Friday, December 22, 2023 9:42:37 AM
“A recent one that’s received a good deal of attention involves Hal D. Mintz and his firm, Sabby Management LLC, which managed two private funds. Sabby mismarked tickets for short sales, saying they were long sales. By selling without borrowing stock, the firm was unable to make delivery. In addition:
The SEC’s complaint further alleges that Sabby Management and Mintz tried to conceal their fraudulent trading, including by using securities acquired after the trades to make it appear to brokers executing the trades that they had complied with the requirement to have borrowed or located the shares prior to their trades. As the complaint alleges, when questioned by at least one broker regarding their trading, Sabby Management and Mintz repeatedly lied about the trading.”
https://www.securitieslawyer101.com/2023/what-short-selling-is-and-isnt/
"Be fearful when others are greedy, and greedy when others are fearful."
_Warren Buffett
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