
God help us all!
By old duffer on
12/20/2007 6:53 PM
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Re: STOCKGATE TODAY: US Court provides Free Pass on Possible Collusion - December 20, 2007
Our voice in the wilderness closes the site? Dave I hope you reconsider and reopen. Your voice has been heard and is still needed in this lengthy battle. You were labeled, harassed and threatened. It has taken its toll I am sure on you and your family but freedom and justice are not free even in America. You have paid an enormous price and no one can doubt your motives, past or present. Please remember that many of the original signers of the Declaration of Independence did not have it easy for putting their name on a document. They have not been forgotten nor will you no matter how the end game is played. Many thanks to a true American hero.
By browntrout on
12/20/2007 8:26 PM
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Re: STOCKGATE TODAY: US Court provides Free Pass on Possible Collusion - December 20, 2007
Due to popular demand we have re-activated the site. We will make some modifications over time to clean it up a bit and we will remove the petition segment since that was no longer generating names. To those that signed we thank you. We will download the file and send a copy to a few of the members of congress that can possibly help.
By Patchie on
12/21/2007 3:28 AM
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Re: STOCKGATE TODAY: US Court provides Free Pass on Possible Collusion - December 20, 2007
Much appreciated!
By daven on
12/21/2007 7:20 AM
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Re: STOCKGATE TODAY: US Court provides Free Pass on Possible Collusion - December 20, 2007
Patchie, thanks again for your efforts. Now bear with me on this stupid question, but here goes Why and how did Goldman Sachs distribute over 18bill in bonuses when this money could have been allocated/loaned to Morgan Stanley, Citigroup Etrade et al to help alleviate the impending doom of Wall stree? They all cheated together, why not help each other out. And furthermore would it not make more sense than having to give part ownership to some foreign entities for these high priced captial infusions of US prime brokerages? I am not getting something here, so someone please explain it to me like I'm a 5year old. Thanks in advance!!
By Sean on
12/21/2007 9:24 AM
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Re: STOCKGATE TODAY: US Court provides Free Pass on Possible Collusion - December 20, 2007
Goldman has every right to distribute their revenues as they feel fit. Corporate America feels no ethical responsibility to anybody but themselves which is why they will make such distributions.
Goldman is essentially making such distributions not dissimilar to that of any bank. they set aside a certain percentage of revenues for employment compensation and teh figure you presented is that figure. The Govt., the people abused, etc...have no legal right to any of that money.
As to why they don't use it to aid a competitor, easy, to give up their employees compensation to help a competitor will drive their own employees away (with possible lawsuit). If Goldman were to bail out Morgan or Citi it would be with other funds and not this allocation.
By Patchie on
12/21/2007 9:58 AM
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Re: STOCKGATE TODAY: US Court provides Free Pass on Possible Collusion - December 20, 2007
Thanks for your response, it is what I thought. They would rather foreign entities bail us out at a premium and their own selfish gains fullfilled than do the right thing. Greed is still good then. Dave the well is about to run dry if it has'nt already and "What goes around comes around!! Thanks again for your timely response and good luck to all, we are going to need it!!!
By Sean on
12/21/2007 12:22 PM
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Re: STOCKGATE TODAY: US Court provides Free Pass on Possible Collusion - December 20, 2007
Patchie All must see this one!!
Friday December 21, 1:42 AM EST
NEW YORK (AP) — This might have been one of Wall Street's most dismal years in a decade, but that hasn't stopped bonus checks from rising an average of 14 percent.
Four of the biggest U.S. investment banks — Goldman Sachs Group Inc., Morgan Stanley, Lehman Brothers Holdings Inc. and Bear Stearns Cos. — will pay out about $49.6 billion in compensation this year. Of that, bonuses are traditionally estimated to represent 60 percent, or almost $30 billion.
But that might not sit well with investors who held on to investment bank stocks this year — and watched them plunge by up to 45 percent. Investment houses have been slammed by the credit crisis, and top executives this past week said they've yet to see a bottom.
Follow the link for the remainder of this story.
http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2007/12/20/financial/f224205S15.DTL&feed=rss.business
By Sean on
12/21/2007 3:05 PM
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Re: STOCKGATE TODAY: US Court provides Free Pass on Possible Collusion - December 20, 2007
Thank you for bringing the site back up.
By mhatmccane on
12/21/2007 4:05 PM
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Re: STOCKGATE TODAY: US Court provides Free Pass on Possible Collusion - December 20, 2007
Patchie, you have many fans and your hard work has paved the way. Thanks for not giving up.
Have you thought of combining your site into this one to limit the load?
I check your site regularly for news and stockgate today articles.
By ted on
12/21/2007 8:33 PM
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Re: STOCKGATE TODAY: US Court provides Free Pass on Possible Collusion - December 20, 2007
I'm glad to see you writing again, and that the investigatethesec site is back too!
