SEC Settles Short-Selling Case With Offshore Cos.

Law360, New York (November 8, 2007, 12:00 AM EST) -- Offshore investment companies Armstrong Capital Ltd., Bay Capital Investment Ltd. and their owner have agreed to pay $1.8 million to settle U.S. Securities and Exchange Commission claims that they repeatedly violated a rule governing short selling in connection with a public offering.

Under the settlement, Armstrong Capital, Bay Capital and Timothy M. Bliss, the owner and principal trader of both, did not admit or deny the allegations, according to the SEC. As part of the agreement, the two companies and Bliss consented to pay disgorgement plus...
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