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Message: Petition if anyone interested......and complaint to OSC....again.
Canadian Securities petition/please read and sign if in agreement
I sent this third missive to the OSC (with copies to attached list) last night whilst half asleep but incensed enough to rip one off for the sake of venting as I suspect it will be ignored. Couldn't help it.
Dec. 17, 2008
This is yet another follow up with respect to my previous communiqués to you of July 2, 08 and March of 2006. The following is your standard template response which leaves the impression that my complaints and those of hundreds if not thousands of other Canadians are treated with indifference and arrogance.
“The OSC’s statutory responsibility is to administer and enforce Ontario securities law. We take our responsibilities seriously and we take action, including action with respect to manipulative trading, to insure the continued integrity of the market. We also work closely with the Investment Industry Regulatory Organization of Canada (IIROC) to ensure continued market integrity.” This supposedly self-policing body is the usual fox guarding the henhouse ploy.
The following excerpt from today is yet another of multiple references Mr. Jim Sinclair has published on his international site, JSmineset, with respect to the interference in the Canadian precious metals markets by fraudulent U.S and Canadian brokers and bankers. If such public allegations are without credence I am mystified why there has been no legal action taken by such powerful corporate institutions. His reference to “Cox” is with respect to the Chairman of the SEC of the U.S. Note the inclusion of Canada in the last paragraph:
“We need 100,000 emails to Cox using the data of #2 below.
1. The Comex must be stopped. I know there are two of you reading this that can by yourself stop the Comex without the need of anyone’s assistance. If I have helped you now it is time to return the favor.
Please stop the Comex. Reduce their warehouse by only 50% and the short manipulators are done.
We do not wish to break the playing board, we only wish to equal the advantage between the public and the up to now pocket picking short gold bank manipulators.
2. The short pools and naked short sellers have caused us unprecedented and undeserved losses of capital value. The total capital value loss in junior gold exploration, development and producer shares is well over $50 billion.
Let us use their Mea Culpa on Madoff to say that the SEC has blown another one by supporting the useless thieves who violate the law daily using Canada as the jitney into the US as naked and pool short sellers. This is so blatant, so clear, so evident that we can only assume that the SEC is purposely looking the other way.”
Mr. Bill Murphy, Chairman of GATA (Gold Anti Trust Action Committee) will be in Washington on December 18th to meet with the Chairman of the U.S. CFTC Mr. Bart Chilton (and possibly members of the incoming Obama Administration as well as some senators and congressmen) with respect to the long time manipulation of the gold markets. Here is an overview of the presentation to Commissioner Chilton outlined in LeMetropole Café of Dec. 14th last:
“…I am tailoring this presentation to lead into a full investigation into the manipulation of the gold and silver markets, which is what GATA has asked for since 1999…
*A copy of GATA’s WSJ ad.
*Our Gold Rush 21 video, which received such great reviewsk, featuring the attendance of economic consultant to Russia's Vladimir Putin, Andrey Bykov.
*Frank Veneroso’s brilliant supply/demand presentation at the GATA African Gold Summit on May 10, 2001 in Durban, South Africa, in which Frank predicted the central banks would hit the wall with their gold price suppression scheme in 7 to 10 years. That is a BIG DEAL in my book with bullion dealers now seeing "gold melt bars" hitting the market these days.
*Then, I will explain there is a supply demand deficit of around 1500 tonnes a year, with gold mine supply on steady decline … and that the only reason gold is not triple the price it is today is because of The Gold Cartel’s ability to surreptitiously obtain central bank gold to satisfy that deficit … a losing one since gold has risen 7 years in a row, soon to be 8 … and this is key, as they are running out of "ammo" to continue this operation.
I will explain why.
*Reg Howe's essay on former treasury secretary Lawrence H. Summers, then Nathaniel Ropes professor of political economy at Harvard, who co-authored with Robert B. Barsky an article entitled "Gibson's Paradox and the Gold Standard" published in the Journal of Political Economy (vol. 96, June 1988, pp. 528-550).
This explains a rationale behind the manipulation of the gold price.
