From: Terry Westerly [outward_bound52@cliffhanger.com]
Sent: Wednesday, November 19, 2003 10:31 AM
To: rule-comments@sec.gov
Subject: file S7-23-03

Good Morning and thank you for this opportunity to express my concerns 
over the rampant illegal abuse of naked short selling.

I commend the SEC for taking this action and hope that you see this problem 
through till the end.   The illegal abuse that has been allowed to fester 
for so long is disgusting.  Someone needs to be held accountable for letting 
this go on as it has.  There have been countless numbers of companies and 
investors who have been swindled and destroyed by the practice of illegally 
counterfeiting shares and selling them to unsuspecting investors.  This 
practice has caused massive dillution to many start up companies and has 
forced many of them to close their doors.  

Please pass these new rules and please make sure someone enforces them as well.

I would also hope that the commission would work toward fixing all the past 
abuses.  Do not allow these trades to remain unsettled.  Force the market 
makers and brokers and the DTC to balance all existing books as this is 
the only fair thing to do.

Thank you again for stepping in and helping to put trust back into our markets.

Terry Westerly
Long Island, NY
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