Fraud Occurring on ERX

Day 1,083, 23:00 • Published in Canada Canada • by Petz

For several months, the credibility of the erepublik stock exchange (ER😵 has been questionable at best. Over the summer months, numerous glitches and technical problems made the exchange barely functional. The exchange was plagued by fraudant stock listings that issued shares and then went completely dormant, never to be heard from again. Many investors wrote numerous tickets to the ERX admins calling for action to eliminate dormant stocks and to stamp out fraud.

ERX admins claimed to be working on solutions. They first proposed a monthly audit system that did nothing to protect investors but looked to charge legit stock listings a month gold fee to be continuously audited. This plan was short sighted and did nothing to address the fraud that was occurring.

Next the ERX admins decided to make guaranteed stocks to protect investors. An interesting idea that selectively picked the stocks owned/operated by ERX admins which ensured that their stocks would be the most highly traded stocks on the exchange. A small group of stock were given certified status and the rest of the legit stocks on the exchange were punished by being ignored by most investors.

Despite numerous appeals to ERX admins, barely anything was done to combat investor fraud. Admins created a rule stating that if a listed stock was inactive (no login) for 60 days, it would be delisted. This did nothing to help investors who had previously invested in these dormant stocks. These owners of these stocks had issued thousands of shares and then disappeared, like thieves in the night.

The credibility of ERX has gone down hill since the summer and despite the claims of their admins, nothing has been improved. To highlight this fact I offer the case of the tock IBK as an example of the poor management and professional nature of the erx. Yes I do own some of IBK ( a small amount) and therefore this is how I noticed this fraud.

On November 7, 2010 the stock Iberika Corp IBKC was listed on the exchange and issued 5000 shares. This stock listed its Listing Account as Iberika Corp http://economy.erepublik.com/en/accounts/2716027. This account is also listed for the DORMANT stock IBK as it's #5 organization as well as a third stock IBKF which also was created on November 7, 2010. This must obviously be against the ERX rules as part of linking an org to a stock means that only one stock can claim ownership of an org and that the listing org needs to shout a message from each of its org when the org is added to the listing. If this rule is not followed anyone could in theory link any org. By allowing citizens to create multiple stocks on the exchange while allowing duplications of orgs and allowing these stocks go dormant, erx is quickly losing all credibility. Therefore if ERX admins wish to bring back confidence in their exchange and bring credibility back to their product, they need to halt stocks like IBK, IBKC and IBFK.....pay back all investors and require this type of owner to delist these questionable stocks and create LEGIT listing. There is way too much fraud and shady dealings on the exchange. It is time that the admins do something about it instead of punishing legit companies. My company lost its audited status because I spoke out against the corruption on the exchange. Wise investors know good companies and don't fall for the stories told by ERX admins.

Petz,
CEO of Petz Inc.
A Legit stock on the ERX (http://erx.erepublik.ws/PETZ)