Saturday, 20 December 2014
Last updated 19 hours ago
May 9 2008 | 12:20pm ET
The Securities and Exchange Commission has filed a settled civil action against Quogue Capital and Wayne Rothbaum, Quogue's managing member and owner.
The SEC’s complaint alleges that Rothbaum committed multiple violations of a securities rule that prohibits covering a short sale when the short sale occurs during a specific period (usually within five business days) before the pricing of the offering.
Quogue and Rothbaum allegedly violated Rule 105 of Regulation M in connection with purchases of securities in public offerings made by Bioenvision, Geron Corp., Cotherix and Point Therapeutics. The SEC alleges that on each such occasion, Rothbaum sold securities short within five business days before the pricing of public offerings and then covered the short positions with securities purchased in the offering pocketing a total of $782,902 form the trades.
Without admitting or denying the allegations of the complaint, Rothbaum agreed to pay a civil money penalty in the amount of $390,000.
The SEC also instituted settled cease-and-desist and administrative proceedings against Rothbaum, who agreed to the proceedings and paid a disgorgement charge of $782,902 and prejudgment interest of $161,154.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.