Poll for ASIC Shorting Complaint

Did you do the ASIC complaint?

  • Yes, I submitted.

    Votes: 14 87.5%
  • I'm not going to do this.

    Votes: 2 12.5%

  • Total voters
    16

johnnytech

Moderator
Staff member
The link to complain

This is not a poll so much, as it is a request. Then come back here and submit YES on the poll. This is for both a subtle nudge, and data capture.

Don't vote just to see results. Click "View Results" to see any time.

Edit: Make sure you put Clinuvel's name in the company field. (I ignored filing out the company's registration numbers). We aren't complaining about Clinuvel, but put them in the company field anyway so they all get flagged together.

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From Johnny H

It would probably be better if it weren't cookie cutter, and instead in your own words. Some themes to touch upon:

-Losses. Be honest; the truth is more than sufficient, and you want credibility with the investigators. The larger your calculated losses, the more seriously they'll take the complaint. For me, I've easily lost $1 million on paper since October. Many of you have as well.

-Abusive shorting. Make it clear that what is occurring is not only unfair; it's illegal. Use descriptive terms like abusive and manipulative. Remember: you're not complaining because the share price is low; you're complaining because someone is manipulating the share price and it has cost you a lot of money. It's stealing.

-Make it clear that you suspect that it's naked shorting. It's highly unlikely that the shorters have entered into a lending arrangement for over 4 million shares. Clinuvel is a thinly traded stock, which is one of the reasons it was targeted.

-Make it clear what you want the outcome to be, i.e forcing the shorters to cover the shares by purchasing them on the open market, or banning them from participating in the market altogether.

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From JT
In the complaint form under "what outcome do you want?", I said shut down naked shorting:
1) force uncovered naked shorts to be bought back, and
2) force brokers to borrow actual shares on their books to loan to shorters, and
3) force brokers to pay interest at the going variable money lending rate to any investor (retail or insto) who's shares were borrowed. If the broker keeps the interest without passing it on, it's not true actual price finding because the longers didn't get offset compensation and it skews the market mechanism.
4) Ensure that shares held in custodial for overseas depositaries cannot be loaned to shorters by local brokers.
 

impacman

Active member
It is not the easiest process to work through. How do you start - "I lost or will loose money' or "something else"? Then it is asking when it happened with only date ranges available (as opposed to "all the time") - then where "an Aust state or outside Aust" etc. Or is it just a case of get something down in the free text box talking about short selling for ASIC (and not worry about getting the forced field boxes particularly right/accurate)?
 

johnnytech

Moderator
Staff member
I picked "happened in the last 6 months".

I wouldn't fret the details too much, it's the massive number of complaints all at once that will give us a positive result if there is going to be one.
 

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