Thank you! A great explanation on naked shorting. It's great that the fail to deliver creates a failed trade, but a very clever tool to drive the price down. The reason this is such a huge problem is that these are extremely intelligent people dreaming up these devious plots. Much easier to make a fortune stealing other peoples money than working for an honest living. Our society engine is fuelled by intelligence deception and greed. The smartest and most devious person becomes the richest. I guess thats why I never rose to the top of the pile!!