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HERE
IS SOME BIG NEWS....
Dec 12, 2003 (financialwire.net via COMTEX) -- (FinancialWire)
The U.S. Securities and Exchange Commission comment period for
"Regulation SHO" ends January 5, but meanwhile
Federal prosecutors continue to make their comments known at
the courthouse, charging Andreas and Thomas Badian, of Rhino
Advisers, Inc., with manipulative short-selling of Sedona
Corp. (OTCBB: SDNA), which at the time was listed on the
NASDAQ.The matter has embroiled at least 119 public companies,
including 13 brokers such as Olde / H&R Block (NYSE: HRB),
Charles Schwab (NYSE: SCH), and E*Trade Group, Inc. (NYSE:
ET),
Andreas Badian has been released on $2 billion bail after
pleading not guilty to securities fraud, but his younger
brother Thomas is thought to have left the country.
An arrest warrant was issued.Rhino and Thomas Badian had
already paid $1m in February to settle SEC claims, but the SEC
did not charge Andreas Badian or their client, Amro
International, based in Switzerland.The Wall Street Journal
reports that Andreas Badian told his broker to sell Sedona
shares short with "unbridled levels of aggression,"
and to be "merciless" with it, and later
congratulated the broker on a "good job" because the
stock price had "collapsed. "
This account was supported by tape recordings of telephone
calls to the broker.Prosecutors said there were
"naked" short selling abuses, since Amro never
tendered shares to the broker, resulting in a "failure to
deliver" for some 700,000 shares.Judith Burns noted in
her article in the Wall Street Journal that "Naked short
selling occurs when short sellers fail to borrow stock before
engaging in short sales. The SEC proposed changes this fall to
curb manipulative, naked short sales, but it has yet to act on
the measure, to the dismay of companies and investors that
claim to have been victimized by the practice."Some
observers have predicted that the criminal charges are only
the tip of the iceberg, and that before it is over, numerous
stock manipulators will be charged.Not content with the
current effort by the U.S. Securities and Exchange Commission
to enact "Regulation SHO," intended to curb illegal
naked short selling which the SEC describes as rampant in the
U.S., a group of individual investors are seeking to
"investigate the SEC" via petition at
www.investigatethesec.com for what it calls years of inaction
as investors lost millions, perhaps billions of dollars.In the
U.S., the controversy, the subject of Regulation SHO, which is
available at the U.S. Securities and Exchange Commission
website through January 5, has embroiled at least 119 public
companies, including some 13 brokers, such as FleetBoston
(NYSE: FBF), Goldman, Sachs & Co. (NYSE: GS), Knight
Securities, LP (NASDAQ:NITE), Ladenburg Thalmann & Co.,
Inc. (AMEX: LHS), M. H. Myerson & Co., Inc. (NASDAQ:MHMY),
Olde / H&R Block (NYSE: HRB), Charles Schwab (NYSE: SCH),
Toronto-Dominion's (NYSE: TD), TD Waterhouse Group and
vFinance, Inc. (OTCBB: VFIN). A.G. Edwards, Inc. (NYSE: AGE),
Ameritrade Holding Corp. (NASDAQ:AMTD), Deutsche Bank AG
(NYSE: DB), and E*Trade Group, Inc. (NYSE: ET), which have
been accused by one or more public companies as allegedly
participating in short selling activities or abuses, or of
failing to settle trades.The SEC said that comments should be
sent by hard copy or e-mail, but not by both methods. Comments
sent by hard copy should be submitted in triplicate to
Jonathan G. Katz, Secretary, Securities and Exchange
Commission, 450 Fifth Street, NW, Washington, DC
20549-0609.Comments also may be submitted electronically at
the following E-mail address: rule-comments@sec.gov. All
comment letters should refer to File No. S7-23-03. Comments
submitted by e-mail should include the file number in the
subject line. Comment letters received will be available for
public inspection and copying in the Commission's Public
Reference Room, 450 Fifth Street, NW, Washington, DC 20549.
Electronically submitted comment letters will be posted on the
Commission's Internet web site (www.sec.gov).Observers have
said that trades to not settle because broker-dealers do not
effect buy-ins, as required by law, and that there is an
unspoken understanding that any brokerage that tries to force
a buy-in will be retaliated against.Some 106 companies among
the 119 named to date have issued press releases or been named
in the media as having been victimized, or as taking various
actions, either alone or in concert with other companies, to
oppose manipulative trading in the form of illegal naked short
selling. The actions have ranged from lawsuits to withdrawals
and threatened withdrawals from the electronic trading system
managed by the Depository Trust & Clearing Corp., to
withdrawals from toxic financings, to the issuance of
dividends or name changes designed to squeeze manipulators, to
joining associations or networks or to contacting regulatory
authorities to provide documentation of abuses or otherwise
complain.The complete list of those 106 companies include
Advanced Viral Research Corp. (OTCBB: ADVR), AdZone Research,
Inc. (OTCBB: ADZR), Amazon Natural Treasures (OTC: ANTD),
America's Senior Financial Services (OTCBB: AMSE), American
Ammunition, Inc. (OTCBB: AAMI), AngelCiti Entertainment (OTCBB:
AGLC), ATSI Communications, Inc. (OTC: ATSC), Federal
Agricultural Mortgage / Farmer Mac (NYSE: AGM) Allied Capital
(NYSE: ALD), American Motorcycle (OTC: AMCYV), American
International Industries (OTCBB: AMIN), Ameri-Dream (OTC: AMDR),
Adirondack Pure Springs Mt. Water Co. (OTCBB: APSW), Bluebook
International (OTCBB: BBIC), Blue Industries (OTCBB: BLIIV),
Bentley Communications (OTCBB: BTLY), BIFS Technologies
Corporation (OTCBB: BIFT), Biocurex (OTCBB: BOCX). Broadleaf
Capital Partners, Inc. (OTCBB: BDLF), Chattem, Inc. (NASDAQ:CHTT),
Critical Home Care (OTCBB: CCLH), Composite Holdings (OTC:
COHIA), CyberDigital, Inc. (OTCBB: CYBD). Diamond
International Group (OTCBB: DMND), Dobson Communications Corp.
