Replies to post #77388 on Medinah Minerals (MDMN)

[Toxic Avenger]

I think you misunderstand the concept of naked shorting.

Naked shorting is somehow convincing a broker to offer shares for sale by you that you don't own. It's virtually impossible to do and if you're a short seller (naked or not), you want BUYERS of those fake shares. Needless to say, ALL brokers ensure the shares they are buying for their customers are not counterfeit. That's why DTCC/Cede exist.

Onto Les. Les allegedly used his insider position to counterfeit, steal or otherwise acquire shares which he then sold. Since the company claims no knowledge of the shares, this was in fact a form a naked shorting, aka counterfeiting. Once again, the only one who could do this is an insider maintaining the company's books and/or the transfer agent.

So Les IS the naked shorter (in a sense) and THERE ARE NO OTHERS.

Unless of course JJ and others were doing the same thing, which allowed Les to operate. If so, then I think we all agree - go after ALL the bastards.