NITE – KNIGHT SECURITIES, L.P. perhaps has the most abusive track record when it comes to shorting penny stocks and covering on the bid. Don’t take it from me but I have experience trading the penny stock market and found they were quick to cover. To me my experience seemed to be that they were the ones responsible for the ponzi scheme taking place. For anyone not familiar with ponzi schemes it is basically the activity taking place being deemed as fraudulent activities where new investors are defrauded to pay old investors profits. Basically the activity is found to be illegitimate business activities and is it true that the market maker NITE is behind a great deal of the fraud. Unfortunately I followed a stock that changed its ticker symbol like most of us change underwear and one thing seemed to pop up a lot and that was market maker nite. After studying the way the trades were executed made me think that they were the brokerage hosting the fraud. You might find links to knight.com or kcg or other ways of saying it but for most of us trying to understand this at the moment it basically doesn’t seem to exist. As far as real time goes it would seem these guys are now.
Its really too late for me to complain but I am guessing it is these people that owe me the $26,000 that they failed to clear to me in 2006 or so. I won’t mention the bank I had or the stock I traded at the time but it was very annoying to me at the time when they ” Failed to Cover ” the trade price for the underlying .OB security. I will say that they did make public the information that they had a 1 billion dollar bond in their possession and perhaps that was the fraud that took place. Obviously if they had a 1 billion dollar bond and selling shares at approx $0.38 per share it was a great opportunity to get on board for when the bond matured and added that 1 billion dollars liquidity into the market. Unfortunately it was found later that the bond they talked about really never existed and subsequently the ticker was removed from trading on the bulletin board market. Perhaps best known as Knight Capital Group I believe this company really does a great deal of damage to people in the stock market. Unfortunately this isn’t the first time I had lost over a staggering $17,000 in the stock market in 2 weeks or less time the portfolio I had existed. Why is it morons still have a problem believing what I lost to have actually have happened. Perhaps people can’t wrap the head around loss and how market makers can be extremely desperate just taking everything they have out of a portfolio and posting ridiculous numbers like a billion to sway market price either way.