canaccord

Worthy of it's own thread I believe. I want to highlight / invesigate the potential manipulation going on with many of our Juniors, particuarly BMN.

Rtenn - what's the word on Canaccord? Is this the reason they have such a bad reputation on the TSX and have they been guilty of this sort of behaviour in the past?

Any sophisticated ex-traders want to shed any light on the actions below?

_____________________

(taken from recent thread):

I'm really fascinated by this - may be I'm off the wall but I think this is a perfect example of what is happening with most of the Juniors at the moment (and seems to work in an illiquid market).

Let's trace the last 6 trades in BMN on the TSX:

Time Price Shares $ Change Buyer Seller
15:52 1.750 1,400 -0.250 E*TRADE Sec. Canaccord
15:51 1.750 1,000 -0.250 GMP Securities Canaccord
15:50 1.800 7,500 -0.200 E*TRADE Sec. Canaccord
15:48 1.840 100 -0.160 BMO Nesbitt Canaccord
14:41 1.840 100 -0.160 BMO Nesbitt GMP Securities
14:06 1.840 100 -0.160 GMP Securities Anonymous

Step 1 - Anonymous sells 100 shares bought by GMP Sec;
Step 2 - GMP Sec then sells those 100 shares to Nesbitt;
Step 3 - Canaccord comes in and says no I want to run the show and buys those 100 shares off Nesbitt. All trader signals in my book.

Step 4-6 - Canaccord drives the shares down hard in the last 12 minutes, presumably to put some panick into the market / get some margin selling ie. people must be worried if the market drops 12% on a rising market hoping to accumulate shares tomorrow from retail investors who want out.

I think this is pure and simple manipulation but I credit the morse code behind it.