April 13, 2009
This complaint is against the SEC and not a firm. It is of great concen to me that your complaints area does not allow complaints against the SEC and SEC practices. I would like this reported to the new commissioner. I have reported this allong with the concerns below to various members of congress, and congressional oversight committees also.
I am concerned with the SECs lack of enforcement of laws related to naked shorting of securities, and manipulation of security prices by hedge funds and other entities.
I am also concerned about disclosure related to shorting. Protection of investors strategies is mentioned as a reason for not disclosing. I want this protection to extend to the individual investor and illegal activity.
I also want analysis of naked shorting and manipulation of stocks to occur, and for those responsible for damaging some of these companies (and in some cases driving them out of business) to be held accountable.
It is clear at this point that naked shorting exists, and that the SEC is protecting individuals from what could be significant financial loss if they were required to unwind these positions to rapidly. It is also clear that this has gone on for too long, with the full knowledge and protection of the SEC. This gives the impression that if you have enough money you can manipulate the markets of the US with impunity.
I can provide documentation of this manipulation if desired. It is amazing to me that this has not been resolved by now.
The uptick rule is important. This is equally, if not more important - and should be getting more attention.