I agree. You buy stock from a Stockbroker who gets it from a MM. The MM had stock to sell and the brokers sold it. Was it the MM or stockbrokers that sold more then what they should have sold. They either knew or should have known what they did was wrong. A company can issue the shares and the brokers through the MM sell shares. The question becomes who sold more then what were available? It sure looks like the brokers to me.