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| RE: Naked Short Selling By: beusa1, Raging Bull message board 24 May 2003, 07:06 PM EDT Msg. 21629 of 21632 RE: Naked Short Selling The Securities Class Action Clearinghouse provides detailed information relating to the prosecution, defense, and settlement of federal class action securities fraud litigation. The Clearinghouse maintains an Index of Filings of 1789 issuers that have been named in federal class action Class Actions since passage of the Private Securities Litigation Reform Act of 1995. The Clearinghouse also contains copies of more than 2000 complaints, briefs, filings, and other litigation-related materials filed in these cases. <http://securities.stanford.edu/~sp/index.html> It has to be at least a trillion dollar Class Action Securities Fraud Case against the brokerage cabals!!! Note. all of some 97 public companies (only a fraction in light of the reality) have been stung by a growing national scandal over manipulative trading, unregulated hedge funds, toxic and predatory financings, thousands of unanswered complaints allegedly piling up in the offices of the NASD and Securities and Exchange Commission, fines, mob connections, a phletora of lawsuits, naked short selling, unsettled accounts at numerous brokerages, and withdrawals from the vaunted but apparently disconnected electronic trading system managed by the Depository Trust and Clearing Corp... (COMTEX) B: New York Post Says Brokerages Face 'Nightmare' B: New York Post Says Brokerages Face 'Nightmare' May 20, 2003 (financialwire.net via COMTEX) -- (FinancialWire) The New York Post, a News Corp. (NYSE: NWS) unit, in a feature article, says that Jag Media (OTCBB: JGMHA) is creating a nightmare for the Street's largest brokerages and settlement firms," including Merrill Lynch (NYSE: MER), and units of J.P. Morgan Chase (NYSE: JPM) and Goldman Sachs (NYSE: GS). The publication references FinancialWire's proprietary research into ?almost 100 ... companies - Jag Media included - have claimed that in the past that they are the victims of naked short selling, which is being facilitated by the big brokerage firms: the taking of a short position without first borrowing the stock." Reporter Gregg Wirth noted in the article that owners of the penny stocks claim brokerages are lending shares that don't exist to short sellers, who in turn are driving down the companies' stock prices, and that, to combat that, Jag Media CEO Gary Valinoti filed a lawsuit that has accused more than 150 of Wall Street's biggest brokerages of improperly closing short trades and failing to identify borrowed shares. To press the issue, said the Post, Jag Media announced a special dividend in mid-March, but available only to those shareholders who could produce their stock certificates. "We just wanted the brokerage firms to open their books and show us who owns our stock," Valinoti told the Post. ?The announcement sent shareholders to their brokers, who in turn went to the depository trust companies, both here and in Canada, that house all companies' stock certificates in this age of computer transfer. Many brokerages didn't have the certificates. Instead they just had IOUs for them, mostly from other brokerages and settlement firms. ?A.G. Edwards (NYSE: AGE), UBS PaineWebber (NYSE: UBS), Spear Leeds (the settlement unit of Goldman Sachs) and several others came up short in the number of stock certificates shareholders were asking for, according to several e-mails between Jag Media and a number of brokerages, which were made available to The Post. ? Copies of the emails have also been made available to FinancialWire. ?In an April 17 e-mail to Jag Media, A.G. Edwards reported a 520,000 share shortfall in the number of Jag Media certificates it had on hand. The firm blamed the depository trusts and other brokerages for not being able to locate the certificates," noted the Post. "I have spoken to other firms and they are having the same problems that we have due to other firms also owing the shares," the e-mail stated. Several e-mails also indicated Spear Leeds was facing a similar shortfall. The Post said that a Goldman Sachs spokesman said the firm ?resubmitted its certificate requests to the depository trusts on Thursday and is awaiting delivery. ?Given these shortfalls and the short interest in Jag Media stock, which Valinoti estimates is five times its 37 million outstanding shares, it appeared firms were trading shares without eventually establishing ownership via the stock certificates - a violation of regulatory requirements," noted the Post. "Naked short