I hope you'll consider exposing the strong arm of censorship being muscled from a prison cell by a certain stock guru federal inmate currently appealing his sentence of eleven years for securities fraud, racketeering conspiracy, securities fraud conspiracy, extortion, extortion conspiracy, and wire fraud.
It seems the censorship con job is being aided and abetted by the administration and numerous community members of a certain msg board that has shown allegiance to that convicted crim. The court of appeals should be made aware of the censorship imposed at the behest of that crim on those of us who agree with the jury that found him guilty of 11 counts and who do not agree with the bootlickers and brown nosers who apparently worship him. The SEC didn't protect us from that one, instead it turned a blind eye with a wink and a nod but thank goodness the Dept of Justice was not blind!
By ravenseye on
12/21/2007 10:08 PM
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Re: STOCKGATE TODAY: US Court provides Free Pass on Possible Collusion - December 20, 2007
Dave, loosing you would be like loosing a family member. Your work and efforts are an inspiration to all of us. I am so glad you reconsidered. I think its is time to take the offensive now. Our backs are at the wall and it is now time to give up or kick ass. I prefer the latter. I think we have an opportune time now to develop this site and yours to gather money and recognition to get the attention of all America There is an election coming up and I am sure there are people willing to hear our story and use it to gain the confidence of the American people. I can think of no greater issue to the average American than his furture and well being. We got the eyes of the media now, so lets run with it. O'reilly and Fox news move mountains when every body said they were kooks. Today they are #1. America wants the truth but don't know how to get it because they have been brainwashed. Good to have you back buddy.
By rtway on
12/22/2007 9:26 AM
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Re: STOCKGATE TODAY: US Court provides Free Pass on Possible Collusion - December 20, 2007
rtway... methinks you've got a sticky "o" get yourself a new keyboard. You've got nothing to lose.
By ginger on
12/22/2007 11:14 PM
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Re: STOCKGATE TODAY: US Court provides Free Pass on Possible Collusion - December 20, 2007
I find it strange that no one put this out here? I think this is huge!
2007-12-20 21:08 ET - Street Wire
Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission
by Mike Caswell
The U.S. Securities and Exchange Commission has filed civil fraud charges against Bermuda brokerage LOM (Holdings) Ltd. for manipulating two Vancouver stocks, Sedona Software Solutions Inc. and SHEP Technologies Inc. The suit, filed on Wednesday, Dec. 19, in New York, names LOM principals Scott and Brian Lines as defendants, as well as two Vancouver men, William Peever and Phillip Curtis.
The SEC is seeking to ban Scott and Brian Lines from penny stocks for life. The regulator alleges that they and others secretly took control of Sedona through nominee accounts. Using paid touts, deceptive press releases and manipulative trades, they kept Sedona at prices between $9 and $10 while they dumped 159,300 shares, for proceeds of $1.5-million. The scheme ended when the SEC halted the stock. (All figures are in U.S. dollars.)
In the alleged SHEP manipulation, the script was almost the same, except the defendants made $4.3-million selling three million shares.
The Lines brothers, who operate LOM (Holdings) and its various subsidiaries from Bermuda, have not responded to the allegations.
SEC's complaint
The SEC's 67-page complaint names as defendants the Lines brothers; LOM (Holdings) and its various subsidiaries; Anthony Wile, 39, a Canadian living in Florida; Wayne Wile, 63, a Canadian living in the Cayman Islands; Robert Chapman, 72, a stock tout from Florida; William Peever, 48, a Vancouver resident and an LOM client; Phillip Curtis, 47, also a Vancouver resident and an LOM client; and Ryan Leeds, 35, a Florida stock broker.
SEC describes Sedona manipulation
The Sedona allegations trace back to December, 2002, when the Lines brothers struck a deal to merge Sedona with Renaissance Mining Corp. Inc., a private company owned by Tony Wile. Renaissance had a deal to acquire three gold mines in Central America, but needed $5-million in financing. The Lines brothers agreed to serve as Renaissance's investment banker, and they also agreed to take Renaissance public through a merger with Sedona, a shell company.
The SEC claims that in January, 2003, the Lines brothers secretly acquired control of Sedona. To conceal their ownership, they used five nominee companies called Gateway Research Management Group Ltd., Clyde Resources Ltd., Warwick Ventures Ltd., Iguana Investments Ltd. and ICH Investments Ltd. They enlisted several friends to be "signature directors" of these nominees. The friends were responsible for signing any paperwork, but did not put up any money.
