This is how it gets violated: Naked Short Selling
Post# of 11038
Posted On: 02/06/2016 11:09:41 AM
This is how it gets violated: Naked Short Selling (NSS) NEVER EVER happens on the poorly watched OTC!!!
Quote:
Between May 25, 2011 and April 29, 2013 (the "Relevant Period"
, Kerrigone, while registered with Wilson-Davis, failed to find locates for 149 short transactions and instead, improperly relied on the bona fide market maker exemption under Rule 203(b)(2) of Regulation SHO ("Reg. SHO" promulgated under the Securities Exchange Act of 1934. By virtue of the foregoing, Kerrigone violated FINRA Rule 2010 by causing the Wilson-Davis to violate Rule 203(b)(1) of Reg. SHO.
Quote:
Without admitting or denying the findings, Kerrigone consented to the sanctions and to the entry of findings that he caused his member firm to violate Rule 203(b)(1) of SEC Regulation SHO when on occasions, Kerrigone placed orders to sell short low-priced stocks through the firm's proprietary trading account and failed to locate the securities, claiming the market marker exemption to the locate requirements. The findings stated that the market maker exemption was not available to the firm because Kerrigone was not engaging in bona-fide market marking activities in these securities. The firm generated over $158,239 in profits from these short transactions.
https://promotionstocksecrets.com/wp-content/...yOrder.pdf
Quote:
Between May 25, 2011 and April 29, 2013 (the "Relevant Period"
, Kerrigone, while registered with Wilson-Davis, failed to find locates for 149 short transactions and instead, improperly relied on the bona fide market maker exemption under Rule 203(b)(2) of Regulation SHO ("Reg. SHO" promulgated under the Securities Exchange Act of 1934. By virtue of the foregoing, Kerrigone violated FINRA Rule 2010 by causing the Wilson-Davis to violate Rule 203(b)(1) of Reg. SHO. Quote:
Without admitting or denying the findings, Kerrigone consented to the sanctions and to the entry of findings that he caused his member firm to violate Rule 203(b)(1) of SEC Regulation SHO when on occasions, Kerrigone placed orders to sell short low-priced stocks through the firm's proprietary trading account and failed to locate the securities, claiming the market marker exemption to the locate requirements. The findings stated that the market maker exemption was not available to the firm because Kerrigone was not engaging in bona-fide market marking activities in these securities. The firm generated over $158,239 in profits from these short transactions.
https://promotionstocksecrets.com/wp-content/...yOrder.pdf
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