July 26, 2008
Why are you dragging this comment process on indefinitely? I and numerous others have provided the Commission with our opinions for the past 10 years. The time has come for you to act and stop the rape being done to investors accounts. You are allowing naked short sales of phantom stock to be placed in investors accounts resulting in dilution of the real asset they contracted to acquire. This is fraud... plain and simple. Please put a stop to it.
My previous comments on this subject are in the submission below.
From: John O'Brien
Sent: Friday, May 14, 2004 2:16 PM
Subject: File number S7-23-03
Dear Mr. Katz,
I would like to be brought up-to-date on the status of the proposed regulation changes intended to put an end to the trading of what amounts to nonexistent securities in the OTC:BB and Pink Sheet Markets. Your office has now invited comments from the general public on two occassions almost five years ago referred to as File No. S7-24-99, and again last year as File No. S7-23-03. The overwhelming response was in favour of change to close the loopholes being used to steal peoples' investments.
What is the SEC's target date to have effective regulations in place to stop these