He is right. You will not find one law on naked shorting. It is not illegal period. Now there is SEC regs on it to help abusive use of NS but that is a regulatory issue not a legal one. Now what many claim is illegal is not the NS but manipulation which many states have laws on and also there are federal laws on manipulation. NS is like a gun. Guns are not illegal but you can abuse the use of a gun. If you murder someone it isn't the gun that is illegal, it's the murder.
The illegal part is used by those scamming people into believing buying and holding bad stocks claiming NS is a good thing. These paid touts like Bud Burrell who abuse there following while being paid to claim NS. Or people like Bobo who use misleading numbers to make NS look worse then it is. Using total fails while conveniently forgetting to mention that 98.8% of those are covered. Or people like David Patch who make himself look like a savior while people working for him namely JCline are going from scam to scam claiming NS and convincing people to buy and hold a bad investment. Like buying any manipulated stock, NS or by the CEO, is a good investment.
Now there is the true criminals. If not for these people then there would be no market for these crooks.
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