Meanwhile, Tony Wile was issuing deceptive news releases on Renaissance that gave the impression the company had acquired three producing gold mines in Central America. A Jan. 8 release said the company had transitioned from exploration to production in just a few short months. In fact, the SEC says the company only had a letter of intent to acquire three mines, and the acquisitions were contingent on the company raising $5-million, among other things.
To kick off the promotion, Tony Wile held a party in Boca Raton with over 100 people. He notified Brian Lines of the event in a Jan. 2, 2003, e-mail. "This is the start of a massive promotion," he said. "Too bad you can't be in Boca [for the party]."
Around the same time, Mr. Chapman and three other newsletter writers issued purportedly independent research reports on Renaissance. Mr. Chapman, who the SEC says secretly controlled 370,000 Renaissance shares, called the company "an incredible opportunity." He said the stock was at $10 and could hit $62, even though it only traded at three cents.
The Lines brothers were making similar misrepresentations as they tried to raise money for Renaissance. Scott Lines told LOM customers that Sedona would open around $7 to $8 per share on Jan. 21. He also told them that Renaissance had already acquired the mines and that they would produce 100,000 ounces that year.
On Jan. 21, some unusual trading began. The Line brothers placed an order to sell 20,000 shares at $9, and 13 minutes later, Wayne Wile placed an order to buy 5,000 shares at $8.25. This was highly unusual, because the stock had been dormant for seven months and last traded at three cents. Similar trades followed.
After that, numerous public investors bought the stock at artificially inflated prices, the SEC says. Between Jan. 21 and Jan. 27, Brian and Scott Lines sold 143,000 shares between $8.95 and $9.40. They had bought those same shares for seven cents.
On Jan. 29, 2003, the SEC suspended Sedona, ending the scheme.
After the suspension, the Lines brothers altered records to conceal their roles in the scheme, the SEC says. Among other things, they told employees to backdate share purchase agreements and told the SEC that the five nominee companies were the true owners of the stock.
The SHEP manipulation
The SHEP manipulation followed almost the same script, except that it included Vancouverites Mr. Peever and Mr. Curtis as shareholders.
At first, the SHEP promotion faced some difficulties, which Scott Lines and Mr. Peever blamed on naked shorters. In spite of that, they eventually managed to sell three million of the company's shares at inflated prices, for proceeds of $4.3-million.
Again, after Brian Lines learned that the SEC was investigating SHEP, he instructed his lawyer to file ownership reports showing that nominees actually controlled SHEP shares. The SEC says the reports are misleading, and Mr. Peever, Mr. Curtis and the Lines brothers were the beneficial owners.
The SEC is seeking orders banning the Lines brothers and the other individual defendants from participating in penny stock offerings for life. It is also asking for civil penalties and appropriate disgorgement orders.
BCSC case
The SEC action comes almost three years after a B.C. Securities Commission panel dismissed allegations that LOM (Holdings) improperly withheld trading records from BCSC investigators. The BCSC was investigating trades that LOM made in San Telmo Energy Inc., a TSX Venture Exchange company.
Those allegations surfaced in May, 2004, just one month before the SEC subpoenaed Scott Lines, Mr. Peever and Mr. Curtis to provide trading information related to SHEP and Sedona. The SEC's case came to Vancouver that June when the SEC filed an application with the B.C. Supreme Court for information about the trading by Mr. Peever and Mr. Curtis.
By Sean on
12/26/2007 7:42 AM
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Re: STOCKGATE TODAY: US Court provides Free Pass on Possible Collusion - December 20, 2007
I think I may have mistaken the Sedona companies. This is not SDNA. My bad, sorry about the mix-up!!
By Sean on
12/26/2007 10:12 AM
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Re: STOCKGATE TODAY: US Court provides Free Pass on Possible Collusion - December 20, 2007
For those who believe that Investment Banks and Prime Brokers get favorable treatment, I would advocate the idea that the Supreme Court is another example of Deep Capture:
January 23, 2008
Supreme Court Won’t Hear Complaint by Enron Investors
By THE ASSOCIATED PRESS
WASHINGTON (AP) — The Supreme Court dealt a setback on Tuesday to Enron investors who had sued investment banks to recover money lost when the Texas energy giant collapsed amid a huge accounting fraud.
The court refused on Tuesday to review the investors’ lawsuit, eliminating what might have been the investors’ only hope of keeping the case alive.
Enron shareholders may seek to revive their case in the lower federal courts, though the United States Court of Appeals for the Fifth Circuit in New Orleans has ruled against them once before.
The demise of Enron wiped out thousands of jobs, more than $60 billion in market value and more than $2 billion in pension plans.
Tuesday’s turndown for the Enron investors came without comment in a routine Supreme Court list of cases that the justices had decided not to hear.
The chances that Enron shareholders can recover some money dimmed a week ago with the Supreme Court’s decision against investors in a different case. That suit accused two suppliers of doing business with a cable TV company engaged in securities fraud.
