Bioelectronics Corp (BIEL)

[srinsocal]

LOL, Yes, the MMs are all model citizens following every regulation that governs them.

One of the most blatant Naked Shorting Scams in history happened just a year ago. Naked Shorters increased the Game Stop Authorized share count by 40 % more shares than were in existence, a $359 million scam.

The GameStop Mess Exposes the Naked Short Selling Scam
It’s a scam central to the stock trading system, enabled by the Securities and Exchange Commission (SEC), the market regulator, and the Depository Trust and Clearing Corp. (DTCC), the stock clearinghouse, to benefit the big players. The SEC has long been run by revolving-door officials who move between it and Wall Street trading houses and law firms. DTCC is owned by the prime brokers, such as Goldman Sachs, JPMorgan, and Citi, and run in their interests.

It’s a scam central to the stock trading system, enabled by the Securities and Exchange Commission, the market regulator.

At the House hearing, Rep. Nydia Velazquez (D-NY) asked about the dangers of short selling. “GME [GameStop] sold short 140 percent. Why isn’t that manipulation?” She meant that short sellers sold 40 percent more shares in GameStop than existed. They were phantom shares that didn’t exist but that were posted in buyers’ accounts as “entitlements.” The buyers have no idea they don’t have real shares. They can sell and even loan those digital entitlements.

In other words, large numbers of “locates” or “borrows” were fake, making the shorts “naked.” Why does it matter? Because naked short selling causes the number of shares in the market to increase, which normally makes their value drop; more shares equals less value. And it can massively disrupt the market, as GameStop showed.
https://prospect.org/power/gamestop-mess-exposes-the-naked-short-selling-scam/
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FINRA IMPOSES $2M FINE ON CANTOR FITZGERALD OVER VIOLATIONS OF SHORT-SELLING REGULATION
MARCH 5, 2019 5:38 PM UTC, MARIA NIKOLOVA
Cantor did not timely close-out at least 4,879 fails-to-deliver, and routed or executed thousands of short orders without first borrowing the security or issuing notice of the need for a pre-borrow.
https://financefeeds.com/finra-imposes-2m-fine-cantor-fitzgerald-violations-short-selling-regulation/
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FINRA Fines Interactive Brokers $5.5 Million for Regulation SHO Violations and Supervisory Failures
https://www.finra.org/media-center/news-releases/2018/finra-fines-interactive-brokers-5-point-5-million-regulation-sho
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Citadel securities violations and fines
During 15 years, Citadel did not pay more than $32 million in fines for 59 market violations. A number of instances were documented as 'wilful' naked shorting by Citadel Securities. They have been fined 59 times for infractions of FINRA, REGSHO & SEC rules.
https://news.investorturf.com/citadel-securties-violations-and-fines

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MASSIVE TRADING FIRM KNIGHT CAPITAL CHARGED WITH ABUSING “NAKED SHORTS”
Finra charged KCG on October 31 with thousands of violations of the SEC rule banning abusive “naked” short selling.
https://theintercept.com/2016/12/15/whistleblower-vindicated-massive-trading-firm-knight-capital-charged-with-abusing-naked-shorts/
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Wedbush Securities Sued for Naked Short Sale Scheme
Wedbush Securities, based in Los Angeles, California, was sued in California state court for a market manipulation scheme. The lawsuit alleges that Wedbush improperly executed naked short sales of Life Partners Holdings Inc.’s stock, engaged in a “massive, illegal stock market manipulation scheme” that caused Life Partners Holdings Inc.’s stock price to drop, and that Wedbush and other unnamed defendants have been executing phantom securities transactions since Oct. 1, 2009, in an effort to profit from additional fees, commissions, and interest.
https://dkrpa.com/blog/naked-short-sale/
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DOJ probe into shadowy underworld of short selling ‘long overdue’
Jaclyn JaegerBy Jaclyn JaegerTue, Jan 11, 2022 10:17 AM
“I believe [illegal short selling] is the largest commercial fraud in U.S. history. It makes the Bernie Madoff scheme look like a gnat on an elephant’s behind.”
Wes Christian, Partner, Christian Smith & Jewell
https://www.complianceweek.com/risk-management/doj-probe-into-shadowy-underworld-of-short-selling-long-overdue/31237.article