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Local Corporation Message Board

  • flankenking flankenking Feb 15, 2013 4:10 AM Flag

    Very bad news for naked shortsellers: My target for the end of this day is $2.20

    that would be an increase of 20%.

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    • Published numbers of legal shortselling with share-lending is about 1.9 million and not legal naked shortselling without share-lending, which is not part of this published numbers are after my estimates the 3-fold or 4-fold or .... of this 1.9 million or more.

      That are the published numbers of legal naked shortselling, which bases on reporting
      Settlement Date Short Interest Avg Daily Share Volume Days To Cover
      12/14/2012 1,870,916 66,776 28.017791

      I believe, that is simple to understand, that criminal naked shortsellers and their criminal brokers don't report about not legal naked shortselling. But this practice is not very dangerous for the criminal naked shortsellers and their criminal brokers, because the SEC and FINRA doing near no control and an accuse can lastening years. But I believe, that the time has come, to accuse this criminals inside SEC and FINRA. This criminal practice is going on by Local Corp since years, but SEC-officials are sleeping and smoking grass or other nonsence.

      But on the other site: both - legal shortselling and not legal naked shortselling of after my estimates betwenn 5 million and 10 million shares together must be covered. I am sure, that a complete covering of the after my estimate between 5 million and 10 million shorted shares is not able under a share-price of between $12 and $17.

      What I can't understand is, that the SEC needs five years for a reaction on not legal naked shortselling like this:

      Short Selling Brothers Agree to Pay $14.5 Million to Settle SEC Charges

      Washington, D.C., July 17, 2012 – The Securities and Exchange Commission today announced that two options traders who the agency charged earlier this year with short selling violations have agreed to pay more than $14.5 million to settle the case against them.

      An SEC investigation found that brothers Jeffrey A. Wolfson and Robert A. Wolfson engaged in naked short selling by failing to locate shares involved in short sales and failing to close out the resulting failures to deliver. SEC rules require short sellers to locate shares to borrow before selling them short, and they must purchase securities to close out their failures to deliver by a specified date. The Wolfsons made approximately $9.5 million in illegal profits from their naked short selling transactions.

      According to the SEC’s orders settling the administrative proceedings against the Wolfsons, they made illegal naked short sales from July 2006 to July 2007. Jeffrey Wolfson, who lives in the Chicago area, conducted illegal naked short sales while working as a broker-dealer himself and later as the principal trader at a Chicago-based brokerage firm that is no longer in business. Robert Wolfson, who lives in Massachusetts, conducted illegal naked short sales while trading in an account at New York-based broker-dealer Golden Anchor Trading II LLC, which also was charged by the SEC and agreed to the settlement.

    • No problem, because we will see a shortsquezze in the not-too-distant future.

    • I suppose, if nothing else, you are consistent.

0.0920.000(0.00%)Jul 2 3:59 PMEDT