MARKET SCAMS

[HHUGHES]

Canaccord fined over short sales
Supervision inadequate, industry regulator rules
Jul 07, 2007 04:30 AM
VANCOUVER–The Investment Dealers Association of Canada has fined Canaccord Capital $85,000 for failing to adequately supervise an account and not restricting an unfair strategy called "naked short selling."
http://www.thestar.com/Business/article/233374
...According to a negotiated settlement reviewed by a hearing panel June 29, the activity took place from November 2001 to November 2002 and involved two Toronto-based employees who dealt with options. They were responsible for managing the assets of Stonestreet LP, a hedge fund with an account at Canaccord, and, according to a statement of facts, were involved in "naked short selling," which involves short selling without first having borrowed the shares. ...


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Gemini Explorations Inc. Reports Illegal Naked Short Interest
Position and Restates Total Number of Issued and Outstanding
Shares Reduced to 32,500,000
2007-06-07 12:10 ET - News Release
MIAMI, FL -- (MARKETWIRE) -- 06/07/07

Gemini Explorations Inc.
("Gemini") (OTCBB: GMXP) reports that after reviewing
the company's stock with an independent analyst, there is
an illegal naked short interest position of
approximately 3.5 to 4 million shares in GMXP.
This is in very sharp contrast to the OTCBB.com report
showing the short interest to be 23,972 shares as of
May 31, 2007.

NASD Rule 3360 has been expanded to require NASD member
firms to report their short positions on all over-the
counter ("OTC") equity securities to NASD Regulation,
on a monthly basis.
Once the short position reports are received, the
short interest is then compiled for each OTC security.

Firms are required to report their short positions as
of settlement on the 15th of each month, or the
preceding business day if the 15th is not a business day.

The reports must be filed by the second business day after
the reporting settlement date.

The short interest data is compiled and provided
for publication on the 8th business day after the
reporting settlement date.