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Friday, January 21, 2022 9:05:23 AM
Naked shorting and shorting is the reason the new SEC laws came into play.
years ago a man posted on Twitter that he lost one million dollars on a penny stock and dug into it to find out how it happened. He found out Nite was making up shares and dumping them into the market and then clearing them in a back room, and some they didn't even bother to clear. Nite has been fined millions but they make way more than they are fined.
last i did a search on this about a year ago it seems that Reddit has posted it in their site, can't find it anywhere else.
There has been a lot of pressure put on the SEC to clean this up, but it is obvious they have found a way around the new laws.
They have to give the company a letter of credit to borrow stocks to short
Well all you need is a banker and a company that wants money.
they can lend out of their OS which is not recorded because they are lent
MM dumped the stock
split the profits
nothing has changed, might even be worse because now it is legal
a typical example is GGII, stock was going through the roof
then i saw a video where they were having a big thing going and they were in this hotel room, and the CEO says why should my stock be shorted, then he tried to cover it up and say or any company for that matter, let it grow naturally. He is an x stock market trader and knows people down there. Stock price was around 8 cents then
Lend your stock, get a bank letter to cover
dump stock
split the profits
OS stays the same (that's just my theory)
Good Trading To You
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