September 27, 2005
SEC:
I am writing to voice my concern regarding manipulation on the Pink Sheets and OTC. There is a crisis facing the OTC market today in the lack of short sale position reporting and disclosure for OTC issues. This lack of transparency regarding short selling in the OTC market allows fraudulent acts to go undiscovered and manipulative short sellers to hide. You should require NASD broker dealers to maintain a record of total "short" positions in all customer and proprietary firm accounts in all publicly traded equity securities as well as report this information to the NASD for public dissemination of the short positions by security. The SEC's action is urgently needed to prevent fraudulent acts, expose market manipulation, promote fair principles of trade and protect investors. I would appreciate a reply to this suggested action and hope that this can be addressed with prudence.
Sincerely,
Michael Schindler