| Author | Source |
|---|---|
| u/atobitt |
To whom it may concern,
The following represents a summarized narrative from my works cited below. I write out of concern for the continuity of our financial system. Most importantly, to illustrate the injustice that it allows.
Hedge funds and offshore entities are NOT required to disclose most of their financial information- including short positions
Citadel Securities is a market-maker for Citadel Advisors (hedge fund). They are considered a significant player within their environment. Citadel Securities has registered with the SEC and FINRA since 2002
Investors rely on the SEC and FINRA to make sure these entities are not adversely affecting our markets, which are heavily regulated
However, since 2006, FINRA has caught Citadel Securities breaking the rules in 60 separate events. Here are the facts:
There is an event for almost every year since 2006
Several violations span multiple years, with just 1 written violation
The phrase “without admitting or denying” appears 123 times on a 182 page PDF
The phrase “failed to” appears 218 times. Here are 4:
FAILED TO ESTABLISH AND MAINTAIN SUPERVISORY SYSTEMS TO ACHIEVE COMPLIANCE
FAILED TO IDENTIFY A SHORT SALE INDICATOR
FAILIED TO DISPLAY CERTAIN OTC CUSTOMER ORDERS
FAILED TO CLOSE OUT A FAIL TO DELIEVER
The word “prevent” appears 102 times. Mostly in statements such as:
PREVENT THE EXECUTION OR DISPLAY OF SHORT SALE ORDERS
NO SUPERVISORY PROCEDURES TO PREVENT THE ENTRY OF ERRONEOUS ORDERS
RISK CONTROLS FAILED TO DETECT AND PREVENT
On March 25th, 2021 CITADEL RECEIVED A NEW CITATION FOR:
It is apparent that the disciplinary actions- often a small fee- are not adequate to prevent this type of behavior. Furthermore, they have become a cost of doing business as is apparent through the company’s indifference in admitting or denying the action.
As a citizen of the United States and direct participant within the US stock market, I demand the SEC explain WHY these actions are being tolerated.
For those of you who feel the same, please attest by signing your Reddit username in the comment section below
I give the reader of this document my express permission to redistribute as they see fit.
Works cited: Under the security of my 1st amendment rights, I will not change the syntax of my work because my emotions are baked within their message.