sellers are destroying [us], and I caught them," Valinoti said, adding that if the big brokerages are allowing naked short selling to happen, they are leaving themselves on the hook for shares they can't produce. "If that happens, the entire settlement system is going to collapse." In all, some 97 public companies have been stung by a growing national scandal over manipulative trading, unregulated hedge funds, toxic and predatory financings, thousands of unanswered complaints allegedly piling up in the offices of the NASD and Securities and Exchange Commission, fines, mob connections, a phletora of lawsuits, naked short selling, unsettled accounts at numerous brokerages, and withdrawals from the vaunted but apparently disconnected electronic trading system managed by the Depository Trust and Clearing Corp. that in total once more threatens to undermine any remaining trust in the American financial markets. Some thirteen on the list, such as A.G. Edwards, Inc. (NYSE: AGE), Ameritrade Holding Corp. (NASDAQ: AMTD), Deutsche Bank AG (NYSE: DB), E*Trade Group, Inc. (NYSE: ET), FleetBoston (NYSE: FBF), Goldman, Sachs & Co. (NYSE: GS), Knight Securities, LP (NASDAQ: NITE), Ladenburg Thalmann & Co., Inc. (AMEX: LHS), M. H. Myerson & Co., Inc. (NASDAQ: MHMY), Olde / H&R Block (NYSE: HRB), Charles Schwab (NYSE: SCH), Toronto-Dominion's (NYSE: TD), TD Waterhouse Group and vFinance, Inc. (OTCBB: VFIN), have been accused by one or more public companies as allegedly participating in short selling activities or abuses. The remaining 84 companies have issued press releases or been named in press releases as taking various actions, either alone or in concert with other companies, to oppose manipulative trading in the form of illegal naked short selling. The actions have ranged from lawsuits to withdrawals and threatened withdrawals from the electronic trading system managed by the Depository Trust & Clearing Corp., to withdrawals from toxic financings, to the issuance of dividends or name changes designed to squeeze manipulators, to joining associations or networks or to contacting regulatory authorities to provide documentation of abuses or otherwise complain. The complete list of those 84 companies include Advanced Viral Research Corp. (OTCBB: ADVR), AdZone Research, Inc. (OTCBB: ADZR), American Ammunition, Inc. (OTCBB: AAMI), ATSI Communications, Inc. (OTC: ATSC), Federal Agricultural Mortgage Corp. ? Farmer Mac" (NYSE: AGM), Allied Capital (NYSE: ALD), American Motorcycle (OTC: AMCYV), American International Industries (OTCBB: AMIN), Ameri-Dream (OTC: AMDR), Adirondack Pure Springs Mt. Water Co. (OTCBB: APSW), Auxer Group, Inc. (OTCBB: AXGI), Bluebook International (OTCBB: BBIC), Blue Industries (OTCBB: BLIIV), Bentley Communications (OTCBB: BTLY), BIFS Technologies Corporation (OTCBB: BIFT), Biocurex (OTCBB: BOCX). Chattem, Inc. (NASDAQ: CHTT), Critical Home Care (OTCBB: CCLH), Composite Holdings (OTC: COHIA), Diamond International Group (OTCBB: DMDI), Eagle Tech Communications (OTC: EATC), Edgetech Services (OTCBB: EDGH); Also, Endovasc Ltd. (OTCBB: EVSC), Enviro-Energy Corporation (OTCBB: ENGY), Environmental Products & Technologies (OTC: EPTC), eResearchTechnologies, Inc. (NASDAQ: ERES), Flight Safety Technologies (OTCBB: FLST), Freddie Mac (NYSE: FRE), FreeStar Technologies (OTCBB: FSRCE), Genesis Intermedia (OTC: GENI), GeneMax Corp. (OTCBB: GMXX), Global Path (OTCBB: GBPI), Group Management (OTCBB: GPMT), Hop-On (OTC: HPON), H-Quotient, Inc., (OTCBB: HQNT), Hyperdynamics Corp. (OTCBB: HYPD), International Biochem (OTCBB: IBCL), Intergold Corp. (OTCBB: IGCO), InternetStudios, Inc. (OTCBB: ISTO), ITIS Holdings (OTCBB: ITHH), Jag Media Holdings (OTCBB: JGMHA), James Barclay Alan, Inc. ((OTC: JBAI), Lair Holdings (OTCBB: LAIR), Lifeline BioTechnologies Inc. (OTC: LBTI), Life Energy & Technology (OTCBB: LETH), MBIA (NYSE: MBI); Also, MetaSource Group, Inc. (OTCBB: MTSR), Midastrade.com (OTC: MIDS), Make Your Move (OTCBB: MKMV), MSM Jewelry Corp. (OTC: MSMJ), Nanopierce Technologies, Inc. (OTCBB: NPCT), Nutra Pharmaceutical (OTCBB: NPHC), Nutek (OTCBB: NUTK), Navigator Ventures (OTCBB: NVGC), Pitts & Spitts (OTCBB: PSPP), Sales OnLine Direct (OTCBB: PAID), Pacel Corp. (OTCBB: PACC), PayStar Corporation (OTCBB: PYST), Petrogen Corp. (OTCBB: PTGC), Premier Development & Investment, Inc. (OTCBB: PDVN), PrimeHoldings.com, Inc. (OTC: PRIM), Resourcing Solutions (OTC: RESG), Reed Holdings (OTC: RDHC), Rocky Mountain Energy Corp. (OTCBB: RMEC), RTIN Holdings (OTCBB: RTNH), Saflink Corp. (NASDAQ: SFLK), Safe Travel Care (OTCBB: SFTV), Sedona Corp. (OTCBB: SDNA); Also, Sionix