*James Turk: The Smoking Gun … December 11, 2000
*James Turk: Accounting for the ESF’s Gold Swaps … January 2002
*The response by Fed attorney Virgil Mattingly to Alain Greenspan, in response to Senator Bunning of Kentucky, who queried him about the ESF and their gold operations, thanks to GATA supporters Rupert and Jeanne Raymond of Kentucky. Mattingly said the IMF minutes were garbled.
*Responses to GATA’s FOIA requests by the Fed and Treasury and comments by GATA’s attorney William B Olsen:
This is pitiful. The Fed would not send us 137 pages and redacted 300 more pages. Not only did the Treasury, when we asked for a response about Exchange Stabilization Fund activity in gold market, say that there had been none by the Exchange STABILITY Fund, they have another guy sign his own name for Hugh Gilmore of Disclosure Services, whose name is on the bottom of the letter. HUH?
*At this point, with all the goofy commentary out there about conspiracy folks, presenting GATA’s credibility is of paramount importance. Therefore, I have included some input we have created around the world, everywhere but in free America…
A Durban, South Africa newspaper picture of myself and King Goodwill Zwelithini, the great, great grandson of Africa’s greatest general, SHAKA, whom GATA patterned our continued battle plan (The Enveloping Horn) to defeat The Gold Cartel soon after our inception. Eventually, if, as I think, OBAMA is the person who I suspect he is, this should get to him. Bush and Clinton were the biggest phonies in the history of the world about really helping the poor in southern Africa.
*A letter to GATA from Oleg V Mozhaiskov, the Deputy Chairman of Bank of Russia, the Russian central bank. This is wild, as the Deputy Chairman had the chairman of the Moscow Norodny Bank in London translate his speech to the stunned attendees at this prestigious conference; yet not ONE western bullion dealer attendee would send us a copy of the speech for Chris Powell to get a Russian friend to translate….
The London Bullion Market Association
Bullion Market Forum
Baltschug Kempinsky Hotel, Moscow
June 3-4, 2004
Perspectives on Gold: Central Bank Viewpoint
By Oleg V. Mozhaiskov, Deputy Chairman
Bank of Russia
… This dualism in gold price formation distinguishes it from other commodities and makes the movements in the price sometimes so enigmatic that market analysts need to invent fantastic intrigues to explain price dynamics. Many have heard of the group of economists who came together in the society known as the Gold Anti-Trust Action Committee and started a number of lawsuits against the U.S. government, accusing it of organising an anti-gold conspiracy. They believe that with the assistance of a number of major financial institutions (they mention in particular the Bank for International Settlements, J.P. Morgan Chase, Citigroup, Deutsche Bank, and others), some senior officials have been manipulating the market since 1994. As a result, the price dropped below US$300 an ounce at a time when it should, if it had kept pace with inflation, reached US$740-760…
http://www.lemetropolecafe.com/pfv.c...
***
*A White House letter to me from President Bush’s economic advisor, Lawrence Lindsay, the same day Tom Craddick, President Bush’s boyhood friend from Midland, Texas, sent a two page GATA executive summary to the President on his private fax.
*A letter saying nothing from Senator Phil Gramm of Texas on January 25, 2000. Gramm was on the banking committee and his wife was Commissioner of the CFTC at one point.
*Adrian Douglas’s pamphlet, Major GATA Battle Victories in the Gold War, which was presented to the attendees at our “GATA Goes To Washington” conference last April.
*Sprott Asset Management’s "NOT FREE, NOT FAIR: The Long-Term Manipulation of the Gold Price," by John Embry and Andrew Hepburn.
*My presentation in Las Vegas last August, "Gold Cartel suppressing, manipulating gold price, " which includes on the record admissions of intervention in the gold market.
*"A new summary of GATA's work," by Chris Powell in November, 2008.
*The latest on the concentration of short positions by a few banks in gold and silver, including some input from Gene Arensberg’s latest piece. Along that line, I have been in touch with Ted Butler and he has been very helpful.
*A couple of pertinent letters sent by Café members to Christine Ryall of the CFTC enforcement division.
*A hodgepodge of anecdotal material, such as The Gold Cartel’s trading patterns.
