Author: scoobydu@mn.mediaone.net at Internet
Date: 07/06/2000 9:30 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 21:30:16 2000,
The following information was submitted:
Host: 24.25.105.17
submit_by = scoobydu@mn.mediaone.net
Name = Mark Anderson
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: bravtexrang@ragingbull.com at Internet
Date: 07/06/2000 10:50 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 22:50:42 2000,
The following information was submitted:
Host: 64.217.250.179
submit_by = bravtexrang@ragingbull.com
Name = Les Anderson
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: Scoobydu@mediaone.net at Internet
Date: 07/06/2000 9:41 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 21:41:54 2000,
The following information was submitted:
Host: 24.25.105.17
submit_by = Scoobydu@mediaone.net
Name = Mark Anderson
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99).
What's their to prevent market makers from shorting a solid Bulletin Board
company into the ground? The SEC is these companies only hope.
Please, act on these companies behalf.
Thank you,
M. Anderson
Author: ldbailey@earthlink.net at Internet
Date: 07/06/2000 10:38 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 22:38:36 2000,
The following information was submitted:
Host: 38.28.62.50
submit_by = ldbailey@earthlink.net
Name = Larry Bailey
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. I have seen MMs steadily
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices of many solid companies. The laws of supply
and demand have been denied, investors deprived of fair value, and a reasonably
even palying field for all investors. Meanwhile, the company valuation of stock
has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: peter@pbeach.com at Internet
Date: 07/06/2000 3:07 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 15:07:37 2000,
The following information was submitted:
Host: 24.128.15.45
submit_by = peter@pbeach.com
Name = Peter P. Beach
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: bostwick@antigopro.net at Internet
Date: 07/06/2000 5:48 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 17:48:08 2000,
The following information was submitted:
Host: 208.198.3.72
submit_by = bostwick@antigopro.net
Name = William Bostwick
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: ross@pressaid.com at Internet
Date: 07/06/2000 4:28 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 16:28:05 2000,
The following information was submitted:
Host: 63.24.96.55
submit_by = ross@pressaid.com
Name = Ross Cathie
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: cgr@iquest.net at Internet
Date: 07/06/2000 6:08 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 18:08:29 2000,
The following information was submitted:
Host: 209.43.55.147
submit_by = cgr@iquest.net
Name = Richard G. Chapman
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: GLASTOCK@RAGINGBULL.COM at Internet
Date: 07/06/2000 6:20 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 18:20:11 2000,
The following information was submitted:
Host: 208.170.100.166
submit_by = GLASTOCK@RAGINGBULL.COM
Name = JASON CHRISTOPHER
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: jaechung@usa.net at Internet
Date: 07/06/2000 7:31 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 19:31:33 2000,
The following information was submitted:
Host: 209.246.92.28
submit_by = jaechung@usa.net
Name = Jae Chung
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: crossman@theramp.net at Internet
Date: 07/06/2000 5:43 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 17:43:01 2000,
The following information was submitted:
Host: 205.212.93.87
submit_by = crossman@theramp.net
Name = william lee crossman
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: rrufff@aol.com at Internet
Date: 07/06/2000 4:38 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 16:38:42 2000,
The following information was submitted:
Host: 151.203.22.72
submit_by = rrufff@aol.com
Name = Paul Davis
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Please also require disclosure of better bid and ask prices to reflect a real
market. MM's are able to rape the public by buying at a price lower than public
shareholders are willing to sell.
Author: diamond43@worldnet.att.net at Internet
Date: 07/06/2000 10:12 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 22:12:17 2000,
The following information was submitted:
Host: 12.12.210.41
submit_by = diamond43@worldnet.att.net
Name = Ray & Leslie Diamond
Professional_Affiliation = Investors
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = Dear Sirs:
We own many thousands of shares of stock in a company that is being severely
manipulated by Market Makers. This company is INVT or Invest America. It
recently began trading on the Frankfurt Exchange, but the German Market Makers
cannot get any Certificates from the American Market Makers. The American Market
Makers have shorted this stock so severely that there are no certificates
available, yet the share price is being artificially held down.
