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Old Apr 16th, 2012, 02:48 PM   #1
jeb9999
 
 
Join Date: Feb 2008
Location: Philly Area
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SEC Charges optionsXpress and Five Individuals Involved in Abusive Naked Short Selling Scheme

http://www.sec.gov/news/press/2012/2012-66.htm
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Old Apr 16th, 2012, 05:49 PM   #2
Eight
 
 
Join Date: Mar 2009
Posts: 3,580
Interesting, I recall reading that the naked shorting was being done on some German exchange because of regs being different.. maybe some of it was and some was just fraud... I'd hate to be the CEO of some small struggling company and have predators like those described in the article coming after me.

This raises a question, not exactly on topic, but our revered ex-Senator Corzine's little fiasco has made life difficult for some 38,000 farmers in the Bread Basket of the US. I wonder if friends of his will be coming after those properties? I hope some investigative journalists will follow up on the fallout from Corzine's folly.
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Old Apr 17th, 2012, 08:57 AM   #3
nutmeg
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Location: Doddsville
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According to the SEC’s order, the misconduct occurred from at least October 2008 to March 2010.
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Reg Sho took effect in 2005, 7 years later they prosecute someone violating the rules 4 years ago.
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Old Apr 17th, 2012, 07:37 PM   #4
EliteThink
 
 
Join Date: Oct 2002
Posts: 778
Quote:
Quote from nutmeg:

According to the SEC’s order, the misconduct occurred from at least October 2008 to March 2010.
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Reg Sho took effect in 2005, 7 years later they prosecute someone violating the rules 4 years ago.
they go after low hanging fruit. they also used pretty aggressive language when results haven't even come out.
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