A National Scandal
Much has been said and written during the past year regarding who is to blame and exactly what caused this complex economic meltdown and loss of confidence in our trading and capital systems.
The public needs an understandable explanation of the truth, as well as, the confidence that those in charge will correct the past mistakes.
Following is a straightforward presentation of past and recent events that any individual can follow, understand and derive a logical conclusion from.
The past SEC administration was incompetent or conflicted. They permitted and covered up the gross abuse of established securities trading rules.
One small American company identified the problem of “naked short selling” and even went to Court to prove it existed. They won substantial jury-decided lawsuits against several investment brokerages. They then were compelled to sue the SEC administration for its failure to protect the company and its shareholders from these activities.
What was their reward for being the Whistleblowers who took on the SEC in an attempt to prevent the continuation of these violations and possibly prevent the economic meltdown of late?
Read SOLD SHORT in America and meet real Americans who experienced, first hand, what happens when you have the righteous indignation, the courage and the true cause to “take on City Hall” (in this case – The SEC). What you will find are the root sources and causes of this seemingly complex “naked short selling” calamity. It has taken its toll on these valiant individuals, their thriving business, and will ultimately affect the confidence that this great Nation and its Patriots have relied upon as a result of the actions of heroic whistleblowers.
The story will anger you.
Its’ time that those regulators who were entrusted with our financial safety in the market and, therefore our financial futures, are exposed as the true cause of confusion, distrust, illegalities, fraud, and outright thefts that have been perpetrated upon the American public.
When the public sees that the SEC is neither a formal nor transparent agency of our government, their reaction will be predictable. They will demand to open the SEC’s books. Then, the cause of the current economic problem and its solution will be in the hands of the public.
Naked shorting is a significant cause of the present financial crisis, which the SEC failed to regulate for years in the interest of Wall Street firms, as well as itself. (just as it also failed to prevent the Madoff scandal)
A number of Senators have recently called for a ban on naked short selling, which, in the past, the SEC vehemently and repeatedly denied the essence of.
This failure by the SEC to regulate our trading markets for years has led to the destruction of thousands of small public companies, substantial devaluation of investments, the loss of 401Ks by millions of Americans, and the tragic loss of hundreds of thousands of jobs.
The SEC has permitted, and actively covered up this national scandal of naked short selling for more than 15 years and as, you will painfully witness in the pages of SOLD SHORT in America, it actively harassed and persecuted prominent whistleblowers to silence them in the interest of the naked short sellers, and the SEC itself.
Trillions of counterfeit and unregistered shares in the names of small public companies have been permitted by the SEC to be traded – destroying their market values and thereby contributing to many of their eventual bankruptcies.
Naked short sellers do not have to purchase the stocks they originally sold short, when the subject company fails due to the downward stock price pressure of the naked short selling of its stock, as well as the internet posting of negative propaganda on the company.
Proper taxes are not paid on the revenues the naked shorters collected through the illegal selling of these phantom non-existing shares. These unpaid taxes, it is estimated by the Wall Street Journal, would be enough to pay off the National Debt.
Naked Short Selling, selling shares you do not own and never deliver, is Grand Larceny under the laws of every State. It is also a violation of the counterfeiting Statues of the United States.
Those who commit these crimes and those who, by their denial fail to prevent and thus perpetuate them, deserve to be imprisoned … not their victims or the whistleblowers exposing them.
Richard A. Altomare CEO
Universal Express, Inc.