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Stock Fraud Crack-Up

Traders Magazine, February 1998

Cromwell Coulson

The Securities and Exchange Commission has published for public comment proposed changes to 15c2-11, the rule that governs publication of quotes in securities that are not listed on Nasdaq or an exchange (see Release No. 34-39670).

The rule covers quotations in the pink sheets and on the OTC Bulletin Board as well as the over-the-counter markets in corporate bonds and foreign securities. While the SEC has good intentions, I think the rule would have unintended consequences highly detrimental to investors, issuers and the secondary markets.

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