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Posted On: 04/11/2024 6:19:12 PM
Post# of 32688
Re: Noemotions #31863
That's the sad truth- Regulators in the US are either asleep at the wheel, or corrupt/paid off- I experienced what seems to be one of the most blatant and egregious cases of known fraud surrounding a single stock, and as a result, lean toward the latter. (Especially considering the overlap of between hedge fund managers and board members of these 'regulatory agencies')
I won't go into it too deeply, but by all the rules and procedures, it was a case where ALL short positions would need to be reconciled as the company was going private. Brokers were prepared to force close any short positions, according to the corporate action. The stock was trading up in the days leading to the corporate action (Increasing about 300-400% in a few days) and all the information was there, understood, and approved by the SEC.
Inexplicably, FINRA issued a halt on the security shortly after, citing 'uncertainty in the settlement process'- This was the morning after the stock dropped roughly 80%, without any reason to stop the momentum of the days preceding it.
Since then, FOIA requests have shown that top staff at both the SEC and FINRA were discussing this stock for over a year before the aforementioned halt. It's been given a national platform and discussed on Fox Business, and covered by James O'Keefe, Dennis Kneale and Laura Loomer. Over 70 members of Congress have sent letters to the regulators asking specific questions, which have gone unanswered.
Multiple investors including myself, had GTC orders placed that, according to our brokers internal codes, were filled/executed at many, many multiples higher than the last price traded, that were later canceled or prevented from completing.
My money is gone and I have shares with a zero value sitting in my brokerage account, because the brokers cannot fulfill their obligation to exchange those shares on a 1-1 basis for shares of the private company, because shares were oversold, by some estimates to the tune of billions.
It's been 500 days since this happened.
So yeah- The 'regulators' are a joke.
I won't go into it too deeply, but by all the rules and procedures, it was a case where ALL short positions would need to be reconciled as the company was going private. Brokers were prepared to force close any short positions, according to the corporate action. The stock was trading up in the days leading to the corporate action (Increasing about 300-400% in a few days) and all the information was there, understood, and approved by the SEC.
Inexplicably, FINRA issued a halt on the security shortly after, citing 'uncertainty in the settlement process'- This was the morning after the stock dropped roughly 80%, without any reason to stop the momentum of the days preceding it.
Since then, FOIA requests have shown that top staff at both the SEC and FINRA were discussing this stock for over a year before the aforementioned halt. It's been given a national platform and discussed on Fox Business, and covered by James O'Keefe, Dennis Kneale and Laura Loomer. Over 70 members of Congress have sent letters to the regulators asking specific questions, which have gone unanswered.
Multiple investors including myself, had GTC orders placed that, according to our brokers internal codes, were filled/executed at many, many multiples higher than the last price traded, that were later canceled or prevented from completing.
My money is gone and I have shares with a zero value sitting in my brokerage account, because the brokers cannot fulfill their obligation to exchange those shares on a 1-1 basis for shares of the private company, because shares were oversold, by some estimates to the tune of billions.
It's been 500 days since this happened.
So yeah- The 'regulators' are a joke.
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