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Court ruling might end naked short selling
By James Stafford
OilPrice.com, London
Monday, October 16, 2023
American investors have been taken for a trillion-dollar ride by naked short sellers, in what could turn out to be the biggest financial regulatory scandal in North American history.
While what is now an all-out war on naked short sellers intensifies, there is a new flashpoint on the front line -- a potentially devastating ruling targeting those who are alleged to make illegal naked short selling possible: the facilitators -- bankers and brokers.
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On Sept. 29 U.S. District Court Judge Lorna Schofield of the Southern District of New York issued a ruling that has the potential to significantly disrupt Wall Street compliance and is a major first step toward protecting retail investors from fraud.
In Harrington Global Opportunity Fund Ltd. v. CIBC World Markets Inc et.al, Judge Schofield found that broker-dealers may be primarily liable for manipulative trading initiated by their customers because they serve as "gate-keepers" of trading on securities exchanges.
These broker-dealers have a "continuing responsibility to ensure that their customer's order flow ... is in compliance with all applicable rules, regulations, and laws and detect and prevent manipulative or fraudulent trading ... under the supervision and control of the firm," the judge ruled. ...
... For the remainder of the report:
https://oilprice.com/Energy/Energy-General/Is-This-The-End-Of-Naked-Short-Selling.html
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