Post by imSINGLEruRICH on Mar 27, 2009 21:31:25 GMT -5
ShowMeTheMoney
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Conversation with Anthony Michael Santos, Esq.
« Thread Started Today at 7:26pm »
I just had the opportunity to speak with Anthony Santos, NevWest's former attorney. He had a lot to say... I'm hopeful he will say even more over time.
Three points he made, during our conversation, were very interesting...
[1] He says there were dozens of broker/ dealers selling CMKX Securities... yet, Helen Begley and the SEC continue to make it out as if NevWest was the only one. He says that's simply not true... they were singled out. And, he feels they were the only ones who were trying to follow the rules of seeing the Opinion letters, and sharing information with the SEC, prior to selling the shares.
[2] Probably the most critical thing he had to say was that he saw the opinion letters that Roger Glenn wrote, and that NevWest sold shares Roger Glenn had approved. He also saw the opinion letters from the two other attorneys representing CMKM Diamonds, Sherwood Cook; and Brian Dvorak. He claims to have shared those same opinion letters, from all three lawyers, with the SEC before releasing the CMKX Shares for sale. Bottom line... Roger Glenn appears as guilty as all of them.
[3] He thinks the intent of Rule 15c2-11 was circumvented under exception F (I need to look it up), in the 1991 revision, which allowed Unregistered Shares to be sold by Market Makers when they did not issue a Bid/ Ask price... and only responded to a buy order.
In Mr. Anthony's view, he believes Urban, Edwards, Sherwood Cook, Brian Dvorak and Roger Glenn all took advantage of the exceptions to Rule15c2-11 in order to benefit from the largest Pump and Dump scam the world has ever seen. Furthermore, he noted that John Edwards was always careful to never sell more than 10% of the outstanding shares at any given time... which "technically" allowed him to sell his Unregistered shares. That would also explain why he was able to sell increasingly large numbers of shares as time went on.
Interestingly, under the comp plan they had in place with their sales agent, Dale Anderson, 90% of the commissions went directly to Dale. Nevwest, as a company, only saw a grand total of $260K for their efforts!
This is a very passionate and sincere sounding dude... who understands he played a role in the massive sales of unregistered CMKX Securities... but he also feels that the SEC turned a blind eye, and offered no guidance when he sought their assistance. He too feels he was used by others who took advantage of the 1991 exceptions to Rule15c2-11 for their own financial benefit.
Just sharing...
- Show
Mod Squad
Conversation with Anthony Michael Santos, Esq.
« Thread Started Today at 7:26pm »
I just had the opportunity to speak with Anthony Santos, NevWest's former attorney. He had a lot to say... I'm hopeful he will say even more over time.
Three points he made, during our conversation, were very interesting...
[1] He says there were dozens of broker/ dealers selling CMKX Securities... yet, Helen Begley and the SEC continue to make it out as if NevWest was the only one. He says that's simply not true... they were singled out. And, he feels they were the only ones who were trying to follow the rules of seeing the Opinion letters, and sharing information with the SEC, prior to selling the shares.
[2] Probably the most critical thing he had to say was that he saw the opinion letters that Roger Glenn wrote, and that NevWest sold shares Roger Glenn had approved. He also saw the opinion letters from the two other attorneys representing CMKM Diamonds, Sherwood Cook; and Brian Dvorak. He claims to have shared those same opinion letters, from all three lawyers, with the SEC before releasing the CMKX Shares for sale. Bottom line... Roger Glenn appears as guilty as all of them.
[3] He thinks the intent of Rule 15c2-11 was circumvented under exception F (I need to look it up), in the 1991 revision, which allowed Unregistered Shares to be sold by Market Makers when they did not issue a Bid/ Ask price... and only responded to a buy order.
In Mr. Anthony's view, he believes Urban, Edwards, Sherwood Cook, Brian Dvorak and Roger Glenn all took advantage of the exceptions to Rule15c2-11 in order to benefit from the largest Pump and Dump scam the world has ever seen. Furthermore, he noted that John Edwards was always careful to never sell more than 10% of the outstanding shares at any given time... which "technically" allowed him to sell his Unregistered shares. That would also explain why he was able to sell increasingly large numbers of shares as time went on.
Interestingly, under the comp plan they had in place with their sales agent, Dale Anderson, 90% of the commissions went directly to Dale. Nevwest, as a company, only saw a grand total of $260K for their efforts!
This is a very passionate and sincere sounding dude... who understands he played a role in the massive sales of unregistered CMKX Securities... but he also feels that the SEC turned a blind eye, and offered no guidance when he sought their assistance. He too feels he was used by others who took advantage of the 1991 exceptions to Rule15c2-11 for their own financial benefit.
Just sharing...
- Show