Subject: File No. S7-36-11
From: David Chatfield

September 12, 2011

Please consider making the practice of "naked short selling" illegal and subject to enforcement through significant per occurrence fines, disgorgement of illegal gains, and/or criminal penalties. Trading on non-existent shares is essentially counterfeiting, and contributes nothing of value to the system as a whole while permitting the unearned extraction of wealth by market makers and others. Thank you for your consideration.