Corp. (OTCBB: SINX), Starmax Technologies (OTC: SMXIF), Suncomm Technologies (OTC: STEH), Sports Resorts International (NASDAQ: SPRI), Technology Logistics (OTC: TLOS), Ten Stix, Inc. (OTCBB: TNTI), Tidelands Oil (OTCBB: TIDE), Trezac Corp. (OTCBB: TREZ), Universal Express, Inc. (OTCBB: USXP), US West Homes (OTCBB: USWH), Valesc Holdings, Inc. (OTCBB: VLSHV), Vega Atlantic (OTCBB: VGAC), Vista Continental Corporation, (OTCBB: VICC), Vtex Energy (OTCBB: VXENE) and Wizzard Software (OTCBB: WIZD).and WorldTradeShow.com (OTC: WTSW). summary of news, commentary, research reports, webcasts, events and conference calls, click on <http://ragingbull.lycos.com/mboard/boards.cgi?board=SLGLF&read=16816> Some thirteen on the list, of bin-terr-ist cabals; such as; A.G. Edwards, Inc. (NYSE: AGE), Ameritrade Holding Corp. (NASDAQ: AMTD), Deutsche Bank AG (NYSE: DB), E*Trade Group, Inc.(NYSE: ET), FleetBoston (NYSE: FBF), Goldman, Sachs & Co. (NYSE: GS), Knight Securities, LP (NASDAQ: NITE), Ladenburg Thalmann & Co., Inc. (AMEX: LHS), M. H. Myerson & Co., Inc. (NASDAQ: MHMY), Olde / H&R Block (NYSE: HRB), Charles Schwab (NYSE: SCH), Toronto-Dominion's (NYSE: TD), TD Waterhouse Group and vFinance, Inc. (OTCBB: VFIN), have been accused by one or more public companies as allegedly participating in short selling activities or abuses and some more INFO is below... <http://www.jagnotes.com/c/21/402.cfm> Always forgive your enemies--- nothing annoys them so much, but never forget their names, and never a deal again!!! Former SEC Chief Levitt Urges Hedge-Fund Regulation 6 May 2003, 10:51pm ET WASHINGTON -- Former Securities and Exchange Commission Chairman Arthur Levitt Jr. is calling for tough regulation of hedge funds, including registration and periodic audits of the high-risk investment vehicles, Wednesday's Wall Street Journal reported. Mr. Levitt is recommending that the SEC require hedge funds to disclose their holdings and make their activities more transparent to investors, and plans to make that point in a speech today. "My experience in the market tells me that when you develop an investment flavor of the day, it's time to be careful," Mr. Levitt said in an interview. " More and more [individual] investors are accessing hedge funds and I think that represents a danger." His comments come as the SEC, now under William Donaldson, prepares for two days of public hearings next week into hedge funds, which are private investment partnerships for large investors and seek quick profits by putting large sums in currencies, bonds and stocks. The SEC has spent the past several months examining hedge funds and is considering whether to establish rules for the industry, which is largely unregulated. Most hedge funds and their advisers are able to avoid registering with the SEC or disclosing their holdings because of exemptions in the securities laws. The SEC does have jurisdiction to investigate and prosecute fraud at hedge funds. Wall Street Journal Staff Reporter Deborah Solomon contributed to this report. <http://ragingbull.lycos.com/mboard/boards.cgi?board=SLGLF&read=16818> Imo! Pass It Along>>>>>>>>>>>> By: beusa1 24 May 2003, 07:06 PM EDT Msg. 21629 of 21632 Jump to msg. # RE: Naked Short Selling The Securities Class Action Clearinghouse provides detailed information relating to the prosecution, defense, and settlement of federal class action securities fraud litigation. The Clearinghouse maintains an Index of Filings of 1789 issuers that have been named in federal class action Class Actions since passage of the Private Securities Litigation Reform Act of 1995. The Clearinghouse also contains copies of more than 2000 complaints, briefs, filings, and other litigation-related materials filed in these cases. <http://securities.stanford.edu/~sp/index.html> It has to be at least a trillion dollar Class Action Securities Fraud Case against the brokerage cabals!!! Note. all of some 97 public companies (only a fraction in light of the reality) have been stung by a growing national scandal over manipulative trading, unregulated hedge funds, toxic and predatory financings, thousands of unanswered complaints allegedly piling up in the offices of the NASD and Securities and Exchange Commission, fines, mob connections, a phletora of lawsuits, naked short selling, unsettled accounts at numerous brokerages, and withdrawals from the vaunted but apparently disconnected electronic trading system managed by the Depository Trust and Clearing Corp... (COMTEX) B: New York Post Says Brokerages Face 'Nightmare' B: New York Post Says Brokerages Face 'Nightmare' May 20, 2003 (financialwire.net via COMTEX) -- (FinancialWire) The New York Post, a News Corp. (NYSE: NWS) unit, in a feature article, says that Jag Media (OTCBB: JGMHA) is creating a nightmare for the Street's largest brokerages and settlement firms," including Merrill Lynch (NYSE: MER), and units of J.P. Morgan Chase (NYSE: JPM) and Goldman Sachs (NYSE: GS). The publication references FinancialWire's proprietary research into ?almost 100 ... companies - Jag Media included - have claimed that in the past that they are the victims of naked short selling, which is being facilitated by the big brokerage firms: the taking of a short position without first borrowing the stock." Reporter Gregg Wirth noted in the article that owners of the penny stocks claim brokerages are lending shares that don't exist to short sellers, who in turn are driving down the companies' stock prices, and that, to combat that, Jag Media CEO Gary Valinoti filed a lawsuit that has accused more than 150 of Wall Street's biggest brokerages of improperly closing short trades and failing to identify borrowed shares. To press the issue, said the Post, Jag Media announced a special dividend in mid-March, but available only to those shareholders who could produce their stock certificates. "We just wanted the brokerage firms to open their books and show us who owns our stock," Valinoti told the Post. ?The announcement sent shareholders to their brokers, who in turn went to the depository trust companies, both here and in Canada, that house all companies' stock certificates in this age of computer transfer. Many brokerages didn't have the certificates. Instead they just had IOUs for them, mostly from other brokerages and settlement firms. ?A.G. Edwards (NYSE: AGE), UBS PaineWebber (NYSE: UBS), Spear Leeds (the settlement unit of Goldman Sachs) and several others came up short in the number of stock certificates shareholders were asking for, according to several e-mails between Jag Media and a number of brokerages, which were made available to The Post. ? Copies of the emails have also been made available to FinancialWire. ?In an April 17 e-mail to Jag Media, A.G. Edwards reported a 520,000 share shortfall in the number of Jag Media certificates it had on hand. The firm blamed the depository trusts and other brokerages for not being able to locate the certificates," noted the Post. "I have spoken to other firms and they are having the same problems that we have due to other firms also owing the shares," the e-mail stated. Several e-mails also indicated Spear Leeds was facing a similar shortfall. The Post said that a Goldman Sachs spokesman said the firm ?resubmitted its certificate requests to the depository trusts on Thursday and is awaiting delivery. ?Given these shortfalls and the short interest in Jag Media stock, which Valinoti estimates is five times its 37 million outstanding shares, it appeared firms were trading shares without eventually establishing ownership via the stock certificates - a violation of regulatory requirements," noted the Post. "Naked short sellers are destroying [us], and I caught them," Valinoti said, adding that if the big brokerages are allowing naked short selling to happen, they are leaving themselves on the hook for shares they can't produce. "If that happens, the entire settlement system is going to collapse." In all, some 97 public companies have been stung by a growing national scandal over manipulative trading, unregulated hedge funds, toxic and predatory financings, thousands of unanswered complaints allegedly piling up in the offices of the NASD and Securities and Exchange Commission, fines, mob connections, a phletora of lawsuits, naked short selling, unsettled accounts at numerous brokerages, and withdrawals from the vaunted but apparently disconnected electronic trading system managed by the Depository Trust and Clearing Corp. that in total once more threatens to undermine any remaining trust in the American financial markets. |
Some thirteen on the list,
