Monday, 25 May 2015
Last updated 3 days ago
Mar 6 2014 | 10:20am ET
A Long Island firm has been hit with the largest-ever fine for shorting into the deal.
Worldwide Capital and founder Jeffrey Lynn agreed to pay $7.2 million to settle allegations that they violated Rule 105, which bars traders from shorting a stock before a public offering, and then participating in that offering. Neither Lynn nor his hedge fund admitted or denied any wrongdoing.
According to the SEC, Worldwide violated Rule 105 about 60 times over a four-and-a-half year period, ending in February 2012. The trades earned Worldwide and its traders more than $8.4 million.
“Rule 105 is an important safeguard designed to protect the market against manipulation, and we will continue to aggressively pursue violators,” Andrew Calamari, head of the SEC’s New York office, said.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…