SEC Racks Up First Naked Short-Selling Settlements

Law360, New York (August 5, 2009, 5:03 PM EDT) -- The U.S. Securities and Exchange Commission on Wednesday announced the settlement of its first two enforcement actions targeting naked short-selling, just weeks after the commission made permanent a rule barring the practice.

The SEC reached deals in two separate administrative actions against Hazan Capital Management LLC and its majority owner Steven M. Hazan, and TJM Proprietary Trading LLC, TJM trader Michael R. Benson and the firm's Chief Operating Officer John T. Burke. No parties in the actions admitted or denied guilt in the cases.

Hazan and...
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