Well, what did he do to deserve an SEC ambush?
I’m definitely not an expert on the stock market, but if he was involved in naked short selling (i.e., selling shares that they do not actually own), he probably won’t get much sympathy from the man on the street. I don’t know if he was doing that or not. But even regular short selling probably won’t win him a lot of friends among the small folks.
I remember a story (but not the details) of a man who bought up every single last share of a small company. Even then, many shares of the stock (that didn’t actually exist) were still being sold short on the market. He was amazed, since he owned every single share of the company, and he wasn’t selling any. It’s the kind of thing that caught the big boys with their hand in the cookie jar regarding Gamestop recently.
Well, what did he do to deserve an SEC ambush?
Simple, one does not yell fire in the house of Wall Street.