We are writing you this letter to show that we are in favor of the proposed
Concept Release (No. 34-42037; File No. S7-24-99). It is known that the life
blood of a small company is access to capital for creation and growth. It is
also known that investors who place funds in such companies expect and deserve
protection from fraud and manipulation. Small business is a critical building
block for jobs and wealth in our economy. MMs have steadily been selling more
shares than they have bought, defying the laws of supply and demand, solid
company fundamentals and favorable company press releases, resulting in
plummeting stock prices. The laws of supply and demand have been denied and
investors deprived of fair value. Meanwhile, the company valuation of stock has
been greatly reduced and with it, access to investment capital for acquisitions
and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Sincerely,
Ray & Leslie Diamond
Author: chasd@localnet.com at Internet
Date: 07/06/2000 4:49 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 16:49:58 2000,
The following information was submitted:
Host: 207.251.196.94
submit_by = chasd@localnet.com
Name = Charles Dreyer
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: chuck@canvasconnection.com at Internet
Date: 07/06/2000 6:05 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 18:05:32 2000,
The following information was submitted:
Host: 206.208.62.141
submit_by = chuck@canvasconnection.com
Name = nancy eitapence
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: faheyfam@msn.com at Internet
Date: 07/06/2000 3:52 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 15:52:30 2000,
The following information was submitted:
Host: 63.24.189.202
submit_by = faheyfam@msn.com
Name = Michael E. Fahey
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: JFENN13026@AOL.COM at Internet
Date: 07/06/2000 4:53 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 16:53:57 2000,
The following information was submitted:
Host: 152.163.206.177
submit_by = JFENN13026@AOL.COM
Name = JEFFREY P. FENNELL
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: acfoxito@hotmail.com at Internet
Date: 07/06/2000 6:03 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 18:03:00 2000,
The following information was submitted:
Host: 128.187.99.8
submit_by = acfoxito@hotmail.com
Name = Andrew Chase Fox
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: thehaun@pacbell.net at Internet
Date: 07/06/2000 5:50 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 17:50:22 2000,
The following information was submitted:
Host: 216.101.220.168
submit_by = thehaun@pacbell.net
Name = Steven Haun
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: adam@hlcs.com at Internet
Date: 07/06/2000 3:23 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 15:23:13 2000,
The following information was submitted:
Host: 199.174.210.18
submit_by = adam@hlcs.com
Name = Adam Holdridge
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: cathejay@aol.com at Internet
Date: 07/06/2000 2:35 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 14:35:29 2000,
The following information was submitted:
Host: 152.163.197.199
submit_by = cathejay@aol.com
Name = cathy johnson
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: lobster@softcom.net at Internet
Date: 07/06/2000 9:20 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 21:20:36 2000,
The following information was submitted:
Host: 209.160.239.130
submit_by = lobster@softcom.net
Name = Steve Kahn
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: PKilzerJr@webtv.net at Internet
Date: 07/06/2000 5:46 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 17:46:03 2000,
The following information was submitted:
Host: 209.240.200.103
submit_by = PKilzerJr@webtv.net
Name = Paul Kilzer
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: henlif@elsfl.com at Internet
Date: 07/06/2000 4:50 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 16:50:10 2000,
The following information was submitted:
Host: 24.51.220.199
submit_by = henlif@elsfl.com
Name = Henry Lifton
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: pmcarten@webtv.net at Internet
Date: 07/06/2000 4:20 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 16:20:48 2000,
The following information was submitted:
Host: 209.240.216.106
submit_by = pmcarten@webtv.net
Name = Philip F. McCarten
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: rafo@netzero.net at Internet
Date: 07/06/2000 5:23 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 17:23:01 2000,
The following information was submitted:
Host: 63.212.188.207
submit_by = rafo@netzero.net
Name = Rafael Morel
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: Ymei12@aol.com at Internet
Date: 07/06/2000 6:57 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 18:57:56 2000,
The following information was submitted:
Host: 152.163.213.63
submit_by = Ymei12@aol.com
Name = Amoy Ong
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: nick@oneworldshopper.com at Internet
Date: 07/06/2000 7:44 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 19:44:22 2000,
The following information was submitted:
Host: 24.1.194.101
submit_by = nick@oneworldshopper.com
Name = Nick Pollicino
Professional_Affiliation = CEO One World Shopper.com
