SEC Short-Selling Crackdown Nets $14M In Settlements

Law360, New York (September 17, 2013, 2:41 PM EDT) -- The U.S. Securities and Exchange Commission said Tuesday it had filed and settled nearly two dozen enforcement actions against investment firms including D.E. Shaw & Co. over alleged short-selling, with the defendants agreeing to pay a total of $14.4 million in sanctions.

The SEC filed administrative proceedings against 23 firms, and reached settlements with all but one defendant. According to the agency, the firms violated Rule 105 of Regulation M, which bars firms from shorting a security during a “restricted period” — typically five business days...
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