Thanks Newman. I copied your email and sent it to all of the email addresses posted by SiriusXMInvestor. Since my hubby and I maintain separate investment accounts, I will have him send it in also.Originally Posted by Newman
Rough day today, but I feel we are forming a very strong base here for further upward movement which as we all know will come soon.
Could someone explain how to view Level II transactions within E*Trade? I can't seem to find anything relevant about Level 2 buys & sells in the Help section.
Thanks!
1800 etrade-1
Newman, that letter was like I wrote it. So of course it was PERFECT. You mentioned everything we have been seeing very well..
Good job man, Im am very happy with the effort everyone took today. But its a non stop battle. If it happens again, we need to be all over it again.
Thansk Newman, and everyone else who took time to make a difference today. It doesnt hurt, believe me.
LOL okay okay.
My Letter to Chairwoman of the SEC
Dear SEC/Chairwoman Shapiro-
My name is XXXXXXXXXXXXXX - I am a three-time active duty Iraq and Afghanistan Veteran who also happens to be an investor in some of the companies in our great country. I am contacting you to lodge a formal complaint concerning blatant stock manipulation - namely to the common stock of Sirius/XM Radio (SIRI) although I have noticed it is happening elsewhere in the market. Specific to the SIRI common shares - there appear to be at least two primary manipulators, namely NITE Trading Group and a market maker named ISEG (listed as the International Securities Exchange) that are continually making a near-concerted effort to drive the share price down. In the time I have witnessed the activity - I have not only been amazed with the completely overt nature of their actions, but the complete absence of any agency to date to put a stop to it. I apologize in advance for any tone of anger as I write you - it is my full intent to provide you with a clear picture of the flagrant violation of securities trading policy taking place.
On a daily basis - I both read and reply to investors dealing with the situation - all of whom have been seeing their hard earned investments vanish while the SIRI common shares continue to undergo a subterfuge of manipulation with 100-share blocks and at times enormous sell orders to use a technique called a "bear trap" to artificially drive the price down rapidly by a large percentage in order to cause cascading waves of selling (due primarily to stop-loss orders) so they can buy up the shares immediately after. This intentional act is not a single occurrence - but a common one.
Today - 19 March 2009 - was possibly the most visible means of manipulation I've seen since my first ever purchase of the SIRI shares. If you could respectfully ask one of your staff members to pull up a chart showing the 19 March trading day for SIRI - you will quickly note an enormous dip in the share price around 0940. This is the "bear trap" I mentioned earlier in this message. Once the large order was placed - it artificially lowered the value of the common stock and also "tripped" all the stop-orders anxious investors have placed due to their constant fight with the manipulation.
Following the aforesaid incident - many of us - enraged at what transpired - called directly to ISEG to lodge a complaint directly. Apparently the ISEG representatives feel they do not need to respond to consumer complaints - as many of us were simply disregarded and informed that ISEG did not claim ANY responsibility for the activity although it had come through them. We were also informed that a SINGLE individual had caused the landslide - which is difficult to believe at best.
I must finish with my applause at your continuing efforts to make greatly needed changes at the SEC in the time you've been in office. Again - I implore you as a soldier-citizen of this country to take measures to protect us from this shameful and illegal defrauding of my fellow investors. I would be more than glad to provide any further information I can to help your organization or staff make an impact. I also have an ability to leverage information from a considerable group of SIRI investors who, I'm sure, would gladly assist in the matter.
Respectfully,
XXXXXX, X. XXXXXX
Active Duty Soldier, Investor, & Small Business Owner
All,
My letter as sent (Thanks Newman for the access to yours, I modified a bit.)
SEC Chairman Shapiro and staff:
I am writing inform you of blatant stock manipulation going on. I know for a
fact that you have received many other complaints, but I will not sit idly by
and be a victim and wanted to add my voice to the large group of investors who
are complaining. It is clear that Sirius XM Satellite Radio, Inc. is being
blatantly manipulated on a daily basis (and I am sure hundreds or thousands of
other stocks, as well). This is quite clear when you look at Level 2 charts and
see that trades are being executed consistently under the bid/ask prices posted.
It would also appear that the overwhelming majority of these trades are coming
from the International Stock Exchange, or ISEG and NITE as well. If you look at
each individual trade, you can clearly see pattern after pattern, day after day
of manipulation, when you look at the trading history of this stock. You will
notice when there is starting to be a large run-up in the price, ISEG and or
NITE will commonly start throwing large blocks of shares out below the current bid/ask, or they will place very large blocks (in the millions of shares) right at the ask price, but with the all or nothing qualifier. Because the block is so large, it basically brings trading to a halt. Once the buying power has
diminished and the bid comes down, that block DISAPPEARS (i.e. NEVER trades),
and trading starts again, but with the action much slower and much less
enthusiastic than before, which often leads to a dip in the stock price.
Just today, a call was placed to ISEG. A gentleman named "Shaun" was spoken to.
He said that we should file a complaint regarding those doing the manipulation.
He said, and I quote, "It's one trader doing it." The fact is that ISEG knows
there is manipulation going on through their services. Regardless if ISEG is
actually involved or not, if they know about it and are not doing anything to
stop it, then they are guilty through their lack of action, just like Bernie
Madoff's accountant. ISEG's former chairman, John Marshall, is already behind
bars for conspiracy to commit securities fraud, so it is obvious that ISEG does
not have a perfect compliance record as it is.
Please, I ask and urge you to look into these accusations as soon as possible.
Every trade that goes through while these people are still manipulating the
stock is money that is lost from honest, hard-working American citizens, just
trying to increase their financial well being legally! The very people that you
have sworn to protect and serve. Please open an official investigation and let
it be public knowledge, that stock manipulation and financial fraud will no
longer be tolerated nor dealt with quietly.
Thank you for your time and effort on behalf of honest investors and brokers
everywhere,
Sent to all the following
CHAIRMANOFFICE@sec.gov
enforcement@sec.gov, help@sec.gov, helpdesk@ise.com, jhightower@ise.com, precise@ise.com
Last edited by asm610; 03-19-2009 at 11:55 PM.
Nice letter Rick. The blatant nature of the manipulation is what bothers me. There is absolutely no pause in what is being done. I saw a lot of stocks getting attacked out of nowhere today. Shows you how widespread this problem is. Makes the Madoff thing look really small in comparison.
Rick,
That is truly a great letter.
"If it happens again" - more like "when" it happens again!!! ALSO - Relmor - It would be VERY appreciated if you could blow your whistle to alert all of us when it does!!! Thanks for rallying the troops!!!
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