Tag: GNS (Page 1 of 2)

GNS CEO Shares Petition to End Naked Shorting

Naked Shorting Petition
Market News: GNS CEO shares naked shorting petition.

Genius Group (NYSEAMERICAN:GNS) CEO shared a petition to end naked shorting on Twitter.

$GNS CEO Roger Hamilton is leading a movement created by retail investors to fight naked short selling.

The CEO said on Twitter that other CEOs $NWBO, $GTII, $MICT, $COSM, $CRTD, $MMTLP, $TRCH, are taking legal action with Wes Christian, a lawyer who has been investigating stock manipulation since 2000.

Earlier this month, Global Tech Industries Group (OTCMKTS:GTII) took legal action against naked shorts.

“They’re predators. They’re doing something illegal, and we want it to stop”, says GNS CEO Roger Hamilton.

The CEO shared a petition from Change.org on Tuesday to stop illegal naked shorting.

More than 1,800 individuals have signed the petition.

Taking on Wall Street giants is going to take more than just a petition, but raising awareness is how change starts.

GNS: The Fight Against Naked Shorting

Market News: GNS CEO shares petition to end naked shorting.
Market News: GNS CEO shares petition to end naked shorting.

The Board of Directors (the “Board”) of Genius Group Limited, a leading entrepreneur edtech and education group, approved at a meeting of the Board held on Wednesday 18th January 2023, an action plan to address illegal short selling of its stock.

This action plan includes creating a Board-led ‘Illegal Trading Task Force’ to actively pursue all possible actions together with the regulators in their discovery and prosecution of persons engaging in market manipulation involving the ordinary shares of Genius Group.

This Task Force will be led by Timothy Murphy, a Genius Group Director and former Deputy Director of the F.B.I., Richard Berman, also a Genius Group Director and chair of the Company’s Audit Committee, and Roger Hamilton, the CEO of Genius Group.

The Company has been in communication with government regulatory authorities and is sharing information with these authorities to assist them.

“It’s like being robbed in a library, but you can’t shout ‘Thief!’ because there are ‘Silence, please’ signs everywhere.” – Roger Hamilton, CEO of Genius Group Limited.

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The SEC Green-Lighted Naked Shorting of IPOs in 2015

SEC Naked Shorting
Market News Today: The SEC green-lighted naked shorting in 2015.

Forbes published a piece surrounding Uber’s ‘troubled’ IPO stating that the SEC green-lighted naked shorting of IPOs in 2015.

“A curious thing happened during Uber’s troubled initial public offering last week: naked short selling of UBER shares by the banks involved in placing Uber’s IPO, according to several sources who confirmed this to CNBC.

Normally, naked short selling is illegal.

But it was legal in this case, and it gave the banks a chance to profit–as investors lost money–when the IPO traded down 18% in its first two days.

Naked-shorting of IPOs by banks, which the SEC green-lighted as recently as 2015, has changed IPO market dynamics by altering the relative power between banks, issuers and investors. 

To the detriment of investors, banks now have less fear of incurring major losses from pricing an IPO too high because banks now have a tool (naked shorting) to protect their downside risk.”

Forbes said that thanks to the SEC’s explicit statement allowing naked shorting during IPOs, banks have a chance to win regardless of what the IPO is priced at, a fear they had prior to getting the green light on naked shorting.

In a space call with Genius Group ($GNS) CEO Roger Hamilton, a user had stepped up to question the proof of naked shorting discussed about in sort of media or case.

As you can imagine, speakers on the panel were quick to give the user the information they lacked to research in the first place.

But it’s there, and this is just one case on the proof of naked shorting in the market.

GNS Shares Plummet After IPO

2023 GNS #NakedShortsWar.
2023 GNS #NakedShortsWar.

Genius Group CEO Roger Hamilton said he suspected naked shorting was happening in his company stock after shares had gradually plunged after their IPO date.

Roger Hamilton has been leading the fight against naked shorts by not only raising awareness on social media but also by taking legal action.

The company just launched phase 2 of their legal battle against naked short selling.

One of the topics discussed in the space call with Roger was of dual listing using the blockchain.

My thoughts on the blockchain are that it provided accountability and less stress on investors when dealing with manipulative shorting tactics.

It’s still a very new innovation, especially when discussing a tradable blockchain exchange.

