July 30, 2006
I am an unsophisticated investor but am very concerned at naked short sales. I have tried to educate myself on how naked selling works and the ramifications to shareholders of companies being shorted. As far as I am concerned the system is being abused badly and to be able to short a stock with little financial risk is unfair and criminal. It seems to be an unethical and common practice these days and I am disappointed the governing body for securities (the SEC) has let it go on this long without legal action. I am for an immediate cessation of naked shorts and an end to grandfathering of naked shorts and request those who do this be held accountable. I am not opposed to anyone willing to short a company legitimately but naked shorting is criminal. My wife and I own several small companies we bought over several years ago and have recently been heavily naked shorted and we have lost over half our value. Naked shorting has hurt us badly and it needs to stop. The playing field needs to be level and fair for all investors big and small. I urge the SEC to do that job.Thank you.