Too bad you're not a US Citizen (and in fact are a tax exile): "Subject: Comments about naked shorting....
Author: "Frank Goelo" <unikay@candw.ky> at Internet
Date: 12/07/1999 1:07 PM
Message from: Frank Goelo, CEO of Unikay Ltd
at "Red Bay Yacht Club", 1300 South Sound Rd,
Grand Cayman, B.W.I (P.O Box 10910)
Phone: 1-345 9471902 ++++ Fax: 1-345 9471140
Dear SEC
I am writing in regards to the proposed law concerning the short selling of
OTC-BB stocks(Proposal # S7-24-99). The naked shorting of OTC-BB stocks should
be eliminated.
One of the main reasons why "penny" stocks are so risky and volatile is not
solely because of the companies themselves, but because of the rampant naked
shorting by market makers and offshore brokers, mostly without having to borrow
the shares and without "up-tick" or any other limitations.
This activity goes unchecked everyday and must be dealt with accordingly.
Unchecked and out-of-control chaos and deception seems to run rampant day after
day.
Unregulated Shorting is used as another weapon against bona fide investors who
are squuezed out by unscrupulous manipulators and shorters.
The abolition of naked shorting in conjunction with the requirements of being
fully reporting will ensure a more fair and equitable market for investors and
companies alike, a market where a company's true value is reflected in the price
and not distorted, suppressed or inflated artificially by manipulation.
Of course, much more needs to be done but finally, in my opinion, we are getting
some action and regulations to protect investors a lot better. Keep up the good
work ! It is needed !
Respectfully Submitted,
F. Goelo" |