such as A.G. Edwards, Inc. (NYSE: AGE), Ameritrade Holding Corp. (NASDAQ: AMTD), Deutsche Bank AG (NYSE: DB), E*Trade Group, Inc. (NYSE: ET), FleetBoston (NYSE: FBF), Goldman, Sachs & Co. (NYSE: GS), Knight Securities, LP (NASDAQ: NITE), Ladenburg Thalmann & Co., Inc. (AMEX: LHS), M. H. Myerson & Co., Inc. (NASDAQ: MHMY), Olde / H&R Block (NYSE: HRB), Charles Schwab (NYSE: SCH), Toronto-Dominion's (NYSE: TD), TD Waterhouse Group and vFinance, Inc. (OTCBB: VFIN), have been accused by one or more public companies as allegedly participating in short selling activities or abuses. The remaining 84 companies have issued press releases or been named in press releases as taking various actions, either alone or in concert with other companies, to oppose manipulative trading in the form of illegal naked short selling. The actions have ranged from lawsuits to withdrawals and threatened withdrawals from the electronic trading system managed by the Depository Trust & Clearing Corp., to withdrawals from toxic financings, to the issuance of dividends or name changes designed to squeeze manipulators, to joining associations or networks or to contacting regulatory authorities to provide documentation of abuses or otherwise complain. The complete list of those 84 companies include Advanced Viral Research Corp. (OTCBB: ADVR), AdZone Research, Inc. (OTCBB: ADZR), American Ammunition, Inc. (OTCBB: AAMI), ATSI Communications, Inc. (OTC: ATSC), Federal Agricultural Mortgage Corp. ? Farmer Mac" (NYSE: AGM), Allied Capital (NYSE: ALD), American Motorcycle (OTC: AMCYV), American International Industries (OTCBB: AMIN), Ameri-Dream (OTC: AMDR), Adirondack Pure Springs Mt. Water Co. (OTCBB: APSW), Auxer Group, Inc. (OTCBB: AXGI), Bluebook International (OTCBB: BBIC), Blue Industries (OTCBB: BLIIV), Bentley Communications (OTCBB: BTLY), BIFS Technologies Corporation (OTCBB: BIFT), Biocurex (OTCBB: BOCX). Chattem, Inc. (NASDAQ: CHTT), Critical Home Care (OTCBB: CCLH), Composite Holdings (OTC: COHIA), Diamond International Group (OTCBB: DMDI), Eagle Tech Communications (OTC: EATC), Edgetech Services (OTCBB: EDGH); Also, Endovasc Ltd. (OTCBB: EVSC), Enviro-Energy Corporation (OTCBB: ENGY), Environmental Products & Technologies (OTC: EPTC), eResearchTechnologies, Inc. (NASDAQ: ERES), Flight Safety Technologies (OTCBB: FLST), Freddie Mac (NYSE: FRE), FreeStar Technologies (OTCBB: FSRCE), Genesis Intermedia (OTC: GENI), GeneMax Corp. (OTCBB: GMXX), Global Path (OTCBB: GBPI), Group Management (OTCBB: GPMT), Hop-On (OTC: HPON), H-Quotient, Inc., (OTCBB: HQNT), Hyperdynamics Corp. (OTCBB: HYPD), International Biochem (OTCBB: IBCL), Intergold Corp. (OTCBB: IGCO), InternetStudios, Inc. (OTCBB: ISTO), ITIS Holdings (OTCBB: ITHH), Jag Media Holdings (OTCBB: JGMHA), James Barclay Alan, Inc. ((OTC: JBAI), Lair Holdings (OTCBB: LAIR), Lifeline BioTechnologies Inc. (OTC: LBTI), Life Energy & Technology (OTCBB: LETH), MBIA (NYSE: MBI); Also, MetaSource Group, Inc. (OTCBB: MTSR), Midastrade.com (OTC: MIDS), Make Your Move (OTCBB: MKMV), MSM Jewelry Corp. (OTC: MSMJ), Nanopierce Technologies, Inc. (OTCBB: NPCT), Nutra Pharmaceutical (OTCBB: NPHC), Nutek (OTCBB: NUTK), Navigator Ventures (OTCBB: NVGC), Pitts & Spitts (OTCBB: PSPP), Sales OnLine Direct (OTCBB: PAID), Pacel Corp. (OTCBB: PACC), PayStar Corporation (OTCBB: PYST), Petrogen Corp. (OTCBB: PTGC), Premier Development & Investment, Inc. (OTCBB: PDVN), PrimeHoldings.com, Inc. (OTC: PRIM), Resourcing Solutions (OTC: RESG), Reed Holdings (OTC: RDHC), Rocky Mountain Energy Corp. (OTCBB: RMEC), RTIN Holdings (OTCBB: RTNH), Saflink Corp. (NASDAQ: SFLK), Safe Travel Care (OTCBB: SFTV), Sedona Corp. (OTCBB: SDNA); Also, Sionix Corp. (OTCBB: SINX), Starmax Technologies (OTC: SMXIF), Suncomm Technologies (OTC: STEH), Sports Resorts International (NASDAQ: SPRI), Technology Logistics (OTC: TLOS), Ten Stix, Inc. (OTCBB: TNTI), Tidelands Oil (OTCBB: TIDE), Trezac Corp. (OTCBB: TREZ), Universal Express, Inc. (OTCBB: USXP), US West Homes (OTCBB: USWH), Valesc Holdings, Inc. (OTCBB: VLSHV), Vega Atlantic (OTCBB: VGAC), Vista Continental Corporation, (OTCBB: VICC), Vtex Energy (OTCBB: VXENE) and Wizzard Software (OTCBB: WIZD).and WorldTradeShow.com (OTC: WTSW). summary of news, commentary, research reports, webcasts, events and conference calls, click on <http://ragingbull.lycos.com/mboard/boards.cgi?board=SLGLF&read=16816> Some thirteen on the list, of bin-terr-ist cabals; such as; A.G. Edwards, Inc. (NYSE: AGE), Ameritrade Holding Corp. (NASDAQ: AMTD), Deutsche Bank AG (NYSE: DB), E*Trade Group, Inc.