What I find so disingenuous about the selling into volume apology, is that the brokers had ample opportunity during the T+3 settlement period to (1) realize they could not get the shares and (2) break the trade.
However, the brokers let the trades settle, thereby committing themselves to delivering the shares they sold.
If the SEC Chairman deems it fit to use the word FRAUD in describing what was going, I would think he would know.
The problem with working outside the law, you no longer have the protection of it. -- Truman Capote.
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