Saturday, April 26, 2008

You don't want to start any blasphemous rumors

Depeche Mode had it right! You really " don't want to start any blasphemous rumors..."

S.E.C. Accuses Trader of Spreading Rumors - New York Times:
"In what the Securities and Exchange Commission said was its first rumormongering case, a former securities trader settled accusations Thursday that he had spread false rumors to profit from a pending merger.

The trader, Paul S. Berliner, then employed by the Schottenfeld Group, an investment firm, agreed to pay a $130,000 fine, return $26,129 in profit that he had made, and agreed to be barred from working at any brokerage firm. He settled the charges without admitting or denying the allegations.

The S.E.C. said the charges were related to the proposed buyout of Alliance Data Systems, a credit card processor, by the Blackstone Group, a deal that eventually fell through as a result of unrelated events."

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