* A few pointed questions to be asked of Rubin, Summers, et al, and a suggestion that there be an independent audit of America’s gold resources to determine what is there and if any of it is encumbered in any way due to lending/swap operations.
At the moment I am looking around for wheelbarrows to cart this stuff to Washington. I will explain to whomever I meet that what GATA has collected over the past decade is the same as a prosecutor in a murder trial. What we have is much more than just circumstantial evidence, but even if it were just that, it is so overwhelming that a jury would come to no other conclusion than the gold market is manipulated and to a significant degree. The jury’s verdict would be guilty beyond a reasonable doubt.
To conclude, I am going to stress the point to everyone I meet, that the suppression scheme cannot be effective that much longer because there won’t be enough central bank gold to meet the supply/demand deficit. In addition, if GATA is correct, it is leading to a giant scandal, which will dwarf the latest flap over the Madoff Ponzi scheme and could even rival Watergate in scope. The question to be answered will be similar to other scandals, "How could this have happened?"
The world is harping for transparency and truth from New York and Washington. No better time to get the gold truth than now.
Bill Murphy
Chairman
Gold Anti-Trust Action Committee”
It appears most likely that there is strong evidence that Canada is seriously implicated in the above manipulation of gold and silver and their markets via Canadian banks, brokers and other conduits.
Sending template replies to complaints of thousands of hapless Canadian investors with the concomitant audacity that requests proof from them of such opaque illegal transactions in our securities markets is beyond insulting. That is not the responsibility of the investor. It is your responsibility to act on behalf of all investors to discover whether such acts of fraud are indeed taking place. The IIROC enforcement charade is laughable.
This criminality has prospered and grown in scope for years under the auspices of our Canadian regulatory agencies such as the OSC with a complete disregard to the very taxpayers who fund them, the RCMP fraud division included. (In the US. it is the FBI who have finally taken up the cause of investigation and enforcement while the SEC will now be under extreme suspicion.)
Where are you/they in all of this? Where are your administrators?
Please forward this to your Chair, Mr. David Wilson and to all other members of your senior administration.
Sincerely,
Enclosed are my previous complaints with the usual replies.
Dear Mr:
I appreciate the time you have taken to share with the Ontario Securities Commission (OSC) your concern about short selling and market manipulation.
The OSC’s statutory responsibility is to administer and enforce Ontario securities law. We take our responsibilities seriously and we take action, including action with respect to manipulative trading, to insure the continued integrity of the market. We also work closely with the Investment Industry Regulatory Organization of Canada (IIROC) to ensure continued market integrity.
As permitted by Ontario securities law, the OSC has recognized IIROC as a self-regulatory organization. IIROC regulates operations and standards of practice for debt and equity marketplaces in Canada and enforces the Universal Market Integrity Rules (UMIR). UMIR is a common set of equities trading rules designed to ensure fairness and maintain investor confidence. These rules create the framework for the integrity of trading activity on marketplaces in Canada, including the TSX and the TSX Venture Exchange, and allow for the competitive operation of exchanges, quotation and trade reporting systems, and alternative trading systems. UMIR has provisions relating to various trading practices, including manipulative or deceptive methods of trading, short selling, front running, best execution obligations, order entry and order exposure, as well as trading halts, delays and suspensions.
Staff of the Canadian Securities Administrators members, including the OSC, are currently reviewing proposed changes to UMIR concerning short selling and failed trades. You may wish to review the proposal which is available on the OSC website at www.osc.gov.on.ca. From the homepage –
· Under the heading “Market Regulation” choose “Self-Regulatory Organizations”
· Scroll down to “Market Regulation Services Inc (RS)” and click on “Rule Review”
· Under “2007” open “September 7, 007 RS Market Integrity Notice – Request for Comments – Provisions Respecting Short Sales and Failed Trades in PDF”
While the comment period officially ended October 9, 2007, if you have an opinion about the proposal you would like the OSC to consider as it reviews this matter, you may send your comments to inquiries@osc.gov.on.ca. We will ensure they are forwarded to the appropriate staff.
IIROC has regulatory responsibility for setting and enforcing rules for the proficiency, business and financial conduct of investment dealer firms and their registered representatives.
