SEC says two Boca men performed illegal short saleslatest .By Jeff Ostrowski Palm Beach Post Staff Writer
Posted: 4:34 p.m. Tuesday, May 11, 2010
The Securities and Exchange Commission on Tuesday accused two Boca Raton men of illegal short selling of securities to make illicit profits.
Accused of violating the SEC's Rule 105, designed to prevent abusive short selling and market manipulation, were Peter G. Grabler who made $636,123, and Leonard Adams, who made $331,387. Grabler and Adams participated in numerous secondary offerings of stock in public companies to improve their access to initial public offerings underwritten by the same broker-dealers the SEC said.
Grabler and Adams, who both lived in Massachusetts during the period of the wrongdoing, agreed to pay a combined $1.5 million to settle the SEC's charges.
jeff_ostrowski@pbpost.com
