But the SEC ignoring manipulations by smaller companies like Local Corp, where gingantic abusive naked shortselling and washtrading existing since more than 3 years
SAC Capital portfolio manager Steinberg arrested in NY: FBI
Michael Steinberg, a portfolio manager at Steve Cohen's 15 billion SAC Capital Advisors, was arrested by the Federal Bureau of Investigation at his home in New York City early Friday morning in connection with a long-running insider trading investigation of the hedge fund, a FBI spokesman said.
Federal prosecutors had been considering indicting Steinberg on charges that he traded on inside information on Dell Inc (DELL.O) stock, sources close to the matter said on Thursday.
The SEC and Finra should not only make announcement, they shoulc act and not only sleeping and smoing grrass.
"In a naked short trade, the seller doesn't borrow the stock before selling it and doesn't deliver it to the buyer. As a result, naked short sellers can force prices far lower than in a legitimate short transaction, the Securities and Exchange Commission said.
"These several actions today make it crystal clear that the SEC has zero tolerance for abusive naked short selling," SEC Chairman Christopher Cox said. The agency's divisions, including enforcement attorneys and market inspectors, "will now have these weapons in their arsenal in their continuing battle to stop unlawful manipulation," he said."