Thursday, 18 December 2014
Last updated 6 hours ago
Oct 8 2008 | 9:58am ET
The Securities and Exchange Commission has tightened the noose around another firm accused of illegal short selling.
This time, Los Angeles-based Lion Gate’s Kenneth Rickel has been fined by the SEC. The regulator alleges that Rickel used shares purchased in 14 registered public offerings—including American Capital Strategies, Gasco Energy, and Randgold Resources—to cover short sales that occurred during the five business days before the pricing of those offerings.
The SEC alleges that in each instance, Rickel engaged in transactions that created the appearance that the shares covering the restricted period short sales were purchased on the open market.
According to the SEC’s complaint, Rickel realized profits of at least $207,291 from the illegal short sales.
“The Commission is committed to curbing the abuse of short selling,” said Linda Thomsen, director of the SEC’s enforcement division. “Traders who attempt to hide their violations of the securities laws through sham transactions or other schemes will be held accountable.”
The SEC is seeking permanent injunction, disgorgement, prejudgment interest, and civil penalties against Rickel.
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.