Brothers Amassed $17M From Illegal Short Selling: SEC

Law360, New York (January 31, 2012, 7:37 PM EST) -- The U.S. Securities and Exchange Commission on Tuesday accused two brothers of racking up more than $17 million in illegal gains from naked short selling involving stocks such as Chipotle Mexican Grill Inc. and Fairfax Financial Holdings Ltd.

One of the brothers, Jeffrey Wolfson, stated in a recorded telephone conversation that, “What I sell them is not guaranteed, it never gets delivered, it’s funny paper,” according to the SEC, which began administrative enforcement proceedings against Wolfson, his brother Robert and New York-based broker-dealer Golden Anchor Trading...
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