re: [[ And that is supported by the fact that there has never been a hidden short position suddenly uncovered. Try finding a single example of where that has happened. You won’t be able to. ]]
here are a couple. plenty more if you search for them. absolute money corrupts absolutely. :-(
. [[ Washington D.C., Jan. 31, 2014 — The Securities and Exchange Commission today charged a pair of college professors in Tallahassee, Fla., with perpetrating a complex naked short selling scheme for more than $400,000 in illicit profits.
Abusive naked short selling occurs when shares are sold without having the shares to deliver, and then intentionally failing to deliver the securities within the standard three-day settlement period. An SEC investigation found that Gonul Colak and Milen Kostov repeatedly engaged in a series of sham transactions designed to perpetuate a naked short position as part of an elaborate options trading strategy. Colak and Kostov were required to deliver the securities underlying their short positions within the standard three days. Instead, their sham reset transactions created the illusion that they had delivered the underlying securities when in fact they had taken no steps to do so. They maintained the uncovered naked short positions and profited.
Colak and Kostov agreed to settle the SEC’s charges by paying more than $670,000. ]]
. [[ S.Korea regulator fines two firms for naked shorts under stricter law
SEOUL, March 8 (Reuters) - South Korea's financial regulator fined two firms for naked short selling in the local stock market, for the first time under the new law of heavier penalties.
The Financial Services Commission (FSC) said that the firms were each fined 2.18 billion won and 3.87 billion won for their illegal trading in 2021, in a statement released on Wednesday.
They were the first cases fined under the revised Capital Markets Act that came in effect in April 2021 and raised fines to maximum five times of illegal profits from 100 million won, according to the FSC. ]]
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