March 28, 2008
The case of CMKM DIAMONDS, INC. represents the greatest "counterfeit shares" fraud in the UNITED STATES.
Trillions of stock shares traded and changed hands UNTIL CMKX revoked itself and had every stock holder pull physical stock certificates out of brokerages, and out of street name, to trap those whom had committed fraud.
CMKX is also the LARGEST STOCK CERTIFICATE PULL IN THE HISTORY OF THE UNITED STATES"
Naked short selling is a case of short selling the shares without first arranging a borrow. The Securities Exchange Act of 1934 stipulates a settlement period up to three business days before a stock needs to be delivered, generally referred to as "T+3 delivery". The SECs public position as of the Spring of 2005 was that naked shorting did not exist.
By elimination of the SHO Regulation grandfather exemption which was enacted to protect the counterfeiters, the SEC is reluctantly admitting the problem.
Robert J. Shapiro, former undersecretary of commerce for economic affairs, has, found that naked short selling has cost investors $100 billion and driven 1,000 companies into the ground.
Naked shorting is illegal because it allows market manipulators to force stock prices down without regard for normal stock supply/demand patterns.
Counterfeiting of securities is a crime of U.S. This criminal conduct has destroyed many, many companies, lives and opportunities.
But now the word is out on naked shorting it must be stopped, and all whom conspired put in jail. This naked shorting fraud rule must be passed - NOW.
Sincerely,
Jim Snell