Subject: File No. S7-08-09
From: Jack Fares

May 11, 2009

Let me be succinct and direct. Naked shorting is illegal and way to prevalent in the market. It is the specific responsibility of the SEC to regulate and police such activity. The SEC has found it quite common each time it has bothered to investigate, and yet only responded with pleas for the offending parties to please stop.

Naked shorting is criminal, and it is destructive to business and honest investors.

The inaction of the SEC to take action against this illegal activity is in essence enabling and supporting illegal activities. It is time for the SEC to either do its mandated job, or for the individuals in office to resign and turn over the job to those who will uphold their responsibility.