A great effort to fight naked shorting nonetheless.

“Naked shorting is impossible to do when securities are issued natively on a blockchain. Had Uber’s shares been issued on a blockchain rather than through legacy systems, banks simply would not have been able to issue more UBER shares than the quantity of shares outstanding. The price-suppressive impact of the naked shorting–however large or small it was in the Uber case–simply could not have happened,” said Forbes.

Related: Citadel Said in 2004 Payment for Order Flow Creates Conflicts and Should Be Banned

A History on Naked Short Selling

What is naked shorting?

Naked short selling, or naked shorting, is the practice of short-selling a tradable asset of any kind without first borrowing the asset from someone else or ensuring that it can be borrowed.

Naked shorting was enabled legally by UCC Article 8 in 1994, owing to a combination of two features: (1) indirect ownership of publicly-traded securities and (2) a special exemption that obviates the normal requirement that the seller prove in advance that it actually owns the property it is selling to a buyer.

“What we actually own is an IOU from our broker-dealer–a contractual right to the shares instead of the real thing. Your broker, in certain circumstances, has the right to conjure and sell you IOUs to more shares than actually exist,” says Forbes.

The US legal system made a policy decision to favor liquidity over solvency–to favor negotiability of securities over keeping accurate and timely records of who really owns what.

Patrick Byrne brought naked shorting to the attention of regulators but was ridiculed and eventually paid off with a winning settlement to lay low.

After the events of the ‘meme stock’ frenzy in 2021, retail investors came together and scrutinized the SEC, DTCC, and FINRA for allowing blatant market manipulation to occur.

Retail investors were momentarily prohibited from trading shares of AMC and GameStop due to liquidity concerns within several market makers and brokers including Citadel and Robinhood.

The DTCC waived billions of dollars in collateral to reset the game for the big players, cheating retail investors out of their money.

“The problem is that “overissue” of securities suppresses market prices. This is one of many subtle ways that value is skimmed from Mom and Pop investors in securities markets.” – Forbes.

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Market News Today: The SEC green-lighted naked shorting in 2015.
Market News Today: The SEC green-lighted naked shorting in 2015.

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Genius Group Launches Phase 2 Legal Battle Against Naked Shorts

Genius Group Stock News Today - $GNS launches phase 2 in legal battle against naked shorts.
Genius Group Stock News Today – $GNS launches phase 2 in legal battle against naked shorts.

Global Newswire Genius Group Limited (NYSE American: GNS) (“Genius Group” or the “Company”), a leading entrepreneur edtech and education group announces the launch of legal action against illegal trading activities in the company’s shares.

The Company has previously disclosed that it has retained the legal teams of Christian Levine Law Group, LLC, (“Christian”) and Warshaw Burstein, LLP, (“Warshaw”), both of whom have specific expertise in stock fraud and illegal trading litigation, to investigate possible illegal market manipulation of the company’s shares.

Following analysis by the legal teams and share tracking companies ShareIntel and BuyIns.Net, the Company’s Illegal Trading Task Force has instructed Christian and Warshaw to commence legal actions where appropriate against various parties and to seek to recover liquidated damages for the cost incurred on the company.

Roger Hamilton, CEO of Genius Group, said:

“The company is currently pursuing a combination of negotiations, legal action and shareholder actions with an aim to minimize and recover the costs that illegal market manipulation has had on our share price. 

These activities are ongoing. At the same time, Genius Group, it’s staff, faculty and partners remain focused at the long term success and growth of the company.

We are committed to take all necessary measures to protect ourselves and our shareholders from bad actors and will not stop until we have achieved our objectives.

We thank our shareholders for their ongoing support.”

Roger Hamilton Shares His Story with Retail

Roger Hamilton NYSE
Roger Hamilton at NYSE – GNS stock news today.

$GNS CEO Roger Hamilton walked us through how he was able to identify naked short selling in Genius Group and shares his thoughts on why he thinks they were targeted.

“I don’t think we’re special, I personally think there’s thousands and thousands of companies out there and everyone that I’ve spoken to says the number of companies that have gone bankrupt over the last 20 years because of this is in the thousands.

We just happen to be one of the companies recently that has gone more vocal about it. At the time when Patrick Byrne was getting vocal there weren’t enough people brave enough to stand up at that point or even be aware this stuff was happening.