(NASDAQ:DCEL), Eagle Tech Communications (OTC: EATC), Edgetech
Services (OTCBB: EDGH);Also, Endovasc Ltd. (OTCBB: EVSC),
Enviro-Energy Corporation (OTCBB: ENGY), Environmental
Products & Technologies (OTC: EPTC), EPIXTAR Corp. (OTCBB:
EPXR), eResearchTechnologies, Inc. (NASDAQ:ERES), Flight
Safety Technologies (OTCBB: FLST), Freddie Mac (NYSE: FRE),
FreeStar Technologies (OTCBB: FSRCE), Geotec Thermal
Generators, Inc. (OTCBB: GETC), Genesis Intermedia (OTC: GENI),
GeneMax Corp. (OTCBB: GMXX), Global Explorations Inc (OTC:
GXXL), Global Path (OTCBB: GBPI), GloTech Industries, Inc. (OTCBB:
GTHI), Green Dolphin Systems (OTCBB: GLDS), Group Management (OTCBB:
GPMT), Hop-On (OTC: HPON), H-Quotient, Inc., (OTCBB: HQNT),
Hyperdynamics Corp. (OTCBB: HYPD), International Biochem (OTCBB:
IBCL), Intergold Corp. (OTCBB: IGCO), International
Broadcasting Corporation (OTCBB: IBCS), InternetStudios, Inc.
(OTCBB: ISTO), ITIS Holdings (OTCBB: ITHH), Investco Corp. (OTCBB:
IVCO), Lair Holdings (OTC: LAIR), Lifeline BioTechnologies
Inc. (OTC: LBTT), Life Energy & Technology (OTCBB: LETH),
MBIA (NYSE: MBI);Also, MegaMania Interactive (OTC: MNIA),
MetaSource Group, Inc. (OTCBB: MTSR), Midastrade.com (OTC:
MIDS), Make Your Move (OTCBB: MKMV), Medinah Minerals (OTC:
MDMN), MSM Jewelry Corp. (OTC: MSMC), Nanopierce Technologies,
Inc. (OTCBB: NPCT), Nutra Pharmaceutical (OTCBB: NPHC), Nutek
(OTCBB: NUTK), Navigator Ventures (OTC: NVGV), Orbit
E-Commerce, Inc. (OTCBB: OECI), Pitts & Spitts (OTC: PSPP),
Sales OnLine Direct (OTCBB: PAID), Pacel Corp. (OTCBB: PACC),
PayStar Corporation (OTC: PYST), Petrogen Corp. (OTCBB: PTGC),
Pinnacle Business Management (OTC: PCBM), Premier Development
& Investment, Inc. (OTCBB: PDVN), PrimeHoldings.com, Inc.
(OTC: PRIM), Phlo Corporation (OTCBB: PHLC), Resourcing
Solutions (OTC: RESG), Reed Holdings (OTC: RDHC), Rocky
Mountain Energy Corp. (OTCBB: RMECE), RTIN Holdings (OTCBB:
RTNHE), Saflink Corp. (NASDAQ:SFLK), Safe Travel Care (OTCBB:
SFTVV), Sedona Corp. (OTCBB: SDNA);Also, Sionix Corp. (OTCBB:
SINX), Sonoran Energy (OTCBB: SNRN), Starmax Technologies
(OTC: SMXIF), Storage Suites America (OTC: SSUA), Suncomm
Technologies (OTC: STEH), Sports Resorts International (NASDAQ:SPRI),
Technology Logistics (OTC: TLOS), Swiss Medica, Inc. (OTCBB:
SWME), Ten Stix, Inc. (OTCBB: TNTI), Tidelands Oil (OTCBB:
TIDE), Titan Construction (OTC: TTCS), Trezac Corp. (OTCBB:
TRZAV), Universal Express, Inc. (OTCBB: USXP), Valesc
Holdings, Inc. (OTCBB: VLSHV), Vega Atlantic (OTCBB: VGAC),
Viragen (AMEX: VRA), Viragen International (OTCBB: VGNI),
Vista Continental Corporation, (OTCBB: VICC), Viva
International (OTCBB: VIVI), Vtex Energy (OTCBB: VXENE) and
Wizzard Software (OTCBB: WIZD), WorldTradeShow.com (OTC: WTSW)
and Y3K Secure Enterprise Software, Inc. (OTCBB: YTHK).For
up-to-the-minute news, features and links click on
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