I received an email purportedly from Steve Pyott about medallion stamps. As I understand it, these are ordinarily applied to paper stock transfers and the like by commercial banks and stock brokerages. But Mr. Pyott and his company IWC Estate Planning & Management Ltd. in the UK, are cooking up some scheme where US notaries in the network they're building would do something and send it on to the UK for the medallion stamp.
My attitude is if the stock markets wanted to use notaries, they would have used notaries to begin with. This proposal from Pyott strikes me as gaming the system. |
