Tastes Like Chicken,
With all due respect to you, it would be wise for you to take some time and learn a bit more about how the stock market works. Market makers, fund managers, and day traders all short stocks every day. I shorted a stock today. Does that mean I'm doing something illegal? I'm doing something wrong because I shorted a stock?
No - BUT, if you and a bunch of your cronies decided to short the stock together at the same time at the same price, it could be considered an attempt at price manipulation. Look at part of section 9:
1 For the purpose of creating a false or misleading appearance of active trading in any security registered on a national securities exchange, or a false or misleading appearance with respect to the market for any such security,
A to effect any transaction in such security which involves no change in the beneficial ownership thereof, or
B to enter an order or orders for the purchase of such security with the knowledge that an order or orders of substantially the same size, at substantially the same time, and at substantially the same price, for the sale of any such security, has been or will be entered by or for the same or different parties, or
C to enter any order or orders for the sale of any such security with the knowledge that an order or orders of substantially the same size, at substantially the same time, and at substantially the same price, for the purchase of such security, has been or will be entered by or for the same or different parties.
and this also:
3 If a dealer or broker, or other person selling or offering for sale or purchasing or offering to purchase the security, to induce the purchase or sale of any security registered on a national securities exchange by the circulation or dissemination in the ordinary course of business of information to the effect that the price of any such security will or is likely to rise or fall because of market operations of any one or more persons conducted for the purpose of raising or depressing the price of such security.
This last bit seems to describe the "bashing" that goes on as the posse shorts the issue it is bashing. In Auric's case, as a registered professional, he may be in more trouble than most. |
