The Securities and Exchange Commission (SEC) announced today that it has settled with 22 out of 23 firms on charges of short selling violations for $14.4 million in total sanctions.
SEC rules on shorting stocks
According to SEC Rule 105, companies are not allowed to short a stock and then immediately buy it again through a public offering, because such moves manipulate prices and generally result in ‘illicit profits’. A five day restriction on shorts...
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