GeckoSystems Supporting FINRA Investigation Into OTC Trading Abuse
CONYERS, Ga., October 25, 2012 -- GeckoSystems Intl. Corp. (Pink Sheets: GOSY | http://www.geckosystems.com/) announced today that as a result of their letter to FINRA on September 7, 2012 --regarding an ongoing naked short selling (NSS) of GeckoSystems stock-- FINRA has launched an official investigation. GeckoSystems alleged in their letter with supporting documents to FINRA, that George Iveagh MacLeod is orchestrating this NSS.
The purpose of this press release is to inform stakeholders regarding GeckoSystems management's perspective of the extraordinary stock price oscillations induced by broker illicitly trading of GOSY stock on October 10. After good news was released, massive NSS resulted in decreasing the share price dramatically.
"We were contacted by a FINRA investigator on October 11, the day after an incredible 38 million shares of GOSY stock was traded on our announcement of JV and acquisition discussions. At the time we believed NSS shares were the source of this forray, as our recent NOBO list does not show shareholder, or group of shareholders, that could possibly be trading that size and volume. On October 16, 2012 I had a lengthy discussion with the FINRA investigator. He's asked to see that NOBO list and other company confidential documentation. We are hoping that FINRA will get to the bottom of this, explained Martin Spencer, President/CEO, GeckoSystems."
GeckoSystems is suffering a classic NSS as is described here: http://shareholdersunite.com/the-ioc-files-us...-shorting/ http://counterfeitingstock.com/CounterfeitingStock.html
Since companies trading in the Pink Sheets are not electronically traded, but done with phone calls between selling and buying brokers, this important equity market suffers more NSS than normally feasible in the more pronounced stock exchanges in which all buys and sells are electronically matched and not done "over the telephone."
For over fifteen years, GeckoSystems has been developing "mobile robot solutions for safety, security and service™." The benefits from GeckoSystems range from SafePath™, "collision free" wheelchairs to personal assistance robots (a new, labor and time saving home appliance) for family care to professional healthcare to commercial security.
In a lengthy conversation with the lead FINRA investigator last week, some GeckoSystems' company confidential information was requested and provided to support GeckoSystems management's belief that massive adverse influencing of GOSY stock pricing is occurring. Management believes offshore NSS under the direction of George MacLeod is facilitating this adverse stockholder event and if it involves money laundering, the SEC has an imperative due to the Patriot Act to investigate promptly.
Several prominent US and international brokerages have exhibited irregular and abusive trading patterns which have driven the valuation of GOSY stock into a range which is unrealistic given the value of their suite of mobile robot solutions. This was readily apparent watching Level 2 Bids and Asks of the various market makers on October 10. It would seem that if these market makers are not knowingly involved then George MacLeod and/or others are manipulating them in support of the ongoing NSS on GeckoSystems.
This September 7 letter to FINRA from GeckoSystems with its allegations regarding George MacLeod and others may be read in its entirety here: http://www.geckosystems.com/investors/Letter to FINRA Sept 8 2012.pdf Some documents also supplied to FINRA supporting these allegations are here:
http://www.geckosystems.com/investors/GOSY presentation for FINRA Sept 8 2012.pdf
Several domestic and international brokerages that participated in the abnormal trading patterns on October 10th have been contacted at senior levels regarding their apparent complicity in the short attack on GeckoSystems. Most did not respond at all. One, a very prominent international firm, sent the CEO of GeckoSystems a letter denying those complaints, stating that they were satisfied that no illegal activities were occurring. Within two days of receipt of that letter, this brokerage resumed a pattern of blatant capping GOSY stock on the bid while traffic was routed through secondary market makers. This pattern of adversely influencing normal trading was obvious to a even a casual observer of Level 2 bids and asks, as was the leadership role of this international firm.
Simply stated, for some time now, whenever the company releases bona fide good news, the stock price is capped with massive blocks on the Ask and then shorted down to a significantly lower price than that prior to the press release. The share volume used to execute these maneuvers is dramatically disproportionate to the amount of available shares and trading patterns of GOSY stock. This pattern is consistent and the company believes that even today's press release will likely be met with artificial liquidity in the form of shorting and wash trading in order to further lower the price of GeckoSystems stock.
GeckoSystems also sent a copy of the FINRA letter and research report to the SEC, which has been forwarded to their Office of Investor Education and Advocacy (OIEA). At this time, the SEC states that they cannot confirm or deny the existence of an investigation regarding the claims alleged in GeckoSystems' September 7 letter to FINRA, but it is substantive that they have opened a file.
Most of the documents provided to FINRA can be found at: http://www.geckosystems.com/investors/Investo...mation.php
GeckoSystems is a legitimate investment. It is not, nor has it ever been a "shell" or "blank check" company.
http://www.otcmarkets.com/stock/GOSY/news/Gec...14&b=y
GeckoSystems is truly dedicated to the development of "Mobile Robot Solutions for Safety, Security and Service™." The company's SafePath™ navigation technology has been integrated with affordable depth camera sensors to create a truly collision proof wheelchair. With proper financing SafePath wheelchair upgrades could be available on the retail market within six months. This upgrade would not be out of line with other rehabilitative wheelchair technology, readily increasing the safety and mobility for tens of thousands of wheelchair users in the US alone.
