CMKM Diamonds Inc. (fka CMKX)

[jimmym4]

February 21, 2012 4:07 PMtext size: TT
EU Ministers Adopt Curbs on Naked CDSs in Short-Selling Law

Palm Beach News
‘Wall Street Conspiracy’ documentary puts spotlight on naked short selling

Federal proceedings will begin in June against a Glenbrook School District 225 school board member charged with netting more than $17 million in improperly trading shares.

The U.S. Securities and Exchange Commission alleged Northbrook resident Jeffrey Wolfson and his brother, Robert Wolfson, sold borrowed shares in hopes of profiting from declining prices.

Called naked short selling, while the transaction is legal, SEC rules require sellers to locate shares to borrow before selling them short, according to a SEC release.

Naked short selling also occurs without borrowing the securities to make delivery.

The brothers neither located the stock before the sale, nor did they deliver the shares when sold or make a real purchase of the stock, stated the SEC.

Think Wall Street is rigged? Learn how to protect yourself

http://www.usatoday.com/money/perfi/columnist/krantz/story/2012-02-29/protecting-your-investments/53307028/1

Judge orders documents in Overstock case unsealed
Lawsuit » Goldman, Bank of America have tried to protectshort-selling records.
By David Voreacos | Bloomberg News
First Published Mar 09 2012 10:36 am • Last Updated Mar 09 2012 09:57 pm
Goldman Sachs Group Inc. and Bank of America Corp. documents that were deemed confidential in a lawsuit filed against them by Overstock.com Inc. must be made public, a state court judge in San Francisco ruled.