In the case, justices ruled that the investors in Charter Communications did not have the right to sue because they did not rely on the deceptive acts of the suppliers.
The same principle could apply to the Enron case, where investors relied on Enron’s glowing description of its business, but were arguably unaware of any deceptive conduct by the investment banks.
Lawyers for Enron investors say the circumstances in the two cases are not comparable.
The banks, say Enron investors, worked with Enron by entering into partnerships and transactions that enabled the energy company to take liabilities off its books, recording revenue from the deals when it was actually incurring debt.
Now that the Supreme Court has rejected the case, “I think that the chances of succeeding on a scheme liability theory are nearly zero; the resolution of this Enron case was made clear by the decision” last week against investors in the cable TV suppliers suit, said Greg Markel, a lawyer who represents corporate clients in securities fraud lawsuits.
By C Wulf on
1/23/2008 10:04 AM
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Re: STOCKGATE TODAY: US Court provides Free Pass on Possible Collusion - December 20, 2007
To:SEC Chairman Christopher Cox
RE: July 15, 2008 Emergency Order to Stop Naked Short Selling with Fannie Mae, Freddy Mac and Certain Brokerage Firms.
Chairman Cox,
I have had to post this comment on alternative websites due to the fact the SEC has started excluding my comments form its' REGSHO Comment Board.
I have just reviewed your “Emergency Order to Cease all Naked Short Selling” regarding certain failing financial entities on Wall Street. Although I hear some voices of glee from the less insightful who believe this order is for the public’s protection, or similar comments from the paid Wall Street cheerleaders who wish to deceive the public in the usual fashion, I do not see an issue for rejoicing, but merely another institutionalized injustice to the public in favor of Wall Street wrongdoers. Permit me to elaborate, using a lesson in history found in the recent movie “21.”
When the mentally gifted students of M.I.T. got together and used their talents to count cards in Blackjack, they caused the Vegas casinos to lose a lot of money. These students were not dealing from the bottom of the deck, using any illegal counting devices or any other technique of playing cards other than simply their God-given mental abilities. Labeling the use of one’s mind as an illegal tool of gambling is not only illogical, but it is utterly ludicrous for each person must use their mind to even function, not to mention play Blackjack. However, when these M.I.T. students proved to have learned a system of playing Blackjack so successfully that they were regular winners, they were run out of the casinos and in some cases, beaten on the way out the door. The lesson? You are allowed to play so long as you do not learn how to win on a regular basis.
How does this Las Vegas example equate to the emergency order you issued today? Well, so long as the Wall Street criminals were naked shorting the American investor and markets into oblivion, so long as the globalists were using naked short selling as a tool of destroying this nation so as to take away our power and independence, your agency did nothing to stop it and in fact, it gave the loudly complaining American people over a decade of nothing but posturing and delays, while hundreds of trillions were siphoned out of our nation. Perhaps you never really contemplated why this nation is on the verge of economic collapse as you read these words. To this day, your agency still claims to need more comment periods to even determine if this form of illegal electronic counterfeiting is a practice you might consider putting to an end.
While we have waited long over a decade for you to stop naked short selling by criminals, when the one rare moment in history that the demise of certain financial sectors is so obvious that even the average investor could make some money with the naked short selling practice, and they could get some of their money back from the banking establishment by betting against the failing banks, the one time that the tables can be turned so that naked short selling can work for the benefit of “the little guy,” you suddenly find the character and strength and conviction to put an emergency halt to it. Let me ask you, “how stupid do you really think we are?”
While you continually cater to your Wall Street pals, protecting them from the potential pitfalls of naked short selling when it could be adverse to them, you simultaneously protect them on the flip-side so they can keep naked shorting other stocks into oblivion. Note, your emergency order has ignored all of those stocks that have been on the SHO list for years and to this day - the very same day of your unprecedented “Emergency Order” - these poor abused naked shorted companies and their over-abused shareholders continue to be victims of criminal naked short selling.
Sir, I could have never imagined that you people in the federal government, would fall to such depths to aid criminals steal from simple, average, innocent people and be such traitors to our nation. With all the deceit that rules this nation, with all the lies in the government, the media, the financial sector and wherever else traitors hide, I find the greatest of joy in knowing in my heart that your rule of terror is going to end and face judgment one day. I guess my advice is for you all to play the game while you can, as for every dollar stolen, every American who loses their home, their job, their retirement, every child who feels hunger, and every other devastation caused by this traitorous federal government crime cartel, God will hold you all accountable - I promise you.
Have a nice day and know that in spite of all the deception, we know the truth.
For America and Americans,
Allan F. Treffry, Esq.
By Allan F. Treffry, Esq. on
7/16/2008 9:24 AM
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