February 8, 2022
I am writing in support of S7-32-10 and the changes in transparency in reporting of swap positions. I believe this is an excellent first step in protecting retail investors from the fraud and market manipulation occurring in these financial instruments. I am also encouraging the SEC to create stiffer fines and punishments for individuals who seek to profit from fraud and obfuscation in the American markets. Merely leveraging a fine to their parent company is obviously not a large enough consequence to dissuade bad actors from financial misdeeds. I urge the SEC to consider finding these individuals personally responsible for any violations, up to and including fines leveraged to them personally, and prison time. If I stole or committed fraud at my place of business, I would face criminal consequences. Why is Wall Street any different? Stealing from American investors should result in serious prison time.
In addition, although it is outside the scope of proposal S7-32-10, I am urging the SEC to create more strict regulations against failure to delivers, and to consider moving this market to blockchain and T+0 settlement. This would close many loopholes that are currently allowing fraud and theft to not only exist, but flourish. Thank you for your time, and I appreciate this step to try to protect my assets and investments.