This guy makes Crames, I call him "Crames" look like a wallflower. "Sent: Friday, March 26, 2004 1:07 PM Subject: File No. S7-23-03 To whom it may concern: I am the managing member of SBA Trading, LLC and LTA Trading, LLC, both market making firms on the American Stock Exchange. This letter is written to express our opposition to the proposed short sale rule. We support the current exemption of market makers not being forced to locate stocks before shorting them. This proposed rule would greatly inhibit broker dealers from making markets in many securities. It would artificially temporarily inflate stock prices and make the stock market inefficient. Allowing flexibility for shorting stocks promotes liquidity, efficiency, and an orderly market place. Sincerely, Scott Arenstein Managing Member, SBA Trading, LLC and LTA Trading, LLC 241 Central Park West, 6E NY, NY 10024 212-579-0731"
Can someone explain to these families why Force Protection, FRPT, is on the Reg Sho list? Is money that important??? Associated Press 4 U.S. Soldiers Killed in Iraqi Blast Associated Press 08.06.07, 4:20 PM ET BAGHDAD - Four U.S. soldiers died Monday from wounds suffered in a combat explosion in restive Diyala province north of Baghdad, the American military reported. Twelve others had minor injuries and returned to duty. The military statement announcing the deaths gave no other details and said identities of the victims were withheld until family could be notified. Earlier Monday the military said one soldier was killed during fighting in eastern Baghdad a day earlier. Two soldiers were wounded in the fighting. At least 3,673 members of the U.S. military have died since the Iraq war started in March 2003, according to an Associated Press count Copyright 2007 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or
http://www.sec.gov/rules/final/2007/34-56212.pdf This is reg SHO. It will be effective in 60 days, and gives the perps 35 days to cover. However, it exempts options mm's (OSTK and many others) and anything that was grandfathered pre 2005, and not currently on the SHO list ( hundreds, if not thousands.). I'll tell you, as corrupt Govt agencies go, these guys are the tops!!!!
11:58 Commissioner Campos to Leave SEC Commissioner Roel C. Campos of the Securities and Exchange Commission today announced that he intends to leave the Commission in a month's time and plans to return to the private sector. Currently serving his second term, Mr. Campos was first appointed by President George W. Bush and confirmed by the U.S. Senate as a Commissioner in August 2002. Hmmmmmm IG resigns same day Senate releases Aguirre report..... Ayyyy just a coincidence.
Gee, wonder what this is about???? This was sent to all SIFMA CEO's on Monday, August 20, 2007. SIFMA 08/20/2007 04:17 PM To "lmorillo@pershing.com" cc Subject The phasing out of stock certificates and the Direct Registration System August 20, 2007 Dear SIFMA Member Firms: There are 250 million reasons to eliminate physical certificates! Based on an industry survey, the costs to maintain, process, provide safekeeping, and mail physical certificates amount to over $250 million annually... Approximately $49 million of this total cost relates to lost and stolen certificates, and is primarily borne by individual investors. Many other participants in our industry have taken steps to stop using physical certificates, including our stock exchanges and several broker-dealers. It is now time for the entire broker-dealer community to step up to the plate and help achieve the goal of eliminating physical certificates. With this letter, we are asking all SIFMA member firms to decide to discontinue providing physical certificates for Direct Registration System ("DRS") eligible securities by January 1, 2008. This date is consistent with that set by the primary exchanges in recent rule changes requiring that all exchange-listed issues be eligible for DRS by January 1, 2008. The overall costs and risks associated with holding physical certificates make it imperative to utilize viable alternatives for evidencing securities ownership. The primary alternatives that are available include the DRS for customers that choose to be registered on the books and records of the company, or for customers to hold their positions at a bank custodian or broker-dealer ("street name"). The DRS, which was developed by DTC and transfer agents in the late 1990s, offers automated linkages between the record keeping systems maintained by transfer agents for corporate issuers and those recordkeeping systems maintained by broker-dealers and banks for their