Renee
5月前
OTC Link, a subsidiary of OTC Markets: SEC Charges OTC Link LLC with Failing to File Suspicious Activity Reports
https://www.sec.gov/newsroom/press-releases/2024-96
The Order:
https://www.sec.gov/files/litigation/admin/2024/34-100692.pdf
Although OTC Link’s AML Policies specified certain “red flags” indicative of suspicious activity relating to potential microcap fraud, there was no reference to any red flags associated with other risks relevant to OTC Link’s business, including: (a) sell orders from subscribers representing a large volume of trading relative to the average daily trading volume in thinly-traded microcap issuers; (b) consistent one-sided trading by a subscriber in a particular thinly-traded microcap issuer accompanied by a significant increase in stock price; (c) trading activity by subscribers involving apparent pre-arranged securities trading, including wash or cross trades, in thinly-traded microcap securities; or (d) transactions involving subscribers who were publicly known to be the subject of criminal, civil or regulatory actions for crime, corruption, or misuse of public funds. Additionally, OTC Link’s AML Policies provided that “[s]ince the firm does not have customer information or insight into the client (or retail broker) entering orders the firm is somewhat limited in its ability to identify fraud.”
Dragon Lady
3年前
LMFAO BULLSHIT, OMG is this true? A RICO Investigation of OTCM???
https://twitter.com/NotTheMoma2/status/1444014462466416640
Sounds serious like a strong sell on this stock to me?
Sounds like a load of TWATTER BULLSHIT to me - "NotTheMoma" is the one being "investigated" along with ANY OTHER NWGC "promoters" aka TEAM INDICTED MARK ALLEN MILLER MN :)
What in the hell would "RICO" charged aimed at a 100% legit SEC "gatekeeper" and regulator who uses SEC ATTORNEYS even have to do with a SEC ATTORNEY REVIEW and subsequent FLUSHING of a criminal scam by a now GUILTY federal perp who formed, promoted, front loaded and ran the entire sham WTF ???
Good gawd almighty - what a TOTAL LOAD OF UTTER BULLSHIT !!
https://www.pacermonitor.com/public/case/41021715/USA_v_Miller,_et_al
https://www.cnbc.com/2021/09/28/defendants-in-stock-hijacking-case-set-to-plead-guilty.html
"Miller dropped an effort to take control of a Florida shell company, New World Gold, shortly after the indictment and the SEC suit filing."
Twatter account holder and dumb as a brick big mouth "NotTheMoma" better be ready for a libel suit from the OTC MARKETS and a FBI-DOJ investigation looks like to me - I'll be checking on that ASAP :)
Ecomike
3年前
I agree, Congress needs to investigate this for sure.
Buyer Beware:
Orchestrated manipulation of publicly traded companies(?) is going to cost OTC Markets a lot of money.
I'd hate to be on the losing end like this:
https://www.accesswire.com/665967/new-world-gold-corporation-general-announcement
NWGC gets sent to the graveyard, by a for profit company while:
Ok let me see if I have this right?
$NWGC trading is illegally blocked, violating my constitutional rights, because a for profit, non court, non Gov company wants to help shorts murder a stock price, by blocking its ability to file its attorney letter?
Harming shareholders like me?
While Alstom Power, 3 drug companies, Nokia and Siemens trades with no problem while this news comes out?
DOJ Says Three Generic Drug Companies Resolve Price-Fixing Allegations
https://ih.advfn.com/p.php?pid=nmona&article=86194328
and:
Spain's Competition Authority Fines Cartel Including Alstom, Siemens and Nokia Around $147 Million
https://ih.advfn.com/p.php?pid=nmona&article=86193908
Sounds legit right?
Sounds fare right?
Like hell it does.
TheHungryHippo
7年前
OTCM Corporate Actions; The Problem..
The level of uncertainty displayed on both of these situations is untenable. An investor cannot consume his time and mind resources caring about how his stocks will handle common corporate actions. He cannot consume his time and mind share worrying that the handling of corporate actions in his unsponsored ADRs will be anything buy perfectly in line with what happens on the underlying stock, or any other stock or ADR.
The result of this uncertainty is obvious: The investor will take his business elsewhere. He'll either take it to the underlying markets or to other stocks altogether.
For OTCM, the result also is obvious. These unsponsored ADRs, whose number of listings has been growing strongly, will fail to ultimately catch the fancy of investors. These stocks will turn into low-volume listings which will be prone for litigation, as investors are unjustly burned on them due to non-transparent handling of common corporate actions. As a result, adoption of their use will suffer.
Conclusion
The present handling of corporate actions on unsponsored ADRS quotes in OTCM's Pink Sheets segment (originally wrongly stated as the OCTQX segment) is wildly flawed. This handling of corporate actions will ultimately burn the segment.
While ultimately depositary banks are guilty of these flaws, for OTCM whoever is guilty is irrelevant. The fact is that an investor cannot spend his resources trying to understand if his stock will behave like the rest of the supposedly pari-passu stock on the same company. Mishandling of these corporate actions presents the risk of loss for investors dabbling in them, at no fault of their own.
I believe this is an underappreciated problem for OTCM, which will become a large obstacle to its continued growth. A strong stance on this issue, with the guarantee of transparent corporate events, is the only thing which can save this segment over time.
https://seekingalpha.com/article/4056605-otc-markets-group-wasting-good-opportunity