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From: Invest777	11/29/2007 1:21:38 PM
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S.D. Targets Illegal Short Selling By Associated Press November 28, 2007 An initiative that would impose state penalties for the illegal short selling of stock shares appears to be the first headed to the 2008 ballot in South Dakota. It's part of a nationwide effort to convince states to pass their own laws against "naked" short selling, which involves selling borrowed shares without having borrowed them first. The practice is already illegal in the eyes of the federal Securities and Exchange Commission because it tends to lower a company's share price by artificially creating more sellers than buyers. But proponents of state laws against the practice say the SEC is not enforcing its laws so states need to act. State Rep. Hal Wick, R-Sioux Falls, said South Dakotans for Securities Reform has gathered 27,500 signatures and plans to deliver the petitions to the South Dakota secretary of state on Thursday. Wick said he knew nothing of "naked" short selling until last March, when Tim Mooney, spokesman for the Union, Mo.-based American Entrepreneurs for Securities Reform, brought it to his attention. If passed by voters, the law would require stock shares to be delivered to the buyer within three days of their purchase. Read on...... forbes.com

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