OH MY, 100% of the company owned by 1 person yet millions of shares traded the next day

dreamryder007 (67)in #dreamryder007 • 3 years ago (edited)

I can't really find any unless it's buried deep. It did get brought up in a senate meeting in march 2005, but my smoothbrain interpretation is that the SEC chairman at the time (Donaldson) brushed it off. Here's link if you are curious, search Global Links (also PDF warning): https://www.govinfo.gov/content/pkg/CHRG-109shrg27871/pdf/CHRG-109shrg27871.pdf

Here's another article talking about some stuff that resulted in 1.25 million worth of fines (that's it?) but I don't think it was specific to Global Links, just similar issues.

https://www.forbes.com/2006/08/25/naked-shorts-global-links-cx_lm_0825naked.html?sh=4e554a258400

edit: Huh, the CEO of Global Links Corp actually wrote a book about it, might be worth checking out https://www.amazon.com/Naked-Short-Selling-Frank-Dobrucki/dp/0578047780

Author's words: "While the government was clearly aware this had happened, no agency responded, no investigation was conducted, and the problem was buried. After all, acknowledging it was possible for this kind of out-of-control trading to occur would open the floodgates to prove this could be happening to dozens, or more, of other companies."

They got away with it.

edit2: found this, DTCC claimed nothing happened https://web.archive.org/web/20070314174406/http://www.dtcc.com/ThoughtLeadership/keyissues/global_links.htm