April 30, 2009
The SEC is totally absent with regard to daily naked short selling activity in most, if not all, "penny stocks"... The message I read by the SEC's apparent disregard to protecting the investors in low-priced stock, is that... if you are now an NMS (National Market System) traded stock, you are considered to be a totally disposable stock.
This is criminal... All stocks, whether NYSE, NASDAQ, OTCBB or Pink Sheets, should be protected by the same regulations. The SEC is totally ignoring the fact that the some of the OTCBB and Pink Sheet stocks of today will become the NYSE and NASDAQ NMS stocks of a few years from now.
There are a number of low priced stocks that I follow today that are the victims of 100's of Millions to Trillions of FTD's today... due to the total lack of competence and lack of enforcement of the SETTLEMENT rules under the SEC '34 Act. Today, I consider the SEC, under Mary Schapiro, to be totally incompetent.... perhaps bordering on purposefully disregard for the criminal NSS activities of many Hedge Funds and MM's. The SEC could stop the criminal NSS in 24 hours by simply enforcing "Hard Delivery of Shares in T+3"... not only for your NMS stock, but for all stock, including the stocks of our emerging companies that have been beat down to pennies per share. To do anything less is criminal.
The Violation of 10(b)5 the sale of unregistered securities, as well as 18 USC 514 the counterfeiting of corporate securities a class B felony, punishable by up to 25 years in Federal Prison.
(Attached File #1: s70809-364a.pdf) (Attached File #2: s70809-364b.pdf) (Attached File #3: s70809-364c.pdf)