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SEC charges firms on unlawful short selling
27 January 2010
The US Securities and Exchange Commission has charged two firms on unlawful short selling
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The Securities Exchange Commission
unlawful
short selling
The Securities and Exchange Commission (SEC) has separately charged two California investment advisory firms for engaging in improper short selling of securities in advance of their participation in a company's secondary offering.
These mark the first cases filed under the SEC's amended Rule 105 of Regulation M, which is designed to prohibit manipulative short selling ahead of follow-on securities offerings.
In one case, the SEC charged Los Angeles-based AGB Partners LLC and its principals Gregory A. Bied of Boise, Idaho, and Andrew J. Goldberger of Santa Monica, Calif., finding that they netted thousands of dollars in improper profits by shorting in advance of their purchase of stock in a...
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