(NYSE: ET), FleetBoston (NYSE: FBF), Goldman, Sachs & Co. (NYSE: GS), Knight Securities, LP (NASDAQ: NITE), Ladenburg Thalmann & Co., Inc. (AMEX: LHS), M. H. Myerson & Co., Inc. (NASDAQ: MHMY), Olde / H&R Block (NYSE: HRB), Charles Schwab (NYSE: SCH), Toronto-Dominion's (NYSE: TD), TD Waterhouse Group and vFinance, Inc. (OTCBB: VFIN), have been accused by one or more public companies as allegedly participating in short selling activities or abuses and some more INFO is below... <http://www.jagnotes.com/c/21/402.cfm> Always forgive your enemies--- nothing annoys them so much, but never forget their names, and never a deal again!!! Former SEC Chief Levitt Urges Hedge-Fund Regulation 6 May 2003, 10:51pm ET WASHINGTON -- Former Securities and Exchange Commission Chairman Arthur Levitt Jr. is calling for tough regulation of hedge funds, including registration and periodic audits of the high-risk investment vehicles, Wednesday's Wall Street Journal reported. Mr. Levitt is recommending that the SEC require hedge funds to disclose their holdings and make their activities more transparent to investors, and plans to make that point in a speech today. "My experience in the market tells me that when you develop an investment flavor of the day, it's time to be careful," Mr. Levitt said in an interview. " More and more [individual] investors are accessing hedge funds and I think that represents a danger." His comments come as the SEC, now under William Donaldson, prepares for two days of public hearings next week into hedge funds, which are private investment partnerships for large investors and seek quick profits by putting large sums in currencies, bonds and stocks. The SEC has spent the past several months examining hedge funds and is considering whether to establish rules for the industry, which is largely unregulated. Most hedge funds and their advisers are able to avoid registering with the SEC or disclosing their holdings because of exemptions in the securities laws. The SEC does have jurisdiction to investigate and prosecute fraud at hedge funds. Wall Street Journal Staff Reporter Deborah Solomon contributed to this report. <http://ragingbull.lycos.com/mboard/boards.cgi?board=SLGLF&read=16818> Imo! Pass It Along>>>>>>>>>>>> By: beusa1 24 May 2003, 07:06 PM EDT Msg. 21629 of 21632 Jump to msg. # RE: Naked Short Selling The Securities Class Action Clearinghouse provides detailed information relating to the prosecution, defense, and settlement of federal class action securities fraud litigation. The Clearinghouse maintains an Index of Filings of 1789 issuers that have been named in federal class action Class Actions since passage of the Private Securities Litigation Reform Act of 1995. The Clearinghouse also contains copies of more than 2000 complaints, briefs, filings, and other litigation-related materials filed in these cases. <http://securities.stanford.edu/~sp/index.html> It has to be at least a trillion dollar Class Action Securities Fraud Case against the brokerage cabals!!! Note. all of some 97 public companies (only a fraction in light of the reality) have been stung by a growing national scandal over manipulative trading, unregulated hedge funds, toxic and predatory financings, thousands of unanswered complaints allegedly piling up in the offices of the NASD and Securities and Exchange Commission, fines, mob connections, a phletora of lawsuits, naked short selling, unsettled accounts at numerous brokerages, and withdrawals from the vaunted but apparently disconnected electronic trading system managed by the Depository Trust and Clearing Corp... (COMTEX) B: New York Post Says Brokerages Face 'Nightmare' B: New York Post Says Brokerages Face 'Nightmare' May 20, 2003 (financialwire.net via COMTEX) -- (FinancialWire) The New York Post, a News Corp. (NYSE: NWS) unit, in a feature article, says that Jag Media (OTCBB: JGMHA) is creating a nightmare for the Street's largest brokerages and settlement firms," including Merrill Lynch (NYSE: MER), and units of J.P. Morgan Chase (NYSE: JPM) and Goldman Sachs (NYSE: GS). The publication references FinancialWire's proprietary research into ?almost 100 ... companies - Jag Media included - have claimed that in the past that they are the victims of naked short selling, which is being facilitated by the big brokerage firms: the taking of a short position without first borrowing the stock." Reporter Gregg Wirth noted in the article that owners of the penny stocks claim brokerages are lending shares that don't exist to short sellers, who in turn are driving down the companies' stock prices, and that, to combat that, Jag Media CEO Gary Valinoti filed a lawsuit that has accused more than 150 of Wall Street's biggest brokerages of improperly closing short trades and failing to identify borrowed shares. To press the issue, said the Post, Jag Media announced a special dividend in mid-March, but available only to those shareholders who could produce their stock certificates. "We just wanted the brokerage firms to open their books and show us who owns our stock," Valinoti told the Post. ?The announcement sent shareholders to their brokers, who in turn went to the depository trust companies, both here and in Canada, that house all companies' stock certificates in this age of computer transfer. Many