IIROC's Market Surveillance department has robust systems and processes for detecting and investigating inappropriate market activities. This surveillance facility has state-of-the-art systems and software that detect price or volume anomalies in stock trading patterns. In addition, the IIROC Trading Review & Analysis department conducts post-trade reviews of trading data using a variety of tools to look for trading that violates UMIR, including manipulative trading patterns. If warranted, preliminary investigations regarding insider trading by persons over whom IIROC has no jurisdiction are forwarded to the appropriate securities commission, including the OSC, for additional investigation and possible enforcement action.
If you have evidence of a specific breach of its trading rules, you may wish submit your documentation to IIROC directly by e-mail sent to enforcement@iiroc.ca.
Of course, you may always send the information to the OSC. We welcome the submission to us of specific facts and circumstances that are potentially contrary to Ontario securities law. If you have such evidence, you may submit it by sending it as an attachment to a covering e-mail to inquiries@osc.gov.on.ca.
Alternatively, if you prefer to send your evidence by mail, it may be addressed to -
Ontario Securities Commission
20 Queen Street West, Suite 1903
Toronto, ON N5H 3S8
Attention: Manager, Inquiries
I appreciate the time you have taken to bring your concerns to the attention of the Ontario Securities Commission.
Sincerely,
Jeff Fennell
Senior Inquiries Officer
Ontario Securities Commission
inquiries@oc.gov.on.ca
416-593-8314
or toll free (within North America) at 1-877-785-1555
“It's becoming a common consensus that the majority of junior resource stocks are being manipulated by the use of naked shorts being facilitated by the Canadian Investment Banks.
You should listen to this excellent audio broadcast (it may take a minute to load) as it describes the many ways that stocks are being manipulated : http://netcastdaily.com/broadcast/fs...
I don't know about you but I've just about had more than enough about watching my junior resource stocks continually making 52-week lows regardless of what the underlying commodity is doing. That's just not normal market activity. AUN a silver producer, just made another 52-week low today...While Oil and Natural Gas are trading at near record prices, this junior stock (STP) has dropped from a high of $4.46 to under $0.80 !!
The only junior stocks that seem to be worth more than two dead flies are those with potash and coal to their name, everything else is becoming worthless.
That's enough to almost make me sick.
Since the majority of junior resource stocks trade on the Toronto Venture Exchange, I would strongly encourage everyone to send an email to the Ontario Securities Commission demanding that they launch a full scale investigation into the current illegal manipulation of junior resource stocks especially those being manipulated by the use of illegal "Naked Shorts". It would also be useful if the commission engaged the assistance of the RCMP's fraud unit as every trade leaves a traceable paper trail that should be very easy to follow and corner the rats. The more crooks we can place behind bars the better off we'll all be. This is necessary in order to restore market integrity and investor confidence.
Ontario Securities Commission: inquiries@osc.gov.on.ca”
The evidence of progressive and ongoing corruption in the Canadian JPM sector seems to be apparent to all but the Canadian authorities. Why? Why has no official investigation taken place after countless complaints and evidentiary proof? When will the regulators take action on behalf of those who they have been empowered to protect?
Two strong action movements have been started out of the U.S., the most notable by Mr. Jim Sinclair who is presently forming a Chamber of Mines representing all JPM management as a new, strong, cohesive movement to take legal action against all perpetrators, specifically Canadian Banks.
The Juniors and their shareholders must fight back now!
Jim Sinclair has finally signaled the call tonight, June 17th, 2008, for a collective action in the form of a Chamber of Mines, against the naked and naked short pool operations attacking the over 2000 public companies in the precious metals sector….many of which are experiencing the same extreme nuisances.
“The naked gold short seller is an entity engaged in a criminal act with a goal of doing serious injury for the purpose of profit and is therefore a major target in terms of civil liability. The short and naked short pool operations are exactly the same but more apt to be a conspiracy to injure slightly then become subject to RICO statutes”.
“The job of this working Chamber of Mines as a singular unit is to pull these criminals out of the shadows into the light of day”.
Certain financial areas of secrecy in many cases do not protect the spoils of criminal activities.
