August 14, 2005
I'm writing this letter to express my concern over the practice of "naked shorting" in the Pink Sheets and OTC markets.
The SEC has a responsibility to protect investors such as myself from price manipulation by greedy market makers. As I understand it, the practice is illegal, but is not monitored by the SEC. Why not?
I am requesting that you take a look at SEC File No. 4-500. Request for Rulemaking Regarding Member Records of "Short" Positions and Reporting and Public Dissemination of Aggregate Positions by Security.
Please act on this most important issue.
Thank you for you prompt attention.