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: ettawa@aol.com at Internet
Date: 07/06/2000 4:34 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 16:34:27 2000,
The following information was submitted:
Host: 152.163.206.209
submit_by = ettawa@aol.com
Name = philip reimers
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: jesmktg@earthlink.net at Internet
Date: 07/06/2000 5:28 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 17:28:56 2000,
The following information was submitted:
Host: 24.221.8.97
submit_by = jesmktg@earthlink.net
Name = John E. Sielicki
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: jcssusie@adelphia.net at Internet
Date: 07/06/2000 4:39 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 16:39:53 2000,
The following information was submitted:
Host: 24.48.190.119
submit_by = jcssusie@adelphia.net
Name = jeffrey smith
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: lana.stubbs@mindspring.com at Internet
Date: 07/06/2000 7:39 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 19:39:08 2000,
The following information was submitted:
Host: 199.174.164.227
submit_by = lana.stubbs@mindspring.com
Name = Lana Stubbs
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: puj@altavista.net at Internet
Date: 07/06/2000 5:24 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 17:24:51 2000,
The following information was submitted:
Host: 63.212.188.207
submit_by = puj@altavista.net
Name = Jeissa Torres
Professional_Affiliation = Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: dickie@gamewood.net at Internet
Date: 07/06/2000 3:15 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 15:15:29 2000,
The following information was submitted:
Host: 205.161.155.18
submit_by = dickie@gamewood.net
Name = Richard Lester Turner
Professional_Affiliation = Retired/Investor
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
Author: Sabadogee@aol.com at Internet
Date: 07/06/2000 8:18 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-24-99
------------------------------- Message Contents
On Thu Jul 6 20:18:19 2000,
The following information was submitted:
Host: 152.163.207.208
submit_by = Sabadogee @aol.com
Name = Arvin Wallace
Professional_Affiliation = small business owner
Subject = Short Sales (Release No. 34-42037; File No. S7-24-99)
Comments = I am writing you this letter to show that I am in favor of the
proposed Concept Release (No. 34-42037; File No. S7-24-99). It is known that the
life blood of a small company is access to capital for creation and growth. It
is also known that investors who place funds in such companies expect and
deserve protection from fraud and manipulation. Small business is a critical
building block for jobs and wealth in our economy. MMs have steadily been
selling more shares than they have bought, defying the laws of supply and
demand, solid company fundamentals and favorable company press releases,
resulting in plummeting stock prices. The laws of supply and demand have been
denied and investors deprived of fair value. Meanwhile, the company valuation of
stock has been greatly reduced and with it, access to investment capital for
acquisitions and growth.
The MMs are supposed to provide a fair market trading mechanism, yet ,when they
become invested through shorting, they actually have a vested interest in seeing
the price fall. This practice must be brought under some form of control.
The Securities Act provides certain protective language as it relates to
investors. Section 15A(b)(6) of the Securities Act says that the rules of a
national securities association must be designed, among other things to prevent
fraudulent and manipulative acts and practices and to protect investors and the
public interest, and perfect the mechanism of a free and open market. Section
15A(b)(11) requires that association rules be designed to produce fair and
information quotations, and to prevent fictitious and misleading quotations. In
spite of the intent expressed by these two sections of the Securities Act, and
unlike the Nasdaq, NYSE and AMEX, MMs are not required by the SEC to disclose
short positions on OTCBB stocks.
The MMs can short, even naked short, at will with no checks and balances on
OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation
on a scale only limited by the greed and imagination of the MMs. The MMs just
keep selling the targeted companies stocks with the idea that they will never
have to produce real shares. Their apparent goal is to force the company to fail
by depriving it of working capital and discouraging investment. It is my belief
billions of dollars are being stolen from investors in this manner. For the MMs,
it's a wonderful business; sort of like selling insurance, but never having to
pay claims. They get the money, but have no expense or expectation of delivering
anything tangible in return. This unfair and counter productive practice cannot
go on.
MMs must be held accountable by requiring mandatory disclosure of MM short
positions on all OTCBB listed stocks. In this manner, excessive shorting can be
made known to the investing public, monitored for excess and corrected by the
SEC/NASD. Then and only then can investors in these stocks be treated with the
appropriate protection against fraud and manipulation.
