By Brandon Matthews
Afternoon trading has Sirius XM conspiracy theorists once again calling for an SEC investigation into what can only be described as suspicious trading activity, to say the least.
I took notice of the action as it was taking place, and am fortunate to have installed a computer software program called JING, which not only allows for still screenshots to be taken but also live video of anything that happens on a computer screen. The maximum amount of video is just 5 minutes, but I was able to capture 12 different video clips of the suspicious activity as it was happening.
The series of videos clearly demonstrates that the best bid and ask prices were being completely ignored. Most specifically, it became apparent that any orders that were being placed by the Cincinnati Exchange were treated as though they did not exist as market makers ISEG and NSDQ executed trades out of order and at lesser prices than the better CINN orders. It appears that this was done intentionally to control the price of SIRI shares to the benefit of a particular market maker. Retail orders are also being reported to Satwaves as having not been filled as well, although the bid and ask prices were better in most cases than the actual orders that did execute at points during the day.
Another interesting video clip shows that at the close, there were 2 identical trades placed. There was a buy and a sell placed at .35 and for the same number of shares which were placed simultaneously. These two orders were matched by the computer which resulted in what is known as “painting the tape,” which resulted in a false closing price being reported.
It is these types of questionable trades that have investors questioning whether the SEC or the Obama administration are sincere in their outward desire to put an end to stock market schemes. Investors in Sirius XM have been complaining about these types of problems for years. Orders for the movie Stock Shock are off the charts. These video clips will no doubt make their way into future editions. One has to question when the federal government will stop such illegal trading practices and the fleecing of the average American.
I have uploaded the following video clips at screencast.com. Here are 2 of the twelve. The first is a five minute clip that shows the CINN bid being ignored. The 10 that remain on screencast are similar to this although shorter in duration. The second clip shows the painted close.
Position: Long SIRI
Great pickup. I had for years thought the CINN was where the Shorts ruled. And I also suspected that is where the naked shorting is taking place.
It’s about time someone’s got the balls to call a spade a spade.
Brandon,
Great work – I just wish the SEC would do something about this.
Send these clips as well as “Stock Shock” to The Jon Stewart Show. He seems to have the cojones to confront the subject…
Do you think 60 Minutes would be interested? It is CBS, so probably not, but has anyone tried?
someone send it to the right people
Ok … well if there is something illegal going on ….. why isn’t anyone doing something about it.
If it is NOT illegal …. then why is it still talked about
It can only be one or the other
Good work Brandon. You certainly are one of the main stand up guys watching over this particular stock. I would in no way know where or to whom you would send this information to but I imagine you have or will at some point. This could be way bigger than you or any of us could imagine.
Whats sickening to me is that some of these people involved with this make millions off of what they are doing. I on the other hand I work full time and have raised a little boy on my own from the age of 1 to his current age of 8. All I want to do is to invest in something to pay off my debt and set some aside for his college. I am not asking for millions or even a quater of a million yet these guys can’t get enough.
What you are doing Brandon is doing your best to stop it and I appreciate that very much so. I hope your hard work pays off. Thank You so much!
I don’t understand. If this is so blatantly illegal, WHY isn’t something being done? I am sure this kind of stuff goes on with many of the THOUSANDS of stocks out there, but it’s COMMON KNOWLEDGE that Sirius is the MOST shorted stock….so WHY isn’t it being watched? It just doesn’t make any sense at all. Wouldn’t Sirius be the FIRST stock the SEC would look at if it was investigating naked short selling?
And if these clips PROVE something ILLEGAL is going on….could the SEC pinpoint WHERE the trades came from? Or are they anonymous and UNTRACKABLE?
Who can we send these clips to? And WOULD they take any action?
ARGH! This is so DAMN frustrating!!!!!
“YOU WANT THE TRUTH”
“I THINK I DESERVE IT”
“YOU CANT HANDLE THE TRUTH”
@mike
I don’t understand as much as you gurus out there, but i figure that if we found the appropriate sections of US Code, or SEC rules (or whatever says this is illegal) and sent them with this video to every representative/senator/news organiztion we could reach, then SOMEBODY might bite. Anybody have the energy/knowledge to compile this info together in a nice package we can all send to our congresspeople?
I had placed a buy limit order today all or none at .36, when it was trading tightly at .3538 – .39 and it would not buy for almost 3 minutes and finally bought at much closer to .36.
Then I watched the manipulative trades that took it down from .375 to that ridiculous painted close. I feel really ripped off. Somebody was putting their weight on it & pulling some illegal shit. I hope someone goes to jail over this.
You listening ISEG – we’re watching and now your getting videotaped assholes !
Nothing new! It happens all the time with this stock.
With the economy in the turmoil it’s in,I can’t believe nothing is being done about this. I thought it was clear that we had a mandate to bring back trust and transperacy back to the markets. Why wouldn’t Mel & John Malone call a press conferance to bring this to light? Or even release a statement to the press on this issue? If it were my company I would think of something to get attention to this matter. What the hell is going on? Maybe Jon Stewart is the best route to go. When it comes to the media I think Sirius is on it’s own island.
Brandon,
Glad you wrote this…I was beginning to think I was the only one seeing all this totally blatant manipulation with regard to this stock. As an aside….I have sent many emails and letters to the SEC in regard to manipulation of SIRIUS stock…to date they have gone basically un noticed.
I’m also no expert on this, but could a class action law suit be filed? If nothing else, it would bring attendtion to the issue?
Brandon, I am glad the movie is doing very well. It’s a great first step. But, what are people doing with this information?
Hey, I’m interested if this $350 million note to institutional investors could be John Malone purchasing his shares. If I recall, the lifeline also came with stock for Malone to be purchased at a later date. Any comments?