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Microcap & Penny Stocks : Naked Shorting-Hedge Fund & Market Maker manipulation?
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To: rrufff who wrote (391)10/20/2005 10:26:24 AM
From: sixty2nds  Read Replies (1) of 5034
 
07:15 RFX 'Naked shorting' case lurks in Refco's past - WSJ column (7.90 )

According to the WSJ's "Tracking the Numbers" column, Refco's high-profile meltdown has given more prominence to a controversy that has been simmering on the back burner of the stock mkt for several years. At issue is "naked shorting" of stocks. The battle between the co's and traders has led to lawsuits and federal investigations. One such probe involves Refco's connection with the short selling of a Sedona (ILX). Already, short selling of Sedona stock has produced still-pending criminal charges in NY federal court against the president of a small NY investment firm. The SEC also filed a civil-enforcement action against that same individual and his firm. The SEC described the '03 case as an example of "manipulative short selling" that also involved unnamed broker-dealers. One of those brokers appears to be Refco: Earlier this year, Refco disclosed that the SEC had notified it of plans to file an enforcement action against the co's Refco Securities unit for securities-law violations in connection with the shorting of Sedona stock. The SEC's interest in other stocks raises the question of whether Refco was more widely involved in improper short selling.
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