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Investment strategy | Investing online | Stock market investing
Mark Faulk’s book “The Naked Truth” is excellent in many respects. Its success lies in juxtaposing three “stories”. The first story is about the average investor, who, due to vast loopholes in the current system, continues to be taken advantage of by “naked short sellers’ (i.e. brokers who serve the interests of hedge funds or off shore accounts) whereby millions (and sometimes billions) of shares of stock are “borrowed” but then never actually delivered. This causes the price of the stock to plummet (despite the demand for the stock—due to the artificial and limitless false supply) thereby bankrupting the company along with its investors. Although naked short selling in the penny stocks is illegal, this corruption is rampant allowing those who manipulate the market to make tens of millions of dollars at the expense of the innocent shareholder.
Such curruption is seen in the case of CMKM diamonds (story #2) the “stockplay of a lifetime”. CMKM diamonds which was supposed to create “a million millionaires” turned out to be one of the most elaborate stock scams in the history of the market involving a corrupt group of insiders who promoted the stock via sponsorship of race cars, giving stock dividends (which turned out to be worthless)to investors, creating exciting (albeit mendacious) press releases, giving false information to internet stock chat rooms and message boards all under the “watchful” eye of the SEC and the DTCC (the regulatory agencies set up to protect the investor) The promotion of CMKM diamonds eventuated in a shareholder base of FIFTY THOUSAND individuals who purchased over 700 BILLION shares of stock!!!
Finally, the third story is seen through through the eyes of one shareholder, who like thousands of others was addicted to the CMKM chat boards and message boards to the point of sinking almost into bankruptcy by investing more and more into CMKM and by neglecting his business. The “Naked Truth” is a fascinating account of greed, corruption, deceit, manipulation on the one hand and untiring effort in spite of insurmountable odds on the part of a handful of investors who decided to take on the fight, to right the wrongs of the system and to attempt to return to the shareholders that which is rightfully theirs. In short, the “Naked Thruth” is a MUST READ!!