Subject: Dan Daviau

Subject of Interest

Dan Daviau is the President & Chief Executive Officer of Canaccord Genuity Group Inc. He was appointed in October, 2015. Dan was was previously Co-Head of Investment Banking at CIBC World Markets and started his career as a securities lawyer with Goodman & Co. He graduated from He holds an MBA from York University, an LL.B. from Osgoode Hall/York University and a B.A. (Math and Statistics) from the University of Western Ontario.

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Subject: Marcus Freeman

Subject of Interest

Marcus Freeman is the Managing Director & Chief Executive Officer of Canaccord Genuity (Australia) Limited (Asia-Pacific). He was appointed in February, 2015. He co-founded BGF Equities in 2008. Freeman completed his B. Com and was originally recruited to the graduate program of Price Waterhouse. Some years later he relocated to London, where he worked at Sakura Bank (Foreign Exchange), Rabobank International (Foreign Exchange) and Deutsche Bank (Global Equities). He returned to Australia in 2000 to work in Bell Potter’s equities business for approximately eight years, where he built significant institutional and investment banking relationships before founding BGF Equities.

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Subject: Pat Burke

Subject of Interest

Pat Burke is the President, Capital Markets of Canaccord Genuity Corp (Canada). he joined the firm in 2015. Prior to joining, Pat served as Global Head of Equity and Co-Head of Global Investment Banking for Scotiabank. In this role, he was responsible for oversight of equity sales, trading, research, prime brokerage, equity capital markets, equity derivatives and investment banking. Before that he was Managing Director and Head of Canadian Equities for Merrill Lynch, having held various roles of increasing responsibility since 2000. From 1990 to 2000, Mr. Burke worked in institutional equity and fixed income for Bank of Montreal.

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Subject: Jeff Barlow

Subject of Interest

Jeff Barlow is the President of Canaccord Genuity LLC. (US). He was appointed October, 2015. He joined the firm in February 2007.  Prior to joining the firm, he was a Managing Director and the Head of Healthcare Investment Banking at First Albany Corporation, where he was responsible for establishing and building the firm’s healthcare practice. He began his career at J.P. Morgan. Barlow received his B.A. from the University of New Hampshire and MBA with Beta Gamma Sigma distinction from the Leonard N. Stern School of Business at New York University.

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Release: Explains Illegal Naked Shorting Being Perpetrated By Major Market Makers on MAXD Shares


Explains Illegal Naked Shorting Being Perpetrated By Major Market Makers on MAXD Shares

8,117,878,650 shares shorted in the past year, which is more than 40% of MAXD’s total trading volume

We have analyzed the last year of daily short volume data and correlated it to recent market making activity in MAXD.  In 27 of the past 31 trading days, 87% of the time, the combined selling and short selling in MAXD has far exceeded the amount of buying (See NetNet column below).  Market makers, by definition, are required to PROVIDE LIQUIDITY not extract or remove liquidity. The math provided below demonstrates that instead of matching orders, market makers, Knight/Virtu, Cantor Fitzgerald, Canaccord Genuity, Citadel, eTrade/G1 are heavily shorting MAXD stock BOTH on the offer and on the bid, which by definition means they have a “speculative short selling strategy” running on MAXD. They are carrying net short positions overnight and continuing to claim the market maker’s exemption, which is in VIOLATION of the Fair Market Making Requirements of Regulation SHO.  We are able to mathematically prove this because there is not enough BuyVol (buy volume) to match the amount of selling and short selling. The chart below identifies the top 5 market makers, in MAXD for May 2018 (highlighted below) accounting for 2,257,870,595 shares of trading, or 88.22% of total trading volume in May.

Total Volume   Name
(Last Month)

643,662,180    Knight/Virtu,
154,447,100    Cantor Fitzgerald,
203,762,081    Canaccord Genuity,
769,731,954    Citadel,
247,276,817    Trade/G1

As is common during these orchestrated short selling campaigns, bad actors with no real interest in MAXD’s success, or any small public company for that matter, has consistently engaged in false accusations and libel on the Company’s stock chat boards in attempts to scare and demoralize MAXD’s legitimate shareholders. It is noteworthy that as soon as Max Sound sent this report to the market makers perpetrating the naked short sales on the company, the bad actors disappeared at least for the time being.