From: Dean Faulkner [dfaulkner59@hotmail.com]
Sent: Friday, November 07, 2003 10:41 AM
To: rule-comments@sec.gov
Cc: chairmanoffice@sec.gov; nazaretha@sec.gov; cutlers@sec.gov
Subject: Release No. 34-48709; File No. S7-23-03

Naked Shorting or Non-Settlement of Trades

I would consider myself a typical investor. Married, two kids, house, both I 
and my wife work. My wife and I had a great idea about three years ago. We 
should put our savings in a stock portfolio for our future college and 
retirement needs. So we invested our meager, but hard earned, savings in 
mutual funds. We have as of this date lost over seventy percent of our 
initial investment.

But that did not deter us from the stock market. I decided to educate myself 
about how the market worked by researching and investing in a penny stock. I 
could lose my investment, but it would not be near what I lost on the big 
boards. Boy, have I learned more than I wanted. I'll make this as brief and 
to the point as I can.

* Rules and regulations in the market are no more than scribblings on toilet 
paper if the enforcement is non-existent. Try enforcing the existing rules, 
especially Settlement of Trades.

* If I had known that I could get shares of a company without having to pay 
for them, then of course, that would have saved me money.

* If I had known that I could sell those free shares without anyone asking 
me to pay for them, (see bullet above), then of course that could have made 
me money.

* I also would expect the police to step in and stop a rape in process if 
they were told about it. I see and hear the investors voice fall on deaf, 
and might I add, mute enforcement officers when it comes to the markets. Of 
course when you see what is happening in the rich neighborhoods (Big 
Boards), you can only imagine how well their patrolling the poor 
neighborhoods (OTCBB, Pinks and Greys).

Investor confidence???

I am a typical investor.

Respectfully,

Dean A. Faulkner

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