There is no hidden agenda, no money to be collected, and no desire to stroke egos and no desire for private corporate information. I do not wish to be anything but a member. Let the organization elect its officers so we can act as one. We can speak as one. We can win as one, but we are weak when scattered as the industry is now. Organize and we are a legion. Expose the perpetrators and then it is all over. The data is there. It can be organized and it can be dissected, yielding the evidence trail of those who wish to hurt, sometime simply because they are mean, sometimes for illicit profits.
Request that the management of these/your junior precious metals producers, explorers and developers contact:
Editor Dan at:
so that the Chamber can take form.
Full Text of tonight’s notice:
Posted On: Tuesday, June 17, 2008, 4:43:00 PM EST
The Day The Juniors Fight Back
Author: Jim Sinclair
I respectfully request that each member of the JSMineset community send this missive to the management of their precious and base metals junior investment company. Please follow up on it to be sure it has been reviewed.
Strength In Numbers
The junior producer and exploration and development companies need to consider the formation of a Chamber of Mines for this section of the industry.
This Chamber should be free of any individual company agenda, free of fees and other interferences with the singular intention of protecting our shareholders from being attacked by those in the shadowy part of finance.
There are close to 2000 companies in this part of the industry, many of which are experiencing the same extreme nuisances.
The naked gold short seller is an entity engaged in a criminal act with a goal of doing serious injury for the purpose of profit and is therefore a major target in terms of civil liability. The short and naked short pool operations are exactly the same but more apt to be a conspiracy to injure slightly then become subject to RICO statutes.
The job of this working Chamber of Mines as a singular unit is to pull these criminals out of the shadows into the light of day.
No matter how well they feel they are hidden there is always a paper trail going back to the perpetrator in this financial world.
Certain financial areas of secrecy in many cases do not protect the spoils of criminal activities.This may be proven soon at UBS where an officer is under arrest in the USA and is due to go to court shortly.
It does not mean anything that neither regulators nor exchanges care about the naked short or short selling pools, regardless of whether they are naked or not. If the stockholders and the company who’s values have been injured initiate civil proceedings, discovery will be full of legal opportunity. You cannot erase the paper trail that exists to every transaction.
My request is simple:
Contact the management of every junior precious metals producer, exploration and developer, asking them to contact Editor Dan at information@jsmineset.comso that the Chamber can take form.
There is no hidden agenda, no money to be collected, and no desire to stroke egos and no desire for private corporate information. I do not wish to be anything but a member. Let the organization elect its officers so we can act as one. We can speak as one. We can win as one, but we are weak when scattered as the industry is now. Organize and we are a legion. Expose the perpetrators and then it is all over. The data is there. It can be organized and it can be dissected, yielding the evidence trail of those who wish to hurt, sometime simply because they are mean, sometimes for illicit profits.
Add to that that sociopaths mistreat their associates and employees by nature. No looking may be required. It might just happen to come over the transom, even though we do not invite that.
You stockholders must push your management hard. Personally there is nothing that I will NOT do in order to protect both my and my investors’ interests.
I herewith dedicate my life, my fortune and all that I am to the identification of the perpetrators and their conduits used. Those sociopaths that take joy by inflicting severe injury for profit by conspiracy and the use of dirty tricks must be the hunted of nearly 2000 company’s determined managements and their more than 500,000 very angry stockholders.
There is only one way to defend stockholders, which is through the organization and strategy of a major offensive. Forget attorneys at this point. Regulators are of no help. A Chamber of Mines acting together can prevail.
I will even if I must go it alone.
Together we are legion. Alone and looking the other way you are a victim. I have never been a victim. No one depending on me will be a victim.
There is NOTHING I will not do to protect those that depend on me. I am livid. Enough is enough.
We will add risk to the bad guys. That proposition you and they can depend on.
Your friend,
Jim Sinclair “
I had written to the OSC in March of 2006, obviously to no avail, and received the following reply:
Dear Mr…….
Thank you for contacting the Ontario Securities Commission (“OSC”) with your concerns about various aspects of securities regulations and specifically illegal naked short selling.
