{"id":5806,"date":"2015-06-10T00:00:00","date_gmt":"2015-06-10T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/06\/canadian_trader_must_pay_over"},"modified":"2022-05-06T15:46:25","modified_gmt":"2022-05-06T20:46:25","slug":"canadian-trader-must-pay-over","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/canadian-trader-must-pay-over\/","title":{"rendered":"Canadian Trader Must Pay Over $1M For Short Selling Violations"},"content":{"rendered":"

Andrew L. Evans, a trader living in Canada, has consented to pay over $1 million to resolve charges that he shorted U.S. stocks in companies planning follow-on offerings and then illegally purchased shares in the offerings to generate substantial profits at little to no risk. The Securities and Exchange Commission said that through his firm Maritime Asset Management, Evans violated Rule 105, federal securities laws\u2019 anti-manipulation provision, multiple times.<\/p>\n

Under Rule 105, short selling in an equity security is not allowed during the restricted period, which is typically five days leading up to a public offering, nor is buying the security via the offering. By buying the shares at a lower price in the follow-on offerings that could cover his sort sales, Evans allegedly made over $580K in illegal profits.<\/p>\n

The SEC said that the short selling violations<\/a> happened between 12\/10 and 5\/12. Under the settlement, Evans must pay over $582K in disgorgement, more than $63K in prejudgment interest and a penalty of more than $364K. A court must still approve the settlement.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Andrew L. Evans, a trader living in Canada, has consented to pay over $1 million to resolve charges that he shorted U.S. stocks in companies planning follow-on offerings and then illegally purchased shares in the offerings to generate substantial profits at little to no risk. The Securities and Exchange Commission said that through his firm […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3760,3761,3973],"tags":[],"class_list":["post-5806","post","type-post","status-publish","format-standard","hentry","category-sec-enforcement","category-securities-and-exchange-commis","category-short-selling"],"yoast_head":"\nCanadian Trader Must Pay Over $1M For Short Selling Violations — Investor Lawyers Blog — June 10, 2015<\/title>\n<meta name=\"description\" content=\"Andrew L. 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