The puts on UAL and AA were never exercised and were allowed to expire.
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The fact that the puts were purchased creates a documented paper trail that identifies the party that purchased the puts.
Broker/dealer compliance requires special financial requirements along with the “know your customer rule”.
plus in addition to idenification & suitability required to purchase puts, the account must have “good funds” on deposit with the broker/dealer prior to executing the purchase.
Whether the puts were exercised, or not, has nothing to do with the industry requirements that identified the entity that purchased those puts.
Security trading is not like walking up to the crap table, throwing down a wad of bills & declaring “ money plays”
there is not doubt the buyer of those puts was on record at that time
The gummit investigators just never disclosed who it was
I’ll give you that, they knew.