On Wednesday, 17 April 2013 I queried "What Should The US Do If One Of The Biggest Banks In Ireland Blatantly Defrauded US Investors?"
In such query, I levied some heavy accusations at the Bank of Ireland.
Its worth a read if you haven't done so already. Well, two months later,
I read in the Irish Independent the following: Internal probe at Bank of Ireland
Hmmmm. Now, that's interesting. Six weeks ago would have been about
two weeks after I dropped my bomb of a scorching missive on sheeple who
are to this day, much too trusting of the banking system. That two weeks
is just about the amount of time it would have taken a big corporation
to act on the information that I levied (if it was in a rush). Wholly a
coincidence, I'm sure!
I have to be honest, I hate it when people ask me for free advice.
After all, if my advice/opinion/knowledge was thought to be worth
something, then people ought to act like it, no? Well, methinks one
should make an exception to the rule this one time and offer some free
advice to the "internal audit team" at the Bank of Ireland. I know, I
know... Nobody asked me, but since they haven't bothered to bring in any
third parties yet, why not invite myself and crash the party?
Let's, once again, reference my post from two months ago - What Should The US Do If One Of The Biggest Banks In Ireland Blatantly Defrauded US Investors? wherein I will update the ADR performance chart for the bank if Ireland.
As you can see, there was a significant and material loss taken by ADR holders during the time in question at BoI. But, following the auspices of this story in the Independent, yet using our BoomBustBlog investigative resources, there's much more here than meets the eye. A document that I made available to professional/institutional subscribers details how the Bank of Ireland sought and received an exemption from SEC rule 102 of Regulation M (click here to brush up on your US securities law). In short, this exemption allowed the bank to literally trade in its own securities, provided it wouldn't abuse the privilege. See an excerpt below...
bank-of-ireland-060711-1-4 Page 01
bank-of-ireland-060711-1-4 Page 02
This letter worked literal wonders for the Bank of Ireland stock within days of being issued. Even more miraculous is the fact that it wasn't public information at the time yet the public somehow knew to bid the shares up by nearly 100%. Hmmmm! Coincidence, eh?
image009
If the private banking client's capital was used to churn these shares, then.... Oh Boy~~~
Per Wikipedia: Market manipulation is a deliberate attempt to interfere with the free and fair operation of the market and create artificial, false or misleading appearances with respect to the price of, or market for a security, commodity or currency. Market manipulation is prohibited in the United States under Section 9(a)(2)[1] of the Securities Exchange Act of 1934, and in Australia under Section s 1041A of the Corporations Act 2001. The Act defines market manipulation as transactions which create an artificial price or maintain an artificial price for a tradable security.
I have released information that has apparently caused quite a bit of high level C-suite types to head for the hills, reference BoomBustBlog Hard Hitting, Bleeding Edge Research Results In 2nd High Level Ouster/Resignation In The UK & Euroland.
If you believe that the information above actually identifies a gross misrepresentation of fact, omission or outright fraud, simply contact the SEC and let them know that Reggie Middleton suggested they look into it. You can actually use this form to convey my message.
Those of you in Ireland who may not want to get "Cyprus'd", ie. have your bank accounts fund another bailout, should contact the Office of the Director of Corporate Enforcement. Click this link, and tell them Reggie from NYC sent 'ya. Seriously! The reason why Irish banks haven't been reformed was because not enough light has been shown on the activities. See a valid attempt at such here. This is the time, for the tea leaves foretell the next bank collapse & bailout will be funded directly out of your bank accounts, reference Ireland, You May Very Well Be Bust & I Make No Apologies For What I'm About To Show You for those who don't believe me. See Global Banking Crisis - How & Why YOU Will Get "Cyprus'd" for an example of a bank statement of a Cypriot who didn't take the regulation of his bank seriously!!!
Source
AN inquiry is under way within Bank of Ireland's private banking division, as the bank's internal auditors investigate what have been described as "possible irregularities".
The
Sunday Independent has learned that Bank of Ireland's auditors have
been inside the division, which counts many of Ireland's most wealthy
and powerful individuals among its clients, at various stages over the
past six weeks, conducting what one source described as a "thorough
examination" of its activities.
