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Post by imSINGLEruRICH on Jun 23, 2015 11:21:51 GMT -5
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Post by imSINGLEruRICH on Oct 7, 2015 8:27:03 GMT -5
Blast from the Past......
CEO & President of Transfer on Line..... Letter sent to the SEC in 2005 .
Transfer on line became the transfer agent, for CMKX, I believe in April of 2010....a few months after Al Hodges filed the Bivens suit.
"Get Rid of the DTC"
Lori Livingston, President and CEO of Transfer Online, Inc., 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."
The transfer agent's job is to act as a representative for companies who issue shares, and make certain that all "buy and sells of stock are matched up with each other", in other words, that for every share bought, there is an equal number of shares sold by someone else. Livingston stated, in her letter to SEC Chairman William Donaldson, that in the past, all trades were handled by transfer agents, but that "over the years as the amount of shares held at DTC has increased it has become more and more difficult to determine who owns the shares, who is trading them and if the trading is proper".
Livingston said that "now, millions of shares change hands through the DTC, and the transfer agent for that company has no idea who bought or sold those shares, and that often times, the transfer agent didn't trade a share". She questioned the fairness of a system where transfer agents are closely regulated by the SEC, but where the DTC, who now handles the majority of all trades, is "self-regulating", and where all of their activities take place "behind closed doors, and the transfer agent has no idea what's going on".
"Transfer agents used to do all of this - there's no reason that a brokerage-owned organization should act as a de facto transfer agent." When asked what could be done to fix the system, she said simply, "get rid of the DTC. Let brokers deal directly with the transfer agents. Then, every share bought can be matched up with a share that's sold."
In her letter to SEC Chairman Donaldson, Livingston asked about the millions of extra shares that many of the companies that her firm represents, "Where are these extra shares coming from? Why are there no controls on the number of shares held in the nominee name Cede & Co. (the nominee name for the DTC) vs. the ownership on the books and records of the brokers and why is the company not privy to any information unless it pays whatever fees it is told it must pay by the organizations that control the data? There have been a great deal of new regulatory levels of reporting put on companies (i.e. Sarbanes- Oxley Act compliance), but from where I am positioned in the marketplace that does not address what is a far greater problem for issuers shareholders and the integrity of the markets, and that is, who are their shareholders and how are their shares trading?"
She said that her letter was prompted by her anger over a recent press release from the DTC encouraging the elimination of physical certificates, and by a "DTC rule change that prohibits a transfer agent from representing any company who seeks to withdraw from the DTC system." According to Livingston, "This change effectively leaves companies with no voice or choice in the management of their stock and their ability to have any transparency as to what is actually taking place in the market in regard to their stock."
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Post by John Winston Lennon O'Boogie on Oct 7, 2015 11:27:34 GMT -5
New Wall Street Whistleblower Campaign Announced
By Serena Elavia
·Published October 07, 2015
·FOXBusiness
(AP)
On the heels of the seventh anniversary of the Troubled Asset Relief Program (TARP), Wall Street's bailout for the 2008 financial crisis, a new campaign called Whistleblower Wall Street is encouraging bank employees to take action against illegal financial activity.
The goal of the campaign is to teach bank employees how they can report illegal activity through their website. Through an encrypted process on the website, those with knowledge of wrongdoing can disclose statements and submit documents anonymously. The campaign will also teach whistleblowers about their rights and assist them in finding legal representation.
Under the launch, billboards with the phrase "If You See Something, Do Something" advertising the new campaign will be posted around New York City's Financial District and leaflets will be passed out in front of major banks.
Richard Bowen, a former senior vice president at Citigroup (C), is endorsing the campaign. Bowen is known for exposing Citigroup for its role in the mortgage crisis, which exposed the widespread sub-prime mortgage crisis.
Those who whistleblow financial crime or wrong doing can receive large monetary rewards. The Securities and Exchange Commission (SEC) announced its largest ever award in September 2014 of $30 million to a foreign tipster. Previously, the largest award was $14 million.
The SEC only gives monetary awards to cases that result in SEC enforcement actions with penalties greater than $1 million and when the information given is high quality and original. Awarss can range from 10% to 30% of the money collected in a case.
Whistleblow Wall Street is the project of both The Other 98% , a non-profit that aims to "combat economic injustice and outsized corporate influence," and The Rules, a global network of individuals who are "dedicated to changing the rules that create inequality and poverty around the world."
Serena Elavia is a Reporter at FoxBusiness.com. Follow Serena Elavia on Twitter @serenaelavia
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