customers. DRS thereby enables a shareholder or their registered representative, for example, to electronically direct the movement of a position in a security from an issuerââ¬â¢s transfer agent to the shareholderââ¬â¢s account at a broker-dealer of their choice and eliminates the negotiability document requirement for our customers. In addition, firms can easily choose DRS as a default setting within their vendor systems (i.e. Broadridge, Sungard, Thomson, etc.) Unfortunately, even though DRS is available for many securities, many DTC participants either are not aware of it or have chosen not to use it; instead, they continue to provide physical certificates to customers. This practice results in unnecessary costs and risks for investors. For example, from 2004 to 2006, the total cost to member firms for obtaining physical certificates through DTC ââ¬â despite DRS being available ââ¬â was $25.9 million. In 2007, we are looking at adding another $10 million to that total, and DTC has advised its member firms that these fees will increase still further in 2008. In addition, today almost 75% of physical certificates deposited by broker-dealers and bank custodians at DTC were issued within the last six months of the deposit date. What this means is that we are providing physical certificates to our customers only to have them returned in a short period of time. This doesnââ¬â¢t make sense and just results in unnecessary expense and added risk. It is critical that we all get the word out regarding the benefits of using DRS or holding positions in street name. SIFMA plans to help do so through an extensive education program for investors, sales representatives, operations management, transfer agents and related vendors. Hopefully, this program will assist SIFMA member firms in meeting the recommended January 1, 2008 date for using DRS for eligible securities. We all know that the goal of the securities industry is to provide our customers with products and services for asset growth and to meet their financial needs. However, we strongly believe that a parallel goal should be to not perpetuate the use of physical certificates, as it has no bearing on investorsââ¬â¢ account performance and just adds unnecessary expenses and risks for these individuals. As such, we urge you to discontinue providing physical certificates for DRS eligible securities by January 1, 2008 and discuss this important step with your sales representatives and operations managers. Thank you for your consideration of this request, and we look forward to hearing from you on this matter. If you have any questions or require additional information, please do not hesitate to contact John Panchery, SIFMA Managing Director, at: 212-618-0559 or jpanchery@sifma.org. In addition, you can also view more information on this subject by visiting SIFMAââ¬â¢s Paperless Web Page at: http://www.sifma.org/services/techops/stp/html/paperless.shtml. Sincerely, Noland Cheng SIFMA Operations Committee Chair Lawrence Morillo SIFMA Operations Legal & Regulatory Sub-Committee Chair http://www.stai.org/letters/sifma_member_firms.html
Probably ostk lawsuit was the catalyst. Maybe it's posted here but they'll restructure the dtcc too. The whole Bryne lawsuit will probably be plead, fine here fine there, comp here comp there, court agreement against disclosure under settlement terms, case closed.
Just saw your post. No, he'll never settle. He's got them,. and it goes to the mat. JMHO A K St. type is telling us a couple of things. These guys never miss, which tells you a lot about the State of the USA. I'll share one. He says the changes to Reg Sho are going to make a difference to some companies' stock. So, here's a guy outside the industry who follows it from the outside saying that. It has some kick. On October 15, if a stock is on the threshold list, you must get a borrow to short. They've been faking them for years, so this is watered down legislation if nothing chances. However, You have 35 days to cover your fails. I have a lot of problems with this whole thing. But, if he's correct.......... Stocks like OSTK and MDTL (subject of a real money column today) have shorts in excess of the float. The pressure on the SEC is intense (GAO investigation, Aguirre, etc.) and now, with the CDO thing really pushing the Prime Brokers, I can see this ending. All you have to do is look at OSTK hit new highs every few days. Remember, there could be upwards of 30 million shares short x clearing. Anyway, I think if you spend some time, study the list, you should make a good score or two to finish off the year. I 'm flat, btw.
