Yes, I understand the legal short selling process through a legitimate brokerage. However, it would seem that illegal naked short selling could be done more nefariously and perhaps untraceable (i.e. via dark pools, etc.) I don't know... it just seems there are crooked ways to scam the system.
Buyers of naked shares may be able to trade them, since they show in their account... and since the shares weren't actually "borrowed" then they become additional illegal shares.
I need to dig into this more.
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