In the spirit of Wazua Gedgis C should be suspended from this forum till and upto the time he provides sufficient answers to this scandal where they have been adversely mentioned . Ama akuwe user bonafide . We need to set standards here .

Gordon Gekko gets FBI job
http://www.bbc.co.uk/news/business-17187461
Can't help but think that maybe CMA should have got to him first as he is clearly needed more here...

If I access my cds acc via CDSC site and change my details the same goes to my broker. If I do it as a an insider-(read fraudlently) sitting at CDSC? Change bank acc no, email address, ownership of shares and initiate a SALE order? Disable the alerts to custodian broker as you do this! Can a broker who has placed a BUY order pick these fraud-shares unknowingly? BIG QUESTION IS: can CDSC staffer transfer shares to his/her cds acc without anyone(broker or owner) noticing?

@jerry share registrars don't come in here. From my understanding...
1. NIC Capital purchases shares for a Client
2. Shares are stored at CDSC on behalf of the Client

Through fraudster's manoeuvring:
3. Fake Client goes to new broker claiming he owns shares to sell that are under NIC Capital
4. Fraudster creates fake instructions at CDSC for change of broker from NIC Capital to the new unsuspecting broker
5. New broker assumes everything is in order since CDSC has validated and moved shares

And Voila!
6. Fake Client gives sell order to new broker who executes order
7. Note to do so, CDSC has still to approve trade and move shares from the CDSC account

Then one day real Client asks NIC Capital - I can't see any shares in my account?

In this scenario do you blame the broker or you just move to 'Michael Douglous'?!

Fraud and fraudulent activities are complex, its never done at a single source insider information must do rounds before a hit is decided.

Thinking this way, there must be insiders at the named brokerage firms who passed some info for the hit... Could be the reason why some bonafide members are not responding to the allegations (remember what they say can and might be used against them...)

Proper investigations will have some brokerage employees giving police their sample "DNA"(read statement), telephone numbers, contacts, etc for analysis

It seems Standard are shedding more light. http://t.co/jxMl5MDu

The man was actually in charge of HelpDesk and those to be investigated are CDSC staff. Apart from political efforts by CMA fraud unit to show they were on their toes, it is clear that the person charged with transfers between brokers, authentication of the documents, maintaining controls, went berserk!

So the issue becomes if the Storekeeper is siphoning grain, the issue becomes... How much has he got away with in the past? Is the owner of the store responsible? Were shopkeepers buying the grain aware it was stolen? Would you willingly store your grain in that Store again?

@muganda. Shares under NIC were transferred fraudulently to Genghis, Apex and SIB b4 they were offered for sale. The transfer cannot be completed without involvement of an official of the brokerage firms unless ICT system is insecure or 'has a virus'. It takes 2 to tangle! After transfer sale can be effected normally by any1 without notice of earlier fraud. At least 3 more people (one from each broker/IB) will have to face the law.

@Jamani @jerry no offense meant but do you have an interest in sullying the names of either Genghis, Apex, or SIB?

I ask the question because you both seem to go on and on about the three, yet nary a word about CDSC (custodian) and NIC Capital (broker whose client's shares were lost) and whatever the angle would be more culpable.

Surely, you must realise the only organization that can effect a transfer is CDSC, original genuine KYC information on the account would be with CDSC and NIC, plus transfer forms (whether genuinue or fraudulent) are to meet CDSC requirements. Lastly, all articles on incident show Police as holding one and investigating additional CDSC staff.

Yes you are right, officials from the three had to Okay the transfer in the normal course of business. But who apart from CDSC or NIC could tell they were stolen?

Heck! I may be wrong. No worries, let's wait and in time truth will be made clear.

@ Muganda, do you also double as @Genghis 'bonafide' in Wazua?

Wow! I may also be wrong. No worries though, let's wait and hope time will reveal your identity