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Post# of 159752
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serfdom

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serfdom

Re: serfdom post# 26527

Friday, 09/16/2005 12:05:40 PM

Friday, September 16, 2005 12:05:40 PM

Post# of 159752
UPDATED TIMELINE

You may decide to include this in your correspondence to Congress/Media. A template letter is available in the post I am replying to.


BCIT TIMELINE 6/05 to present


-- June 13 to Aug 1 --

First indication of potential "problems" with BCIT stock.
http://biz.yahoo.com/pz/050613/79836.html
http://biz.yahoo.com/pz/050801/83109.html

Broker reaction: None.


-- Aug 11 --

Confirmation of share forgeries announced by BCIT
http://biz.yahoo.com/pz/050811/83779.html

Broker reaction: None.


-- Aug 16 --

DTC memo confirming forgeries, "DTC ceases all clearing services for BCIT"

Broker reaction: None. Although this memo was allegedly circulated to all brokers on August 16, "normal" trading continued at most brokers until August 29.

Total share volume for this same period following DTC memo was 247,910,00 shares.


-- Aug 17 --

BCIT is removed from SEC Reg. SHO list, meaning that an existing naked short position has been covered. The obvious question: How does on cover a short position when only counterfeit shares are available for purchase?


-- Aug 19 thru Aug 23 --

First brokers react: Fidelity closes down buy side -- changes to "sell by phone only" policy. Raymond James closes all activity in relation to BCIT.


-- Aug 26 --

Appointment of BCIT transfer agent. True OS = 4M shares, Float = 1M shares.
http://biz.yahoo.com/pz/050826/84638.html

Broker reaction: Ticker disappears from Fidelity accounts, replaced by cusip only. All brokers except Fidelity and Raymond James still "open for business."


-- Aug 29 --

First public mention of DTC Aug 16 memo verbally cited by Ameritrade as justification for AT "global freeze".

Presumably In reaction to the confirmed float announced by TA, share price skyrockets to .053 in the first 1/2 hour of trading. Ameritrade still allowing sell orders, but begins rescinding buys placed days earlier and warns customers that buys/sells placed in the the last 13 days may also be rescinded. First reports by customers of sell orders being denied. Most brokers still allowing "sell only" orders. By 10:00 AM, Ameritrade halts all trading for BCIT.

Ameritrade states in writing: "We have every reason to believe that the SEC is investigating the stock BCIT."


-- Aug 30 --

First public mention of DTC Aug 16 memo verbally cited as justification by Scottrade.

Izone and Scottrade close down all trading on BCIT. Scottrade Compliance Manager claims SEC asked Scottrade to stop trading BCIT before market open on Aug 30, 05. Ameritrade provides first written admission that they were aware of the Aug. 11 company PR and the Aug. 16 DTC Alert of counterfeited stock.

Shareholders with other brokers begin selling their stock. AT/ST customers watch helplessy as SP plummets 60% on thin volume.


-- Aug 31 --

SEC announces suspension of trading @ 9:30AM EDT
http://tinyurl.com/behvh

Broker reaction: Ameritrade and Scottrade provide Aug. 16 DTC Alert memo in writing to investors.


-- Sep 2 --

BCIT announces finite share exchange and hints at forced buy-in: "The exchange will identify brokerage positions with the hopes of seeing the Customer Protection Rule enforced."
http://biz.yahoo.com/pz/050902/85138.html


-- Sep 9 --

Ameritrade releases written correspondence indicating they WILL NOT TRADE BCIT after the suspension because "The stock BCIT is undergoing Chapter 11 bankruptcy."


-- Sep 12 --

BCIT CEO Thomas Megas formally requests Ameritrade to "cease and desist" their attempted manipulation of his stock via rumors of bankruptcy. Megas complaint also filed against Ameritrade with SEC.

Scottrade admits in official correspondence that they were made aware of the impending SEC suspension PRIOR to August 30...."The SEC notified Scottrade prior to August 30, 2005 of the trading suspension on BCIT."


-- Sep 16 --

Although the suspension is officially lifted, Fidelity Investments announces, "Currently, there is no trading on this stock due to suspicious trading activity."

Good stocks are obvious. Extensive DD is how you convince yourself to buy a bad one.

>^..^<
http://www.investorshub.com/boards/board.asp?board_id=3961

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