CONYERS, GA -- (Marketwire) -- 10/25/12 -- GeckoSystems Intl. Corp. (PINKSHEETS: GOSY) (http://www.geckosystems.com/) announced today that as a result of their letter to FINRA on September 7, 2012 -- regarding an ongoing naked short selling (NSS) of GeckoSystems stock -- FINRA has launched an official investigation. GeckoSystems alleged in their letter with supporting documents to FINRA, that George Iveagh MacLeod is orchestrating this NSS.
The purpose of this press release is to inform stakeholders regarding GeckoSystems management's perspective of the extraordinary stock price oscillations induced by broker illicitly trading of GOSY stock on October 10. After good news was released, massive NSS resulted in decreasing the share price dramatically.
"We were contacted by a FINRA investigator on October 11, the day after an incredible 38 million shares of GOSY stock was traded on our announcement of JV and acquisition discussions. At the time we believed NSS shares were the source of this forray, as our recent NOBO list does not show shareholder, or group of shareholders, that could possibly be trading that size and volume. On October 16, 2012 I had a lengthy discussion with the FINRA investigator. He's asked to see that NOBO list and other company confidential documentation. We are hoping that FINRA will get to the bottom of this," explained Martin Spencer, President/CEO, GeckoSystems.
GeckoSystems is suffering a classic NSS as is described here:
Since companies trading in the Pink Sheets are not electronically traded, but done with phone calls between selling and buying brokers, this important equity market suffers more NSS than normally feasible in the more pronounced stock exchanges in which all buys and sells are electronically matched and not done "over the telephone."
For over fifteen years, GeckoSystems has been developing "mobile robot solutions for safety, security and service(tm)." The benefits from GeckoSystems range from SafePath(tm), "collision free" wheelchairs to personal assistance robots (a new, labor and time saving home appliance) for family care to professional healthcare to commercial security.
In a lengthy conversation with the lead FINRA investigator last week, some GeckoSystems' company confidential information was requested and provided to support GeckoSystems management's belief that massive adverse influencing of GOSY stock pricing is occurring. Management believes offshore NSS under the direction of George MacLeod is facilitating this adverse stockholder event and if it involves money laundering, the SEC has an imperative due to the Patriot Act to investigate promptly.
Several prominent US and international brokerages have exhibited irregular and abusive trading patterns which have driven the valuation of GOSY stock into a range which is unrealistic given the value of their suite of mobile robot solutions. This was readily apparent watching Level 2 Bids and Asks of the various market makers on October 10. It would seem that if these market makers are not knowingly involved then George MacLeod and/or others are manipulating them in support of the ongoing NSS on GeckoSystems.
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