Collecting insignia from the Federal Bureau of Investigation since 1999.
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©  Copyright 1999-2006.  All Rights Reserved.
Operation Short Sell was a New York FBI Undercover Operation which was the first in a sequence of undercover investigations targeting subjects trafficking in stolen or counterfeit negotiable instruments: mostly stocks/bonds, checks, etc. It encompassed investigations into several different ethnic groups and con artists.  The lead agent was undercover for nearly nine years during this series of investigations.  This particular operation ran from 1986-1988.  See Note Below. 

Short Sell was the name of a thoroughbred racehorse that was obtained from a racing form. The designer didn't want to put anything referring to a race track in particular on the patch so as not to defame the horse racing industry. The main concern of the investigations was the money and greed anyway, so that is what is depicted.

Source: SA Dave Maniquis