From: jcline03@comcast.net
Sent: Wednesday, October 22, 2003 7:19 PM
To: rule-comments@sec.gov
Subject: (naked short selling - SHO)

To:Jonathan G. Katz, Secretary
 
Mr. Katz,
 
I am writing in response to the new proposed rules wrt naked short selling. 
I have been an investor in the OTCBB/pink sheeted market for 5 years and have 
personal experience with the rapid decline of a stock pricees by naked short
sellers.  This is NOT  liquidity.  This is Criminal Abuse and it has gone 
on for years.
 
Although I applaud your efforts to address this issue...enforcement of 
affirmative determination has been negligent.  The SEC and NASD has known 
about this since 1999 when over 3000 letters were received complaining about 
the abuse then.  It appears that we have come full circle and the abuse is 
still here...yet it is being addressed as if it is new item on the agenda.  
 
I would ask you ...how many trillions of dollars have investors lost during 
the last 5 years due to continued negligence by the SEC and the NASD and 
abuse by the Naked Shirt Sellers? The estimate is nearly $3 Trillion by 
some sources.