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SEC fines Ontario Teachers' for shorting violations

2013-09-17 15:03 ET - Street Wire

Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission

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by Mike Caswell

The U.S. Securities and Exchange Commission has fined the Ontario Teachers' Pension Plan Board and 22 other organizations for short-selling violations. The SEC claims that the firms sold a number of companies short just before receiving shares in those same companies through offerings. The fines levied by the SEC total $14.4-million, with the Ontario Teachers' agreeing to pay $224,835. (All figures are in U.S. dollars.)

The sanctions, announced by the SEC on Tuesday, Sept. 17, stem from violations of rules designed to prevent manipulation of a stock ahead a public offering. Generally, the SEC prohibits traders from participating in an offering if they have sold the same stock short within the preceding five days. Such short-selling can reduce the price of the offering, generating profits for the short-seller.

Teachers' CEO Jim Leech
OTPP
Teachers' CEO Jim Leech

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Oh please tell me that the Ontario Securities Commission was in on the investigation. Otherwise great work SEC! The people running the OTPP should know better.

Posted by Cyril at 2013-09-17 15:21

so willfully breaking securities rules for chump change, yet not a single trading ban? how come promoters who arent registered get trading bans, fines etc., and government sponsored traders that trade for chump change get a slap on the wrist and continued trading??????

Posted by 2 sets of rules at 2013-09-17 20:13

Sad that one of the proponents of supporting Canadian businesses are no better than the crooks they make money from. A really sad day for Canadian markets and I am saddened that my education came from good people who's pensions are managed by hypocritical self important gurus that care more about their performance bonus than the foundations of people and ethics that got them there. Shame on you and hope you are one day mopping the floors of the schools your pensioners worked hard to get you to the ivory towers you work in...for now..

Posted by JohnAnderson at 2013-09-18 22:20

Sad that one of the proponents of supporting Canadian businesses are no better than the crooks they make money from. A really sad day for Canadian markets and I am saddened that my education came from good people who's pensions are managed by hypocritical self important gurus that care more about their performance bonus than the foundations of people and ethics that got them there. Shame on you and hope you are one day mopping the floors of the schools your pensioners worked hard to get you to the ivory towers you work in...for now..

Posted by JohnAnderson at 2013-09-18 22:26


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