June 2, 2008
I am a shareholder of BCIT, Bancorp International Group,
and after our stock was subject to criminal counterfeiting
in 2005, and our CEO, once he learned of this, immediately contacted the appropriate authoritiess (FBI, SEC,DTCC) the stock was allowed to trade for 2 weeks while
considerable price appreciation was noticed,until various brokers
stopped buys, then sells, while others continued to allow
full trading which unfair actions caused those who could sell to dump shares while others, like myself,who were not allowed to sell,saw the value of their shares plummet during the last few days of August until finally the SEC suspended the stock entirely.
Next, out CEO, Thomas Megas, took the counterfeiters to court, determined the number of counterfeits issued, and through the Oklahoma Courts our company and CEO were exhonerated from any complicity and
the counterfeiters were found quilty. The CEO issued replacement stock for these counterfeits to clean up the mess. (Later, in 2008, this year, the SEC also found the counterfeiters quilty (Mario Pino, and his associates). But, although our CEO issued stock to cover those counterfeited, alas, this did not equal the number of shares sold which were short sold so the DTCC refused to clear trades, implying that more counterfeits had been issued than those discovered in the Oklahoma trial. But because of a lack of transparency in trading records the exact number of naked short shares has been difficult to determine and those who sold them reluctant to own their actions, to determine that the overabundance of stock versus
our company's records of both authorized and countefeits
our company made good after the trial, show additional large number of naked short sales.
We are certain certain brokers sold naked short shares, because the count of outstanding shares, after the counterfeits now have been removed, exceeds wildly the
authorized shares. So large an amount of naked shorts exist in BCIT, that the SEC's indefinite suspension of rule 203 in 2005, has never been lifted,which rule mandates such shares be covered within 3 to 13 days of trading,and this
failure to enforce rule 203 has, for nearly THREE YEARS, protected those who sold shares that did not exist, pocketed the (mine, among 1500 other shareholders')
money and commissions, but cannot provide/produce certificates of ownership. Meanwhile the DTCC has placed a global freeze/lock on trading, to protect the naked short sellers from a huge squeeze that would result if they were
forced to buy /cover for their naked shorts in this equity,,all the while hiding behind the original trouble with counterfeits that occurred and was settled in 2005.
There must be transparency of who bought what from whom and when, to uncover these naked short sales which represent, we have reason to believe, naked short selling that has never been covered. We need a RECORD OF ALL BUYS AND SELLS
FOR THE PERIOD OF APPROXIMATELY MAY 2005 TO AUGUST 30, 2005
to unravel this crime. and we need to be allowed to trade so that those who sold naked short shares will be forced
to cover their phantom shares. This needs to be resolved
fairly for all those, like myself, whom the company cannot recognize as a legitimate shareholder but who, nonetheless,
bought from a legitimate broker, had their buys settled,
but cannot get certificates for their purchase, and cannot sell their shares, for nearly three years.
This is outrageous lack of transparency hiding a very profitable crime of naked short selling. And it affects me, a small shareholder, by robbing me of my legitimate buys
and the money I paid nearly three years ago to obtain my
321,615 shares of BCIT.
Yours truly, Mary Lou Jacobs, 26 Fifth St,Bangor ME 04401-6022, 207-990=-5839, email Arkait@aol.com June 2, 2008