"they can do exactly what IIROC has done" And what is it EXACTLY that you think the IIROC has done? There is no disgorgement, Jay. Nor any charges against any Panamanian account holder. Not in Canada, nor in the USA. IIROC did not charge or disgorge ANY of the Panamanian account holders. You seem to have this belief, but zero evidence for it. Read scion's postings. There is no disgorgement nor any claim that the Panamanians did anything illegal. It's only about the broker not doing adequate DD. READ. Also contrary to your assertions, there is no evidence of any outstanding naked short positions. How's Chuck Grassley responding to the latest screed sent to him? Yeah, another letter kicked to Da Curb.