From: Raymond Hardy [reh4580@yahoo.com]
Sent: Wednesday, February 11, 2004 7:17 PM
To: rule-comments@sec.gov
Subject: (s7-23-03) Reg SHO Short Sales - nonreporting companies


Re: Regulation SHO Short Sales

Dear Sir/Madam,

To whom it may concern,

It is my understanding that the impending Reg SHO due on February 20, 2004 will allow naked 
short selling on non-reporting to continue.  Please tell me that this isn't true.  
Thousands of shareholders are still being ripped off by the gross and unmitigated naked 
short selling abuse on nonreporting companies by the marketmaking and brokerage 
communities.  Why do you continue to allow this to happen?  Is there anyone at the SEC that 
cares about shareholders that invest in these nonreporting microcap companies?  

Regards,
A bewildered cynical shareholder,

Raymond Hardy



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