brokerages didn't have the certificates. Instead they just had IOUs for them, mostly from other brokerages and settlement firms. ?A.G. Edwards (NYSE: AGE), UBS PaineWebber (NYSE: UBS), Spear Leeds (the settlement unit of Goldman Sachs) and several others came up short in the number of stock certificates shareholders were asking for, according to several e-mails between Jag Media and a number of brokerages, which were made available to The Post. ? Copies of the emails have also been made available to FinancialWire. ?In an April 17 e-mail to Jag Media, A.G. Edwards reported a 520,000 share shortfall in the number of Jag Media certificates it had on hand. The firm blamed the depository trusts and other brokerages for not being able to locate the certificates," noted the Post. "I have spoken to other firms and they are having the same problems that we have due to other firms also owing the shares," the e-mail stated. Several e-mails also indicated Spear Leeds was facing a similar shortfall. The Post said that a Goldman Sachs spokesman said the firm ?resubmitted its certificate requests to the depository trusts on Thursday and is awaiting delivery. ?Given these shortfalls and the short interest in Jag Media stock, which Valinoti estimates is five times its 37 million outstanding shares, it appeared firms were trading shares without eventually establishing ownership via the stock certificates - a violation of regulatory requirements," noted the Post. "Naked short sellers are destroying [us], and I caught them," Valinoti said, adding that if the big brokerages are allowing naked short selling to happen, they are leaving themselves on the hook for shares they can't produce. "If that happens, the entire settlement system is going to collapse." In all, some 97 public companies have been stung by a growing national scandal over manipulative trading, unregulated hedge funds, toxic and predatory financings, thousands of unanswered complaints allegedly piling up in the offices of the NASD and Securities and Exchange Commission, fines, mob connections, a phletora of lawsuits, naked short selling, unsettled accounts at numerous brokerages, and withdrawals from the vaunted but apparently disconnected electronic trading system managed by the Depository Trust and Clearing Corp. that in total once more threatens to undermine any remaining trust in the American financial markets. Some thirteen on the list, such as A.G. Edwards, Inc. (NYSE: AGE), Ameritrade Holding Corp. (NASDAQ: AMTD), Deutsche Bank AG (NYSE: DB), E*Trade Group, Inc. (NYSE: ET), FleetBoston (NYSE: FBF), Goldman, Sachs & Co. (NYSE: GS), Knight Securities, LP (NASDAQ: NITE), Ladenburg Thalmann & Co., Inc. (AMEX: LHS), M. H. Myerson & Co., Inc. (NASDAQ: MHMY), Olde / H&R Block (NYSE: HRB), Charles Schwab (NYSE: SCH), Toronto-Dominion's (NYSE: TD), TD Waterhouse Group and vFinance, Inc. (OTCBB: VFIN), have been accused by one or more public companies as allegedly participating in short selling activities or abuses. The remaining 84 companies have issued press releases or been named in press releases as taking various actions, either alone or in concert with other companies, to oppose manipulative trading in the form of illegal naked short selling. The actions have ranged from lawsuits to withdrawals and threatened withdrawals from the electronic trading system managed by the Depository Trust & Clearing Corp., to withdrawals from toxic financings, to the issuance of dividends or name changes designed to squeeze manipulators, to joining associations or networks or to contacting regulatory authorities to provide documentation of abuses or otherwise complain. The complete list of those 84 companies include Advanced Viral Research Corp. (OTCBB: ADVR), AdZone Research, Inc. (OTCBB: ADZR), American Ammunition, Inc. (OTCBB: AAMI), ATSI Communications, Inc. (OTC: ATSC), Federal Agricultural Mortgage Corp. ? Farmer Mac" (NYSE: AGM), Allied Capital (NYSE: ALD), American Motorcycle (OTC: AMCYV), American International Industries (OTCBB: AMIN), Ameri-Dream (OTC: AMDR), Adirondack Pure Springs Mt. Water Co. (OTCBB: APSW), Auxer Group, Inc. (OTCBB: AXGI), Bluebook International (OTCBB: BBIC), Blue Industries (OTCBB: BLIIV), Bentley Communications (OTCBB: BTLY), BIFS Technologies Corporation (OTCBB: BIFT), Biocurex (OTCBB: BOCX). Chattem, Inc. (NASDAQ: CHTT), Critical Home Care (OTCBB: CCLH), Composite Holdings (OTC: COHIA), Diamond International Group (OTCBB: DMDI), Eagle Tech Communications (OTC: EATC), Edgetech Services (OTCBB: EDGH); Also, Endovasc Ltd. (OTCBB: EVSC), Enviro-Energy Corporation (OTCBB: ENGY), Environmental