New to the story? Google Woltz, Duess, Exact Pay. These banks were frozen, along w/ Duess'. All you had to do to get your money was to claim it - along with a Social Security # and proof you paid your taxes. How many Americans (Wall Streeters) do you think showed up? http://www.digtriad.com:80/news/local_state/article.aspx?storyid=89260 Local & State News Sentencing Set In Tax Fraud Scheme That Involved Ex-NC GOP Head Posted by: Sarah Lanse, Web Producer 4 hrs ago (9/7/2007 4:58:30 PM) The sentencing is set for October 1, 2007. Raleigh, NC -- Sentencing is scheduled for next month for a man authorities said was involved in an offshore tax-fraud scheme in the Bahamas that involved a former head of the North Carolina Republican Party. The U.S. Attorney's Office in Charlotte said Friday that Howell Woltz, who has pleaded guilty, is due to be sentenced Oct. 1 for his role in the case that also involved Samuel T. Currin of Raleigh, a former U.S. attorney, state judge and state Republican chairman. Currin was sentenced this week to almost six years in federal prison on charges related to tax fraud conspiracy. An indictment last year said Currin, tax attorney Ricky Graves, Howell Woltz and his wife, Vernice Woltz, were charged in the case. Graves was acquitted in April, said Suellen Pierce, a spokeswoman for the U.S. Attorney's Office in Charlotte. Vernice Woltz pleaded guilty to conspiracy and has served a nine-month prison sentence, Pierce said. Howell Woltz was president of Sterling Trust in the Bahamas; Vernice Woltz was a director of Sterling Trust. The couple owned property in Advance. Source: Copyright: 2007 digtriad.com
A better story on the Woltz/ Currin/ Duess stuff. Notice the existance of an "offshore debit card". And Woltz owed a bank. And Woltz was caught pitched an undercover agent that the funds deposited in his bank, and withdrawn with the use of a debit card would never be seen by the IRS. And Eagletech got hold of discovery docs from the SEC that it is obvious they were going to sit on for six years, where a broker with a Citibank account swiped his ATM card 47 times in one day for $1020 each time. They twenty was the atm fee. And you think CDO's are Wall St.'s worst problem? I think a large boot is about to plummet from the heavens. And you ask me what does this have to do with "Naked Shorting"? Why, you dont' think after they defraud the public, they are going to pay taxes, do you??? http://www.charlotte.com/breaking_news/story/265542.html PRISON TERM Ex-judge gets nearly 6 years in fraud case Currin pleaded guilty in Nov. to conspiracy to launder money STEVE HARTSOE Associated Press RALEIGH -- Samuel Currin -- a former U.S. attorney, state judge and state Republican chairman -- was sentenced to almost six years in federal prison on charges related to a tax fraud conspiracy, prosecutors said Wednesday. Currin, 58, of Raleigh pleaded guilty in November to conspiring to launder $1.45 million through his law firm's client trust account, in addition to lying on his taxes by failing to report an offshore debit card account, prosecutors said. Three others also have been charged in the scheme. Currin also pleaded guilty in a related case to obstructing a grand jury investigation into securities fraud, in which he conspired to withhold documents and provide false testimony, U.S. Attorney Gretchen Shappert said. He faced 43 years in prison if convicted. U.S. District Judge Earl Britt in Raleigh sentenced Currin on Tuesday to 70 months in prison. Federal authorities have not determined where Currin, who remains free on bond, will serve his sentence. Prosecutors called the case "a massive scheme to fraudulently manipulate the stock prices of several publicly traded companies through the use of spam e-mail, mass unsolicited facsimiles, Internet search optimization, and voice mail broadcasting," according to court documents. Prosecutors said Currin and his conspirators sent out fraudulent promotional materials on several publicly traded Nevada companies. When stock prices and trading volumes increased, those participating in the scheme profited on the sale of the securities. "Tens of millions of dollars in proceeds resulted from this scheme," according to court documents. Prosecutors said Currin received more than $280,000. A message left at Currin's home was not immediately returned Wednesday. His attorney, Mark Calloway, declined to comment. Currin, a former aide to U.S. Sen. Jesse Helms, was a U.S. attorney for the Eastern District of North Carolina from 1981 to 1987. He was a state Superior Court judge from 1987 to 1990, and he was the state GOP chairman from 1996 to 1999. Also charged in the case are tax attorney Ricky Graves; Howell Way Woltz, president of Sterling Trust in the Bahamas; and his wife, Vernice Woltz, a director of Sterling Trust. -------------------------------------------------------------------------------- --------------------------------------------------------------------------------