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SEC charges against short selling violations
03 February 2012
Two brothers living in Chicago and New York have been charged for naked short selling
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SEC
short selling
The Securities and Exchange Commission (SEC) has charged two brothers living in Chicago and New York with for failing to locate and deliver shares involved in short sales to broker-dealers.
According to the SEC, Jeffrey Wolfson and Robert Wolfson generated more than $17m in ill-gotten gains from naked short selling transactions involving such stocks as Chipotle Mexican Grill, Fairfax Financial Holdings, Novastar Financial, and NYSE Group between July 2006 to July 2007. By not locating stock before making a short sale, they were in violation of Regulation SHO. In addition, a second type of transaction - a stock and option combination - created the illusion that the party subject...
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