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https://www.reddit.com/Superstonk/comments/whchin/this_is_about_share_distribution_and_not_the/ This guy wins the internet today. Go upvote the fucker.
Have come to the same conclusion separately but a full day after not seeing his post.
Please see edit 2 at the bottom of post.
If your brokecustodian filed as a forward stock split, function code FC-02, ISO event code SPLF
and not function code FC-06, ISO event code DVSE
Then All of those share are using that code were put into brokerages are counterfeit.
All of the shares that were delivered to the DTC from computershare can then be also used to close the shorts.
How that works, is with the 02 code, shares just get split. None delivered by the DTC to the custodian/brokerage.
The just get split.
Function Code FC-06, they get shares delivered to them by the DTC which they credit towards the accounts.
How this fucks you all is that if FC-02 was used then you all just got robbed. Every single gme shareholder.
Even if one brokerage used FC-02, you all got robbed.
How this works.
On the day of closing before splivvy GME price is $153.47
Just splitting the shares and not using ones delivered to the DTC by gamestop means they are now stealing $115.10 from you and also then also allocating to your account, 3 counterfeit shares.
Adding those 3 extra counterfeit shares then dilutes the float which in turn then devalues the stock you hold down to $9.59
as it effectively divides the $38.36 by 4.
I'm writing an email to my brokerage about the shares left in my account
You can copy pasta.
Hi, I am emailing you in regards to Possible international securities fraud by the DTC in how the GME (CUSIP Number: 36467W109) ticker was split.
I have a single question which i need answered by you in regards to this event so i can provide that information to the relevant authorities.
I am asking for how your brokerage/custodian was directed by the DTCC to perform the stock split by dividend .
Please check on the DTCC Corporate actions web portal. You will find it on the first page using GME CUSIP number provided.
Was it filed as stock dividend which should be processed as function code FC-06, ISO event code DVSE. Please see notation 1
Or was it filed as a forward stock split, function code FC-02, ISO event code SPLF. Please see notation 2
Please see the official DTCC documentation here on page 15 In regards to these codes.
https://www.dtcc.com/-/media/Files/Downloads/issues/Corporate-Actions-Transformation/ISO_20022_EntAlloc_UG.pdf
The difference between the 2 will provide proof of the fraud.
Gamestop (CUSIP Number: 36467W109) Issued a four for one stock dividend.
Please see the Official SEC filing.
https://www.sec.gov/ix?doc=/Archives/edgadata/1326380/000132638022000100/gme-20220706.htm
In the event this has been filed as a forward stock split, function code FC-02, ISO event code SPLF
I have been defrauded in the manner of the DTC not issuing the stock that was issued by Gamestop - GME (CUSIP Number: 36467W109).
But by just multiplying the number of shares by four and not using the issued shares of common stock distributed to them.
Please see quote from gamestop
"GameStop has already distributed the shares of common stock required for the stock dividend to its transfer agent,
which has confirmed it subsequently distributed the
appropriate number of shares of common stock to DTC for allocation to brokerage firms and other participants."
Official Gamestop statement.
https://news.gamestop.com/stock-split/?n
The cost of this possible fraud can be calculated in the manner of on the price of the close before the stock started
trading at the new four to one dividend.
GameStop shares closed at $153.47 on Thursday july the 21st and opened on the 22nd at an adjusted price of $38.36.
$115.10 of value would have been stolen per stock, and then the float would have been devalued to $9.59 per stock after being
diluted with an extra 3 fraudulent shares not issued by Gamestop (CUSIP Number: 36467W109) Please see notation 2 again.
Notation 1,
From the SWIFT standards for securities markets, event type "stock dividend", ISO code DVSE.
Here's the definitions as per the standard: DVSE - Dividend paid to shareholders in the form of equities of the issuing corporation.
https://www.iso20022.org/15022/uhb/mt564-5-field-22f.htm
Notation 2,
From the SWIFT standards for securities markets, SPLF - Increase in a corporation's number of outstanding equities without any change in the shareholder's equity or the aggregate market value at the time of the split.
Equity price and nominal value are reduced accordingly.
https://www.iso20022.org/15022/uhb/mt564-5-field-22f.htm
They did not issue a four to one forward split.
You have a fiduciary duty to report known fraud and prevent your customers from being defrauded as well.
Please make this a priority of the highest order.
Please reply to me ASAP with the Function code this was filed as.
This is the only question i have.
Regards,
Edit, DTCC to DTC where appropriate
Edit 2
https://www.dtcc.com/-/media/Files/pdf/2013/3/22/0424-13.pdf states that
Current Process
At times, DTC will either announce an Issuer declared Stock Split event as a Stock Dividend (function
code 06) or it will announce a Stock Dividend event as a Stock Split (function code 02). This occurs
when the respective Exchange provides an ex-date ruling that falls outside typical declarations for those
events.
In these business scenarios, to facilitate proper processing, DTC must announce the event with a
function code that differs from how the stock distribution is announced in the market place. Stock
Dividend events (FC06) with “irregular” ex-dates, are announced as a Stock Split (FC02) with
comments explaining that the event is actually a Stock Dividend. Conversely, a Stock Split (FC02) with
“normal” or no ex-date, the event is announced as a Stock Dividend (FC06) with comments explaining
the event is actually a Stock Split.
New Process
In an effort to maintain the Issuer’s announced event type and maintain current processing rules as
defined above, DTC is updating its processing systems with a new Processing Event Code attribute that
will be added to the announcement and will appear in DIVA, DPAL and SDAR to inform participants of
how the event will be processed at the time allocation occurs.
Non-Confidential
DTCC offers enhanced access to all important notices via a Web-based subscription service.
The notification system leverages RSS Newsfeeds, providing significant benefits including
real-time updates and customizable delivery. To learn more and to set up your own DTCC RSS
alerts, visit
http://www.dtcc.com/subscription_form.php.
CCF File Updates
The change referenced above will introduce a non-mandatory file format modification to the CCF files
listed below. The change will be noted as the “Processed As Indicator” and will be located in the second
to last position on the file. This attribute is optional and does not need to be imported by all participants.
So the function code can be used in this manner.
What is the iso event record on the DTCC documentation?
From the SWIFT standards for securities markets, event type "stock dividend", ISO code DVSE.
Here's the definitions as per the standard: DVSE - Dividend paid to shareholders in the form of equities of the issuing corporation.
https://www.iso20022.org/15022/uhb/mt564-5-field-22f.htm Was it marked as DVSE?
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