Young Koreans are echoing r/WallStreetBets in their war against short sellers
Max Kim, Rest of World, 03 March 2021
The Korean Stockholders’ Alliance is located in Yeouido, Seoul’s financial and political district, on the fifth floor of an officetel building mostly occupied by financial companies. Jung Eui-jung, the 62-year-old head of the Alliance and the sole resident of its office, points out the window to a large, bright-yellow bus parked outside on Eunhaengro (“bank street”), so named because it is home to South Korea’s two main state banks. The Alliance is an advocacy group that represents retail investors, with around 41,000 members. Its current mission statement is displayed in block letters on the side of the bus: “I hate short selling!”
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Joon Hyun Kim is an American attorney who served as the acting United States Attorney for the Southern District of New York from March 2017 to January 2018. He was Deputy U.S. Attorney for the Southern District of New York from July 2015 to March 2017 after serving as the chief of the criminal division since July 2014. From April 2013 to July 2014, Kim was the chief counsel to the U.S. Attorney. Kim attended Phillips Exeter Academy, where he graduated in 1989, and graduated Phi Beta Kappa from Stanford University in 1993 and graduated cum laude from Harvard Law School, in 1996. After law school, he clerked for Miriam Goldman Cedarbaum of the Southern District of New York. From 2006 to 2013, Kim worked at Cleary Gottlieb Steen & Hamilton LLP.
Phillip Kim is a partner in The Rosen Law Firm. He graduated from Villanova University School of Law, J.D., 2002 & The Johns Hopkins University, B.A. in Economics, 1999. His practice areas are General Securities and Commercial Litigation. His bar and court admissions are: New York, United States District Court Southern District of New York, United States District Court Eastern District of New York, United States District Court, Northern District of New York, United States District Court Western District of New York, United States District Court District of Colorado, and United States Court of Appeals for the Second Circuit.
The Rosen Law Firm
SEC Charges optionsXpress and Five Individuals
Involved in Abusive Naked Short Selling Scheme
SEC, 16 April 2012
The SEC’s Division of Enforcement alleges that Chicago-based optionsXpress failed to satisfy its close-out obligations under Regulation SHO by repeatedly engaging in a series of sham “reset” transactions designed to give the illusion that the firm had purchased securities of like kind and quantity. The firm and customer Jonathan I. Feldman engaged in these sham reset transactions in a number of securities, resulting in continuous failures to deliver. Regulation SHO requires the delivery of equity securities to a registered clearing agency when delivery is due, generally three days after the trade date (T+3). If no delivery is made by that time, the firm must purchase or borrow the securities to close out the failure-to-deliver position by no later than the beginning of regular trading hours on the next day (T+4).
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