Subject: File No. 4-557
From: Mark Kolesinsky

April 10, 2008

The issue of failing to deliver securities has gone on far too long. The laws are very clear. T+3. If you allow brokers to fail past the third day you are allowing federal laws to be broken. The UCC code that defines security entitlements that you are allowing runs counter to federal law that has no such definition.

The Commission needs to take a stand and decide if it will continue to allow the fraud of failing to deliver. The Commission needs to stop authorizing fails to deliver and securities not defined in federal law to be credited to customer accounts.

I see only two options as to why the SEC has allowed this fraud to take place. The Commission is either inept or corrupt. How can the SEC allow such an unlevel playing field by allowing market participants to sell securities they donít own with impunity? As an investor that has been harmed by the fraud of failing to deliver, I ask the commission to respond to the petition in a timely fashion to see whose side you are really on.

Mark Kolesinsky