The OSC continually reviews securities regulations and enforcement procedures in an ongoing effort to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in their integrity. We work with the other provincial regulators through the Canadian Securities Administrators and internationally with the International Organization of Securities Commissions. Our Past Chairman, David Brown, co-chaired a working party of the Council of Securities Regulators of the Americas to promote safe securities settlement and clearance systems that are consistent with international standards.
We appreciate comments and inputs from the investing public. If you have direct evidence of any potential violation of securities law, please forward that evidence to the securities regulator in your home jurisdiction
I appreciate you taking the time to contact the Ontario Securities Commission.
Sincerely,
Denis Donnelly
Lead Inquiries Officer
Ontario Securities Commission
inquiries@osc.gov.on.ca
(416) 593-8314
1-877-785-1555
I have to assume that there has been no action taken on my earlier complaint. I trust, given all the momentous evidence and the heightening, palpable anger of thousands of investors, that some legitimate response can be expected from your office.
Respectfully,
Dennis
This communique has also been sent to:
Senator J. Grafstein
Chairman
Senate Standing Committee
Banking, Trade and Commerce
The Senate
Ottawa, Ontario K1A 0A4
Subject: Market malfeasence concerns
Sasha Angus, Director, Enforcement Division
British Columbia Securities Commission
P.O. Box 10142, Pacific Centre
701 West Georgia Street
Vancouver British Columbia V7Y 1L2
As a serious investor in the Canadian equities markets, specifically, precious metals stocks, I have become most concerned with respect to the possibility of the presence illegal naked shorting of the type now that exists in the US, and what, if any ramifications this may have for individual retail investors in Canada. Having been a victim of corporate malfeasance in the past with respect to the Bre-X fraud, and being most aware of the rampant corporate fraud that is becoming all too pervasive by way of such exhibits as the Enrons, Worldcoms, Refcos, Amaranths, and Long Term Capitals, I am no longer offering my services as road kill. It would appear entirely possible that such manifestations as illegal naked shorting are indeed existent in Canada, possibly with the involvement of large US hedge funds or other intermediaries dealing through investment bankers, dealers or brokerage houses in Canada.
A recent expose, “The Darkside of The Looking Glass” (http://www.businessjive.com/nss/dark... ) outlines how naked shorting is accomplished. It is a stunning, shocking presentation given by Dr. Patrick Byrne, prominent academician and CEO of Overstock.com. This recent presentation has been downloaded well over two hundred and fifty thousand times and it is gaining huge momentum. There are also many other informative papers such as “Settlement Failures in the US Markets” by Professor L. Boni (Lesley Boni Study (.PDF), and UNC/Wharton Study (.PDF), plus Finnerty Study (.PDF) available for quick reference.
A market reform movement has been commenced in the US composed of an affiliation of shareholder advocates, websites, attorneys, market experts, shareholders and investors who are concerned about the manipulative practices in the US stock markets. The primary focus is on naked short selling/failure to deliver (FTD), which many feel pose a systemic crisis to the market system. With such a backdrop, I have been suspect of the trading charts of many of the gold and silver stocks I follow that trade in Canada for quite some time. Should such a movement be initiated here?
- Are more shares being traded in certain company’s stocks than exist?
- How much does the stock borrow program in Canada fail its obligation? For instance, is there enough metal to back the shares of gold and silver ETFs?
- How many Failure-to-Delivers (IOUs) are delivered instead of actual shares?
- What is the incidence of systemic failures in Canada, if any?
- Do any occur directly between brokers? In many
- US companies, there are more FTDs or IOUs for stock than stock that has been issued by the company. Does/can this exist in Canada?
- Are Canadian regulators and watchdogs protecting the investments of average Canadian investors?
- If there is exposure, how and where does it exist? By which players?
In the above cited presentation by Dr. Byrne, illustrations are given on how some broker-dealers and their biggest clients, hedge funds and their financial backers can and do operate outside the confines of the Depository Trust and Clearing Corporation (DTCC). This entity is supposed to electronically settle inter-dealer equity transactions. It quotes a high profile economist, a Dr. Shapiro, as saying that on any given day over 37% of average daily trades, or $6 billion of fails-to-deliver securities exist. So, the alleged seller of stock takes the buyer’s money, but never delivers the shares they supposedly sold. Instead they send an IOU or failure to deliver to the buyer’s agent/broker. The presentation shows in depth that the vast majority of FTDs are deliberate and strategic. They occur with alarmingly high frequency in contrast with regulator’s claims that these happenings are occasional, honest mistakes of insignificant proportion. Evidence also exists that the protective “buy-in” measures that are in place are totally inadequate to protect shareholders.
