February 21, 2022
Dear SEC,
Thank you for taking the time to read this letter. I commend, and agree with the Commission for taking action against fraud, manipulations, and deception in the stock market. Even though it is a long over due step, it is a very necessary step for a more fair and transparent market. I only have one comment on the rule proposal that should be considered. It will make the commission very popular with the people.
Heres a quote the SEC should become well acquainted with:
When setting expectations, no matter what has been said or written, if substandard performance is accepted and no one is held accountable if there are no consequencesthat poor performance becomes the new standard. Due to the lack of consequences on Wall Street crime, gross negligence, and misreporting has become the new standard.
Simply, there needs to be a greater punishment for fraud, manipulation, and deception for retail investors as well as institutional investors. The punishment needs to be JAIL TIME because fraud, manipulation, and deception depreciate the liberties of other investors. A fine is not a great enough punishment since obviously it is not working a fine is a small tax institutions pay on top of great profits from market manipulation.
Other things that the sec HAS to mention is:
1.Dark pools
2.Synthetic shares/synthetic swaps
3.Front-running
Many retail investors are losing trust in the markets and in the SEC once again, this time do the right things.
Thanks,
Michael Markovic