Subject: File No. S7-12-06
From: Friend K Bechtel, Ph.D.
Affiliation: Member IEEE, Managing Member of Kierstat Systems LLC

July 18, 2006

-It's about time the SEC put a stop to the stock counterfeiting practice known as naked short selling. Reasons I've seen supposedly justifying the "grandfathering" built into the SHO regulation are rediculous. Please act as the SEC is supposed to act. Protect the individual investor by eliminating all possibility of naked short selling. Find the perpetrators who have lined their pockets at my and other investors' expense, fine them to retrieve value they have taken from us, and put them in jail where they belong.