Subject: File No. S7-08-08
From: Stephen J Rinaldo, Sr

March 28, 2008

Imagine if you would a stock market where a individual investor could create as many fake shares of stock as he wanted. Then imagine selling these ghost shares for real money. This is in essence what large finicial institutions have been allowed to do by naked short selling.

THE SEC NEEDS TO MAKE THE FINE FOR FAILS THREE TIMES THE POTENTIAL PROFIT FROM THE TRANSACTION