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Microcap & Penny Stocks : Rocky Mountain Int'l (OTC:RMIL former OTC:OVIS)
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To: Riley G who wrote (48659)6/24/1998 9:57:00 PM
From: Arcane Lore  Read Replies (1) of 55532
 
Illegal profits were made by purchasing stock at below-market prices to cover
large short positions each firm had intentionally created in their inventories,
NASD>Regulation said. In each offering, the firms purchased the covering shares from shareholders who had received their securities prior to the initial public offerings through private>placements and bridge financing arrangements.

Am I alone in wondering why these firms elected to embark on covering via restricted shares rather than indulging in the apparently undetectable and never punished process of maintaining an illegal naked short position? Perhaps they didn't know how. BTW, does anyone know how? - Has anyone given a credible explanation as to how market makers could maintain large naked short positions for extended periods of time without borrowing shares?
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