Products & Technologies (OTC: EPTC), eResearchTechnologies, Inc. (NASDAQ: ERES), Flight Safety Technologies (OTCBB: FLST), Freddie Mac (NYSE: FRE), FreeStar Technologies (OTCBB: FSRCE), Genesis Intermedia (OTC: GENI), GeneMax Corp. (OTCBB: GMXX), Global Path (OTCBB: GBPI), Group Management (OTCBB: GPMT), Hop-On (OTC: HPON), H-Quotient, Inc., (OTCBB: HQNT), Hyperdynamics Corp. (OTCBB: HYPD), International Biochem (OTCBB: IBCL), Intergold Corp. (OTCBB: IGCO), InternetStudios, Inc. (OTCBB: ISTO), ITIS Holdings (OTCBB: ITHH), Jag Media Holdings (OTCBB: JGMHA), James Barclay Alan, Inc. ((OTC: JBAI), Lair Holdings (OTCBB: LAIR), Lifeline BioTechnologies Inc. (OTC: LBTI), Life Energy & Technology (OTCBB: LETH), MBIA (NYSE: MBI); Also, MetaSource Group, Inc. (OTCBB: MTSR), Midastrade.com (OTC: MIDS), Make Your Move (OTCBB: MKMV), MSM Jewelry Corp. (OTC: MSMJ), Nanopierce Technologies, Inc. (OTCBB: NPCT), Nutra Pharmaceutical (OTCBB: NPHC), Nutek (OTCBB: NUTK), Navigator Ventures (OTCBB: NVGC), Pitts & Spitts (OTCBB: PSPP), Sales OnLine Direct (OTCBB: PAID), Pacel Corp. (OTCBB: PACC), PayStar Corporation (OTCBB: PYST), Petrogen Corp. (OTCBB: PTGC), Premier Development & Investment, Inc. (OTCBB: PDVN), PrimeHoldings.com, Inc. (OTC: PRIM), Resourcing Solutions (OTC: RESG), Reed Holdings (OTC: RDHC), Rocky Mountain Energy Corp. (OTCBB: RMEC), RTIN Holdings (OTCBB: RTNH), Saflink Corp. (NASDAQ: SFLK), Safe Travel Care (OTCBB: SFTV), Sedona Corp. (OTCBB: SDNA); Also, Sionix Corp. (OTCBB: SINX), Starmax Technologies (OTC: SMXIF), Suncomm Technologies (OTC: STEH), Sports Resorts International (NASDAQ: SPRI), Technology Logistics (OTC: TLOS), Ten Stix, Inc. (OTCBB: TNTI), Tidelands Oil (OTCBB: TIDE), Trezac Corp. (OTCBB: TREZ), Universal Express, Inc. (OTCBB: USXP), US West Homes (OTCBB: USWH), Valesc Holdings, Inc. (OTCBB: VLSHV), Vega Atlantic (OTCBB: VGAC), Vista Continental Corporation, (OTCBB: VICC), Vtex Energy (OTCBB: VXENE) and Wizzard Software (OTCBB: WIZD).and WorldTradeShow.com (OTC: WTSW). summary of news, commentary, research reports, webcasts, events and conference calls, click on <http://ragingbull.lycos.com/mboard/boards.cgi?board=SLGLF&read=16816> Some thirteen on the list, of bin-terr-ist cabals; such as; A.G. Edwards, Inc. (NYSE: AGE), Ameritrade Holding Corp. (NASDAQ: AMTD), Deutsche Bank AG (NYSE: DB), E*Trade Group, Inc.(NYSE: ET), FleetBoston (NYSE: FBF), Goldman, Sachs & Co. (NYSE: GS), Knight Securities, LP (NASDAQ: NITE), Ladenburg Thalmann & Co., Inc. (AMEX: LHS), M. H. Myerson & Co., Inc. (NASDAQ: MHMY), Olde / H&R Block (NYSE: HRB), Charles Schwab (NYSE: SCH), Toronto-Dominion's (NYSE: TD), TD Waterhouse Group and vFinance, Inc. (OTCBB: VFIN), have been accused by one or more public companies as allegedly participating in short selling activities or abuses and some more INFO is below... <http://www.jagnotes.com/c/21/402.cfm> Always forgive your enemies--- nothing annoys them so much, but never forget their names, and never a deal again!!! Former SEC Chief Levitt Urges Hedge-Fund Regulation 6 May 2003, 10:51pm ET WASHINGTON -- Former Securities and Exchange Commission Chairman Arthur Levitt Jr. is calling for tough regulation of hedge funds, including registration and periodic audits of the high-risk investment vehicles, Wednesday's Wall Street Journal reported. Mr. Levitt is recommending that the SEC require hedge funds to disclose their holdings and make their activities more transparent to investors, and plans to make that point in a speech today. "My experience in the market tells me that when you develop an investment flavor of the day, it's time to be careful," Mr. Levitt said in an interview. " More and more [individual] investors are accessing hedge funds and I think that represents a danger." His comments come as the SEC, now under William Donaldson, prepares for two days of public hearings next week into hedge funds, which are private investment partnerships for large investors and seek quick profits by putting large sums in currencies, bonds and stocks. The SEC has spent the past several months examining hedge funds and is considering whether to establish rules for the industry, which is largely unregulated. Most hedge funds and their advisers are able to avoid registering with the SEC or disclosing their holdings because of exemptions in the securities laws. The SEC does have jurisdiction to investigate and prosecute fraud at hedge funds. Wall Street Journal Staff Reporter Deborah Solomon contributed to this report. <http://ragingbull.lycos.com/mboard/boards.cgi?board=SLGLF&read=16818> Imo! Pass It Along>>>>>>>>>>>> |