Tag: UBS

Posted on

Web: Suit Against Prime Brokers for Phony Stock Borrow Charges Filed

Web

Suit Against Prime Brokers for Phony Stock Borrow Charges Filed

Bud Burrell, Chad Bray

Dow Jones Newswires cited by Sanity Check via Wayback, 12 April 2006

An antitrust lawsuit was filed Wednesday against the securities industry’s largest brokerage firms over fees charged as a result of “naked short selling.”

The lawsuit filed in federal court in Manhattan by Electronic Trading Group LLC alleges that the major broker-dealers charged unearned fees, commissions or interest on short sales where those broker-dealers failed to borrow or deliver the stock to back a short position.

Access archived page.

Posted on

Article: DTCC Chief Spokesperson Denies Existence of Lawsuit

Article - Media

DTCC Chief Spokesperson Denies Existence of Lawsuit

Financial Wire cited by RGM Communications via Wayback, 11 May 2004

FinancialWire received a confidential email between a reporter and Stuart Z. Goldstein, Managing Director of Corporate Communications for the Depository Trust and Clearing Corp. in which Goldstein was represented as denying that a lawsuit filed by Nanopierce Technologies (OTCBB: NPCT) exists.

The chief spokesperson for the DTCC, whose board of directors represent a who’s who of financial entities, including Lehman Brothers (NYSE: LEH), Citigroup / Solomon Smith Barney’s Corporate Investment Bank (NYSE: C), and Morgan Stanley (NYSE: MWD), was quoted as stating that the “lawsuit” did not exist and was simply “charges being leveled by internet crackpots.”

Access archived page.

THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?