2023 started – January 4, dismissal in S.D.N.Y. and appeal to the 2nd Circuit.

Good time of the day dear Friends and Supporters!

Thank you all again for be with us and supporting through this our long legal and life battle.

The news came on 4 January, 2023, while we all was till trying to enjoy the Holidays after our New Year greetings in this article, the Hon. Judge Katherine Polk Failla of the Southern District of New York, has dismissed our suite, Dkt. 135.

Many said they expected the lawsuit at SDNY to reach this outcome, not really me, I’m still naive, if you like, an idealist, and I believed that we would find justice in the first instance. It seemed that one had only to convey this egregious event in the field of the American Femida, it would certainly stand up for defense, punishing the scammers who rob not only us, but the entire public – it damages every participant of the market and of course steal significant amounts from the United States tax payers, impact negatively employment, as for example was shown in this study.

We are now preparing our appeal for which we were promptly granted the permission to proceed in forma pauperis, Dkt.140.

We are prepared to bring this case till the end. Even if it has to go in the Supreme Court of the United States – it is very interesting now, if this decision will not be overturned, this will mean that any institution can forge official documents regulated in the United States, compromise investors trust in the United States Regulated Exchanges and listed securities, profit from it, harm the participants in this sector of the economy, and at the same time feel full legal immunity in the United States?

This would be very different from what was the Congress’s thought when installed Securities Exchanges Act of 1934:10(b) of the 1934 Act and corresponding SEC Rule 10b-5 , which have sweeping antifraud language. Section 10(b) of the Act (as amended) provides (in pertinent part):

It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce or of the mails, or of any facility of any national securities exchange …

(b) To use or employ, in connection with the purchase or sale of any security registered on a national securities exchange or any security not so registered, or any securities-based swap agreement (as defined in section 206B of the Gramm–Leach–Bliley Act), any manipulative or deceptive device or contrivance in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors.

Section 10(b) is codified at 15 U.S.C. § 78j(b).

We certainly would never entered such a dangerous agreement with UBS, if we knew that our orders would never been sent to the NYSE and NASDAQ, simply staying on the UBS’ desc in awaiting for the investor to lose, as 90% pf amateur investors statistically do, and so this will become and easy profit for UBS. The particular part of our story is that we were profitable, should UBS execute our trading orders timely, but this is an issue for the litigation in the Bahamas.

So, let’s hope for justice to prevail, for all our supporters and advisers to have patience and persistence together so we can bring a little more light.

Please, share this post and sign our petition if you have not yet.

Thank you again and blessings,

Irina

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