Carson City Nevada (PRWEB) January 07, 2013
The Securities Exchange Commission (SEC) claimed in Litigation Release No. 20466 Bancorp International Group, Inc., BCIT, (the "Company"), was a victim of corporate identity theft between May and August 2005, when it is alleged that 41 unauthorized/counterfeit share certificates on cusip 05968x106 representing approximately 245,000,000 shares allegedly entered the market place.
On Friday January 6, 2006 the District Court of Oklahoma (Case No. CJ-2005-7459) issued a court order to allow the company to issue new shares under Section 3(a)(10) of the Security Exchange act of 1934 which would be exchanged for the 245,000,000 (approx.) unauthorized shares as identified by the SEC. This court order in effect resolved all legal and outstanding issues surrounding the unauthorized/counterfeit shares in 2005 as identified by the SEC.
On January 9, 2006 Standard & Poors (S&P) issued a new Cusip number to BCIT which is 05968x205 and this remains the one and only correct and active cusip number for Bancorp International Group Inc.
Prior to August 31, 2005, Bancorp International Group Inc (BCIT) only issued 8 share certificates bearing the name Bancorp International Group Inc Cusip 05968X106 totalling 795,518 shares. These legitimate certificates on cusip 05968x106 were cancelled on October 15, 2012 when the board of directors of Bancorp International Group Inc passed a resolution in accordance with NRS 78.25. That resolution allowed for those genuine BCIT share certificates on cusip 05968x106 to be exchanged for new certificates on the current active cusip 05968x205 in accordance with Oklahoma District Court order CJ-2005-7459. This was announced to the shareholders and reporting institutions by letter and Press Release dated October 25, 2012.
On December 21, 2012 BCIT announced that after consultation with The Depository Trust & Clearing Corporation (DTCC) & Financial Industry Regulatory Authority, Inc. (FINRA) the Company had written to all reporting institutions who are shown to have a position in BCIT stock, on either the DTCC Stock Position Report (SPR) or Broadridge’s Non Objecting Beneficial Owners list (NOBO) requesting they carry out an immediate search of their depositories to locate & trace any Bancorp International Group certificates on the former cusip 05968x106 which should have been surrendered to the registered transfer agent Empire Stock Transfer of Henderson Nevada before close of business on December 31, 2012. These letters were backed up by a press release
The United States Postal Service has confirmed that all the all reporting institutions who are shown to have a position in BCIT stock, on either the DTCC Stock Position Report or Broadridge’s Non Objecting Beneficial Owners list (NOBO) have received and signed for their letters, yet neither BCIT nor their registered Transfer Agent Empire Stock Transfer have been contacted by any of these institutions to report their holding of a BCIT certificate on the former inactive cusip 05968x106.
This confirms that since the case heard by the District Court of Oklahoma in January 2006 no unauthorized of counterfeit BCIT shares on the cusip 05968X106 have come to light as being in the in the public domain because there are no such certificates unaccounted for. This taken with the cancellation of the eight genuine BCIT certificates on the cusip 05968x106 in October 2012 means that there are no valid BCIT certificates with the cusip 05968x106 and no reporting institution has any legitimate or lawful excuse for being in possession of such a certificate.
This matter is now closed and will not be revisited.