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Technology Stocks : Research Frontiers (REFR)
REFR 1.770+1.1%12:43 PM EST
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To: N. Dixon who wrote (7761)12/20/2013 1:18:22 PM
From: N. Dixon  Read Replies (2) of 50038
 
Exact same scenario for REFR. Highly illegal but tolerated practice. FINRA should stop this in all securities.


Naked Short Selling by ACI and using Canadian broker dealers

The first group of short sellers (West Highland Partners, Andrea Lakian, Blue Ridge and Quilcap), had accounts both with ACI and other broker dealers although most of the trades were executed at the other broker dealers. I noted from testimony that each account had contacts with Asensio during the trading period. Andrea Lakian is the wife of John Lakian of Fort Hill Group, which leases and shares office space with ACI. Judy Stone (Quilcap), John Griffen (Blue Ridge) and Mike Wilkins (West Highland) were also personal acquaintances of Asensio.

The second group of short sellers (Bulldog, Steven Schechter and Paulson Partners) sold short substantial quantities of ACI shares through two Canadian broker dealers, Thomson Kernaghan and First Marathon. The short selling at the Canadian broker dealers is noteworthy because the U.S. broker dealers who executed the short sales for the Canadian broker dealers had no documentation that affirmative determinations had been made by them or the Canadian broker dealers. It does not appear that any of the shares sold by this group of short sellers were, in fact, delivered because both Thomson Kernaghan and First Marathon had deficits at NSCC consistent with the short selling volume (6). It is my opinion that these short sales were "naked" and that the short sellers did not have a reasonable basis to believe they could deliver the HBI shares to the clearing broker dealer by settlement date.
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