So, it was easy for basically the media campaign against him to say he was just a crazy guy. It’s much more difficult when you got dozens of CEOs all saying together to say they’re all crazy”, said Roger Hamilton in a space call with retail investors.

Roger Hamilton listed Genius Group as a means to provide its employees with the opportunity and right to own a part of the company they work for.

You can listen to the full interview below.

Related: $GNS, $MMTLP, Taking Regulators and Manipulation Head On

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Market News Today: Genius Group Stock News, GNS Stock News.
Market News Today: Genius Group Stock News, GNS Stock News.

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Franknez.com is the media blog that keeps retail investors informed.

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$GNS, $MMTLP, Taking Regulators and Manipulation Head On

Market News: $GNS, $MMTLP, and others take on naked short selling.
Market News: $GNS, $MMTLP, and others take on naked short selling.

$GNS, $MMTLP, and others are taking regulators and market manipulation head on in a string of lawsuits.

CEO of Genius Group Roger Hamilton is leading a first-ever team of CEOs to fight against naked shorting.

Naked short selling is the illegal practice of selling shares that have not been determined to exist.

The manipulative practice first began to flood social media during the ‘meme stock’ frenzy of 2021 when GameStop, AMC, and others had been heavily shorted.

After stocks reached all-time highs, retail investors did not leave.

It seemed that no matter how much buying pressure occurred, stocks were being suppressed through a number of loopholes, such as dark pools / off exchanges and then short laddered.

Millions of FTDs have surfaced amongst ‘meme stocks’ in recent years.

FTDs, or Failure-to-deliver occurs when one party in a trading contract (whether it’s shares, futures, or options) fails to deliver on their obligations.

These failures derive due to buyers not having enough money to take delivery and pay for the transaction at settlement.

In the case of sellers, it means not having the goods to meet that transaction.

Failure-to-deliver can occur in options trading or when selling short naked, per Investopedia.

What is Happening in the Naked Shorts War?

GNS CEO Roger Hamilton – Naked Shorts War with Wes Christian.

$GNS CEO Roger Hamilton is leading a movement created by retail investors to fight naked short selling.

The CEO said on Twitter that other CEOs $NWBO, $GTII, $MICT, $COSM, $CRTD, $MMTLP, $TRCH, are taking legal action with Wes Christian, a lawyer who has been investigating stock manipulation since 2000.

Earlier this month, Global Tech Industries Group (OTCMKTS:GTII) took legal action against naked shorts.

The Nevada corporation announced on Monday that its board of directors has authorized management to move forward with appropriate legal action in connection with what it believes to be illegal trading activity in the Company’s shares.

Roger Hamilton also reached out to AMC CEO Adam Aron earlier this month.

Retail investors have urged the movie theatre chain CEO to speak out against manipulative short selling; this has been his response:

“It may boil down to this. Many of you are frustrated, strongly urging us to address market forces that you are convinced are unfair. We continuously think about what actions would be wise and CREDIBLE. Certainly good ideas: Build up our cash reserves and smartly lead AMC forward,” said Adam Aron on Twitter.

While AMC’s CEO aims at taking a more fundamental approach, others are taking an activist approach.

Live Interview w Roger Hamilton 2/21

Join us for a live interview with $GNS CEO Roger Hamilton on 2/21 via Twitter spaces.

The space call will touch topic on ideas and strategies to fight naked short selling and we will have a chance to ask Roger Hamilton questions you might be curious about.

Genius Group’s plan of action includes creating a Board-led ‘Illegal Trading Task Force’ to actively pursue all possible actions together with the regulators in their discovery and prosecution of persons engaging in market manipulation involving the ordinary shares of $GNS.

This Task Force will be led by Timothy Murphy, a Genius Group Director and former Deputy Director of the F.B.I., Richard Berman, also a Genius Group Director and chair of the Company’s Audit Committee, and Roger Hamilton, the CEO of Genius Group.

The Company has been in communication with government regulatory authorities and is sharing information with these authorities to assist them.

Market News Published Daily

Market News Today: $GNS, $MMTLP, Taking Regulators and Manipulation Head On.
Market News Today: $GNS, $MMTLP, Taking Regulators and Manipulation Head On.

For more stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.

Franknez.com is the media blog that keeps retail investors informed.

You can also follow me on TwitterInstagramFacebook, or LinkedIn for daily posts.



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