GeckoSystems wishes to do great good. For example, statistics from a Veteran's Administration study indicate that currently 132,000 disabled persons have difficulty steering and maneuvering their power wheelchair and that nearly half of those denied a power wheelchair because they are unable to control a chair by conventional methods would benefit from an automated navigation system. GeckoSystems believes that a market backlog of between 250,000 and 500,000 exists. http://www.rehab.research.va.gov/jour/00/37/3/fehr.htm
Research and Markets, a respected international marketing analysis company, made this recent statement about GeckoSystems:
"The key market players in service robotics industry are Honda Motors (Japan), iRobot (U.S.), AB Electrolux (Sweden), Sony (Japan), Fujitsu (Japan), Toyota (Japan), GeckoSystems (U.S.), and Yujin Robot (South Korea)."
http://www.researchandmarkets.com/publication...otics_mark
In September of this year ZMP Inc., an established Japanese robotics company that serves the international educational market, announced that they had successfully finished their technical evaluation of GeckoSystems' BaseBot, a demonstration platform for basic AI navigation. "The software of the BaseBot was high quality and had a fully developed configuration interface required to apply this technology to autonomous mobile service robots. GSIC's line includes its flagship model, the 'CareBot' that uses the sophisticated navigation of the BaseBot and a more advanced user interface. Since the CareBot is mainly used for assisted living for the elderly, which is a promising market in Japan, ZMP intends to actively promote these products. The goal of both companies is to develop mobile service robot technologies and products that will enable people around the world to live a more independent, safe, and comfortable life," commented Spencer.
Here is the ZMP's PR in Japanese: http://www.zmp.co.jp/html/press_20120924.htm
Martin Spencer, President/CEO, GeckoSystems -- on the history of GOSY stock:
"We worked for nearly a year in preparing our initial 15c211 submission to, and addressing the comments of, FINRA prior to their issuance of our original trading symbol, GCKO. Our initial and subsequent submissions to FINRA were reviewed and prepared by our attorney at Sichenzia, Ross, Friedman & Ference, LLP. We received our trading symbol, GCKO, from FINRA in September of 2007. In order to enable electronic trading we became DTC eligible in January of 2008. In October, 2010, we changed our symbol to GOSY in an early effort to thwart this ongoing short attack.
"Our transfer agent, Continental Stock Transfer & Trust Company is a first tier firm. We selected them because of their reputation for accurate, professional accounting. We are certain that there are no legitimate holdings or certificates in circulation that would support the volume traded in this stock on the 10th and at other times in our history."
The company hopes that the records of DTC and DRS transactions will assist FINRA in the tracking of the unusual volume the company experienced in on October 10 of this year, in late April and early May of this year when fails to deliver triggered threshold volume, and in December of 2009 when the stock traded five times the available float.
"We have taken all available measures to protect the company and our stockholders, from attaining our trading symbol from a 15c2-11 to becoming DTC eligible and then a DRS Participant. Now, we must rely on the regulatory agencies, FINRA and the SEC. We would also request that stockholders assist us by sending us information about their current holdings and evidence of same, a copy of a statement (account numbers may be blacked out) or GOSY stock certificate, to investors@geckosystems.com. Stockholders with any information or immediate concerns should feel free to contact us at 1-866-227-3268. We hope to verify the location of all outstanding certificates and verify that stockholders are not holding shares that entered the system by fraud.
"It is simply appalling to us that after working over fifteen years to develop technologies that can do great good for many tens of thousands of families, that market trading is adversely influenced by notorious international con artists such as George MacLeod and others --can prevent companies such as ours-- from getting the necessary funding to hire dozens and eventually even hundreds of unemployed engineers, programmers, marketers, and manufacturing employees. The greed of Wall Street, brokers and bankers who 'look the other way', ignoring the parasitic activities of international con artists who exploit loopholes in the system to engage in illicit stock influencing and/or money laundering.
"Unfortunately, it is easier and more profitable for a brokerage to naked short a stock, betting that it will go down and then fulfilling their own prophecy by creating negative publicity on internet social media sites to deliberately manipulate the trading of that stock -- than to invest in a stock betting it will go up. While this practice is illegal, it is widespread and a part of the Wall Street culture. This is the same sort of hedging and financial shell games that led to the 2008 economic crisis. Enforcement of laws against this sort of activity is spotty at best, and we believe enforcement will have to be stepped up in order for the US economy to regain its strength, vigor, and enable small businesses, like GeckoSystems, to hire the unemployed.
"GeckoSystems' present inability to build and sell the robots that have been in development for over a decade is a direct result of this "short attack." Tens of thousands of disabled and thousands of families needing help with family care for children, chronically ill, and the elderly need SafePath™ Wheelchairs and or CareBot personal assistance robot, the only reason they are not available is our past inability to raise capital in a corrupted market that has us under extreme NSS. Now with an ongoing FINRA investigation, we are confident they will honor their charter to protect investors. We have engaged FINRA and contacted the senior management of several domestic and international brokerages due to our long time commitment to our 1300+ stockholders," concluded Spencer.
http://geckosystems.com/investors/press_relea...gation.php
The elderly need SafePath™ Wheelchairs and or CareBot personal assistance robot, the only reason they are not available is our past inability to raise capital in a corrupted market that has us under extreme NSS. Now with an ongoing FINRA investigation, we are confident they will honor their charter to protect investors. We have engaged FINRA and contacted the senior management of several domestic and international brokerages due to our long time commitment to our 1300+ stockholders," concluded Spencer.[/quote] http://geckosystems.com/investors/press_relea...gation.php
