Coastal Capital Acquisition Corp (CCAJ)

[Dspetry]

Interesting read....

http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&ssDocName=NASDW_013841&ssSourceNodeId

Former Knight Trader Joseph Leighton Barred, Ordered To Pay $4 Million To Settle Charges of Fraudulent Trades With Institutional Customers...

Joseph Leighton's institutional customers believed that the prices they paid for trades were based upon Knight's cost in acquiring (or selling) shares to fill their orders. Instead, Joseph Leighton had Knight acquire (or sell) a stock position after he received an institutional customer's order, and then waited until the price of the stock moved before executing trades to fill the customer's order, creating greater profits for Knight at the expense of his customer. If the price of the stock moved in favor of Knight's position, Joseph Leighton delayed executions and traded with his customers at prices reflecting the positive price movement. If the price of the stock moved against Knight's position, Joseph Leighton executed trades with customers based upon prices at an earlier time, which were more advantageous to Knight....