Subject: File No. 4-500
From: Victor DelPrete
November 25, 2005
Re: SEC File No. 4-500. Request for Rulemaking Regarding Member Records of "Short" Positions and Reporting and Public Dissemination of Aggregate Positions by Security.
I am a concerned investor as I have heard about other investors that owned more shares than were outstanding for some stocks. Currently I have my life-savings invested mostly in a pink-sheet company (PBLS - Phoenix Associates Land Syndicate). I believe the officers of this oil & gas rich company are legitimate hard-working people that want to succeed or fail on their own, not with the help of unscrupulous snakes. I know for a fact that market makers counterfeit and sell more shares than they can borrow in other securities, especially pink-sheets, so there is no reason for me to believe it isn't happing to PBLS.
I always believed the SEC's main goal was to ensure the safety of the investor. Despite the relative small size of some pink-sheet companies, they are publicly traded nonetheless and should be afforded the same protection larger companies receive. Why hasn't this Naked Short Selling problem been fixed? Why haven't these hedge fund / Ferrari driving scammers that sold short securities and never covered gone to jail? Please ensure the protection of this stock and all other pink-sheet companies or let me know that you will continue to not be doing so that I can begin a campaign of writing congress and news stations.