The bank's audit team is seeking to
establish if any of its private banking clients' affairs have been
handled in any way improperly.
The bank's management is understood to
be treating the matter "very seriously". Commenting on this, one
well-placed source said: "The investigation isn't complete yet. It's
difficult to say when it will be complete. We are obliged to follow due
process before we come to any conclusions."
Asked if Bank of Ireland had brought
in any third parties to assist with the investigation or if it had made
contact with gardai even on a preliminary basis, the source said: "No,
the matter is being dealt with internally and all appropriate procedures
are being followed.
...
The source stressed that clients of the division that is under
investigation would be notified immediately in the event that the bank
uncovered any evidence to show that their affairs had been
inappropriately managed.
Let's, once again, reference my post from two months ago - What Should The US Do If One Of The Biggest Banks In Ireland Blatantly Defrauded US Investors? wherein I will update the ADR performance chart for the bank if Ireland.
As you can see, there was a significant and material loss taken by ADR holders during the time in question at BoI. But, following the auspices of this story in the Independent, yet using our BoomBustBlog investigative resources, there's much more here than meets the eye. A document that I made available to professional/institutional subscribers details how the Bank of Ireland sought and received an exemption from SEC rule 102 of Regulation M (click here to brush up on your US securities law). In short, this exemption allowed the bank to literally trade in its own securities, provided it wouldn't abuse the privilege. See an excerpt below...
bank-of-ireland-060711-1-4 Page 01
bank-of-ireland-060711-1-4 Page 02This letter worked literal wonders for the Bank of Ireland stock within days of being issued. Even more miraculous is the fact that it wasn't public information at the time yet the public somehow knew to bid the shares up by nearly 100%. Hmmmm! Coincidence, eh?
Even more damning is the fact that the
alleged historical trading volume in the shares in question (a pertinent
fact used as an argument to get the Reg M exemption in the first place)
spiked by nearly 5X!!!
image009
...Bank
of Ireland Private Banking is, according to its website, "Ireland's
largest and oldest private bank. The country's leading entrepreneurs,
business leaders, professionals and families trust us to manage their
wealth with discretion and integrity."
If the private banking client's capital was used to churn these shares, then.... Oh Boy~~~
Per Wikipedia: Market manipulation is a deliberate attempt to interfere with the free and fair operation of the market and create artificial, false or misleading appearances with respect to the price of, or market for a security, commodity or currency. Market manipulation is prohibited in the United States under Section 9(a)(2)[1] of the Securities Exchange Act of 1934, and in Australia under Section s 1041A of the Corporations Act 2001. The Act defines market manipulation as transactions which create an artificial price or maintain an artificial price for a tradable security.
Examples
- Churning: "When a trader places both buy and sell orders at about the same price. The increase in activity is intended to attract additional investors, and increase the price."
I have released information that has apparently caused quite a bit of high level C-suite types to head for the hills, reference BoomBustBlog Hard Hitting, Bleeding Edge Research Results In 2nd High Level Ouster/Resignation In The UK & Euroland.
If you believe that the information above actually identifies a gross misrepresentation of fact, omission or outright fraud, simply contact the SEC and let them know that Reggie Middleton suggested they look into it. You can actually use this form to convey my message.
Those of you in Ireland who may not want to get "Cyprus'd", ie. have your bank accounts fund another bailout, should contact the Office of the Director of Corporate Enforcement. Click this link, and tell them Reggie from NYC sent 'ya. Seriously! The reason why Irish banks haven't been reformed was because not enough light has been shown on the activities. See a valid attempt at such here. This is the time, for the tea leaves foretell the next bank collapse & bailout will be funded directly out of your bank accounts, reference Ireland, You May Very Well Be Bust & I Make No Apologies For What I'm About To Show You for those who don't believe me. See Global Banking Crisis - How & Why YOU Will Get "Cyprus'd" for an example of a bank statement of a Cypriot who didn't take the regulation of his bank seriously!!!
Source