David Dayen, a persistent chronicler of how oligarchs exploit the financial system to enrich themselves at the expense of others, writes about Chris DiIorio, a stock analyst who for 10 years has obsessively investigated how exactly he came to lose $1 million on one penny stock. A remarkable story ensues.

  1. Part 1

    The Money Is Gone

  2. Part 2

    Big Players, Little Stocks, and Naked Shorts

  3. Part 3

    Naked Shorts Can’t Stay Naked Forever

  4. Part 4

    Calling the SEC

  5. Part 5

    Turning Up Like a Bad Penny

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