April 3, 2008
I would urge action to out law "Naked Shorting" It should have both civil financial penalties with an enforcement mechanism available to shareholders or public authorities AND criminal sanctions applicable to the seller especially if repeating offenders. This is eqiuvelent to counterfieting money. Selling shares, obtaining funds for the sale, never covering and just constantly rotating the "missing" certificates between various co-operating accounts. It undermines the market, destabilizes prices, and creates dilution of shareholder value by increasing float. Thank you