I have seen it a bunch of times. Someone here wrote the head of the Berlin exchange and got a letter back saying that naked shorting is not allowed there and none of the companies are "listed" just that any company that trades on a recognized exchange can be traded there.
I have a definite opinion about financialwire that would probably get me sued if I posted it.
The Rhino Sedona thing is being misrepresented. Rhino did a convertible debenture with Sedona. The agreement expressedly forbid Rhino from shorting against those restricted shares. Rhino did it anyway which is why they lost the judgement. Please note, since Rhino had restricted shares to eventually cover their short, this was not naked shorting. Had the "no shorting" clause not been in the agreement, Rhino would have acted perfectly legally.
I know a lot of those companies. And there are a lot I don't know. The ones I know were all pump and dumps, many with SEC actions and trading halts. Some have had their registration revoked and trade no where. Good deal for those investors. Since all the ones I know are scams IMO, I think there is a good chance all the ones I don't know may be also.
jmo, I think the whole naked shorting thing is a myth and dillution ends up being the answer to why these companies tank. Dillution and the lack of a viable product or any prospects of profits.
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