Here's a perfect example of naked shorting.

Mr. Louis Doyle reports

BARKER REPORTS MARCH 2011 TRADING AND SETTLEMENT SUMMARY

In follow-up to news in Stockwatch on March 21, 2011, a review and analysis of trading and settlement data during the month of March, 2011, revealed a significant increase in failures to deliver (FTDs) in Barker Minerals Ltd.'s public share market. During this time frame, reported stock sales at the Toronto Stock Exchange (TSX) and alternative exchanges, Alpha and Pure, far exceeded the net delivery of shares for settlement through CDS. The total net sales in March of 4,421,101 shares exceeded the total net settlement at CDS by 3,051,351 shares, suggesting a settlement fail rate of 69 per cent.

A summary of the trading and settlement data from November, 2010, until March, 2011, is displayed in the chart. The chart shows an increasing number of FTDs in conjunction with a significant increase in trading volume occurring in March. The data demonstrate that a significant amount of the volume is simply "trading volume," whereas the "net trading activity" is actually shares changing ownership.

NOV. 1 2010 -- MARCH 31, 2011, BML TRADING AND SETTLEMENT SUMMARY CHART

Date              Total buy    Total sell V    Net buys     Net sells
                      V

                     TSX           TSX           TSX          TSX

November, 2010    2,155,187   (-2,155,187)     747,431     (-747,431)
December, 2010    1,800,485   (-1,800,485)     876,585     (-876,585)
January, 2011     1,367,418   (-1,367,418)   1,052,352   (-1,052,352)
February, 2011    4,762,324   (-4,762,324)   1,834,810   (-1,834,810)
March, 2011      19,466,898  (-19,466,898)   4,421,101   (-4,421,101)
Totals           29,552,312  (-29,552,312)   8,932,279   (-8,932,279)

Date      Net buys       Net sells     Variance of TSX     % of net
                                         net sells

           CDS          Settled CDS        VS CDS      Trades settled
                                        net settlement 

November, 2010    672,678      (-682,678)         (-64,753)         (-8.60%)
December, 2010    963,375      (-963,375)            86,790            9.90%
January, 2011     970,098      (-838,848)        (-213,504)        (-20.20%)
February, 2011    951,012      (-951,012)        (-883,798)        (-48.10%)
March, 2011     1,369,750    (-1,369,750)      (-3,051,351)        (-69.00%)
Totals          4,926,913    (-4,805,663)      (-4,126,616)        (-46.10%)

* Includes Alpha and Pure 
** Variance is the estimated amount of outstanding FTDs during time period

Independent expert opinion

On Nov. 26, 2010, the company issued a news release announcing that the review and analysis of its internal trading and settlement data by an independent expert, STP Advisory Services Inc., confirmed that the company's stock was the subject of manipulative market activity, specifically through "failures to deliver" (FTDs) commonly referred to as "naked short selling."

Regulatory complaint submissions

Recommendations in the STP report included continued monitoring of trading and settlement activities and to report subsequent suspected abuses to the regulators. The company has submitted two past complaints to regulators and is submitting a third complaint with the trading and settlement data for the month of March which reveals a very large increase in the number of outstanding FTDs.

The submission complaints includes background information which identifies the time periods the intentional FTDs occurred and the net trading and net settlement totals of individual financial institutions from the same time period.

Barker will continue to monitor its trading and settlement activities and report any irregularities which may be related to fraudulent activities in Barker's public share market to the proper regulatory authorities.