Feb. 07, 2022
Good evening, I am a retail investor living in New York State wishing to leave my comment on proposed rule S7-32-10. Please find my complete comment, below: I am a retail investor and I am in favor of this rule. These rules have rarely been enforced with anything other than slaps on the wrist, and fines that are literally included in the offending organizations budget plan as ‘cost of doing business’. Please make the enforcement perfectly clear in these rules. The punishment should be the profit + a percent of total income for investigation. The less transparent financial institutions are with regulators, the larger the fines. It’s very simple. Due to the lack of consequences on Wall Street; crime, gross negligence, manipulation, fraud, and misreporting have become the new standard for financial institutions operating in the United States. Until the overall dark pool abuse, (90 - 95% as quoted by Gary Gensler) is resolved, hidden positions in married call/puts, and naked shorting are prevented, I will continue my distrust of government officials to enforce any change in these rules. If the past bureaucratic lip service continues I fear that many other disgruntled retail investors will continue taking their funds from the NYSE exchange into cryptocurrencies. I truly pray you and your colleagues decide to fight the financial terrorists that are currently plaguing our country. Regards, Michael Jorgensen