JP Morgan has $58 trillion derivatives on its books. Their market capitalization is only $164 billion. If they are offside only by 1.5% (FTDs) it represents a loss of $870 billion. Are they active in Canada directly? Are they active via intermediaries? If so, what is the incidence of delivery failures? Who are they implicated with? Canadian shareholders and brokerage houses should be made immediately aware of such market transactions. What is the extent of any fraudulent action, such as listed above, that may now be proceeding in Canada? How many entities are involved? If it is not known, why isn’t it?
Canadian shareholders have the right to an immediate and appropriate response to the questions being asked in this communication by Canadian government and corporate regulators who are working on our behalf. We are entitled to be made aware if any such malfeasance exists, that the appropriate authorities are cognizant of it and what remedies will be enacted at the first possible opportunity.
Respectfully,
Dennis
Investor and shareholder
A copy of the above open letter has been sent to the accompanying list of names via letter or email or fax, or a combination thereof.
The Honorable James M. Flaherty, P.C., M.P.
Minister of Finance
House of Commons
Parliament Buildings
Ottawa, Ontario K1A 0G5
Honorable Gregory F. Selinger
Minister of Finance, Manitoba
103 Legislative Building
Fax: 945.6057
Ms. P. Dowdall-Logic,
Executive Director
Ontario Securities Commission
20 Queen St. West, Suite 1903
Toronto, ON M5H 3S8
Ombudsman for Banking Services and Investments
Investment Dealers Association of Canada
P.O. Box 896
Station Adelaide
Toronto, ON M5C 2K3
Fax: 416.225-4722
Sasha Angus, Director, Enforcement Division
British Columbia Securities Commission
P.O. Box 10142, Pacific Centre
701 West Georgia Street
Vancouver British Columbia V7Y 1L2
Fax: 604.899.6506
Mr. D. Brown, Director, Legal and Enforcement
Manitoba Securities Commission
500-400 St, Mary Ave.
Winnipeg, MB
204.945.2548
Mr. M. Omelus
Executive Producer
Report on Business Television
Mr. J. Stackhouse
Report on Business Editor
The Globe ad Mail
Mr. B. Critchley
Financial Reporter
The National Post
Mr. J. Chevreau
Financial Reporter
The National Post
Mr. C. Gignac
Chief Economist and Strategist
National Bank Financial
1155 Metcalfe Street, 5th Floor
Montreal, Quebec H3B 4S9
Fax: 514.879.5321
Mr. C. Spiring
Chief Executive Officer
Wellington West Capital Inc.
400-200 Waterfront Drive
Winnipeg, MB R3B 3P1
Fax: 204.942.6194
REPLIES TO DATE (March 23,06)
1) A reply from Senator Grafstein’s office notifying me that my fax had been forwarded to him.
The following:
Dear Mr…….
Thank you for contacting the Ontario Securities Commission (“OSC”) with your concerns about various aspects of securities regulations and specifically illegal naked short selling.
The OSC continually reviews securities regulations and enforcement procedures in an ongoing effort to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in their integrity. We work with the other provincial regulators through the Canadian Securities Administrators and internationally with the International Organization of Securities Commissions. Our Past Chairman, David Brown, co-chaired a working party of the Council of Securities Regulators of the Americas to promote safe securities settlement and clearance systems that are consistent with international standards.
We appreciate comments and inputs from the investing public. If you have direct evidence of any potential violation of securities law, please forward that evidence to the securities regulator in your home jurisdiction
I appreciate you taking the time to contact the Ontario Securities Commission.
Sincerely,
Denis Donnelly
Lead Inquiries Officer
Ontario Securities Commission
inquiries@osc.gov.on.ca
(416) 593-8314
1-877-785-1555
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