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Strategies & Market Trends : Anthony@Pacific & TRUTHSEEKER Expose Crims & Scammers!!!
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To: StockDung who wrote (5365)4/25/2008 2:38:22 AM
From: ravenseye   of 5673
 
Sarbanes-Oxley : SEC
SEC Fiscal Year 2009 Appropriations
April 16, 2008 10:00 AM
Chairman Serrano, Ranking Member Regula, and Members of the Subcommittee:
s-ox.com
...Enforcement
The SEC is continuing to pursue wrongdoers in all corners of the securities markets, while also applying enforcement resources to the areas that pose the greatest risks to investors.

The Enforcement Division’s subprime working group is aggressively investigating possible fraud, market manipulation, and breaches of fiduciary duty. Among the issues we are looking at is whether financial firms made proper disclosures about their holdings and their valuations, whether insiders used non-public information to gain from the recent market volatility, and whether naked short sellers illegally manipulated the market....

...Investor Protection
The Commission has very recently taken additional steps to safeguard investors and protect the integrity of the markets during short selling transactions by proposing a rule that would specify that abusive “naked” short selling is a fraud. In a naked short sale, the seller does not borrow or arrange to borrow the securities in time to make delivery to the buyer within the standard three-day settlement period for trades. As a result, the seller fails to deliver stock to the buyer when delivery is due. This is known as a “failure to deliver.” Sellers sometimes intentionally fail to deliver securities to the buyer as part of a scheme to manipulate the price of a security, or possibly to avoid borrowing costs associated with short sales. This is just the latest sign of the Commission’s continuing focus on abuses in this area....
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