Naked Shorting-Hedge Fund & Market Maker manipulation? Message Board

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Microcap & Penny Stocks : Naked Shorting-Hedge Fund & Market Maker manipulation?

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From: basserdan	3/19/2009 9:41:13 PM
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David Patch commends SEC's Inspector General Kotz on his recent report on NSS..... March 19, 2009 Office of the Inspector General Securities and Exchange Commission 100F Street NE Washington, DC RE: OIG report on Practices Related to Naked Short Sales and Referrals Release No. 34-58773; File No. S7-30-08 Inspector General Kotz, I would like to personally thank you and your staff for investigating the SEC’s response to naked short sale complaints. Your team’s analysis of the situation coincides directly with that which has been perceived to have been happening for decades. That being, the SEC’s Division of Enforcement has neglected their responsibilities in responding to investor concerns when it involved short sale abuses. It is because of this perception that there exists such a lack of interest in investigating investor complaints that most complaints never get filed in the first place. This is not limited to just issues involving short sale abuses but fraud in general. The SEC wants the case handed to them and if it is not, they ignore the complaint. I would like to welcome you and your staff to the “small but vocal cadre of advocates” whose intent it was to expose not only the mechanics of fraud but the very individual preconceptions and acts of negligence taking place within the agency responsible for investigating such fraud. I would suspect that soon you too will be dismissed by agency staff as a nutcase just as quickly as the SEC staff dismissed your most recent report on short selling investigations. Please do not fret however, it is a badge of honor to be considered out of touch by a staff of SEC attorneys who have lived their lives being out of touch with the public and captured by the very people they regulate – the industry. At this time I would like to debunk the SEC’s response back to you if I may and try to use the very data they fail to recognize when dismissing these claims. Continued at: sec.gov

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