GO
Loading...

Short-Seller Charged with Lying about ADS Acquisition

U.S. securities regulators said on Thursday they filed a settled complaint against a Wall Street trader accused of intentionally spreading false rumors about the planned acquisition of Alliance Data Systems while selling the stock short.

Paul Berliner, formerly associated with Schottenfeld Group, agreed to settle the civil case without admitting or denying the allegations, the U.S. Securities and Exchange Commission said in a statement.

The SEC said Berliner would disgorge $26,129 in profits and interest, and pay a maximum penalty of $130,000.

(See the full discussion about Berliner and the SEC case in the CNBC video at left.)

Blackstone Group agreed last year to buy Alliance for $6.76 billion, but the deal collapsed this month.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

Don't Miss

U.S. Video

  • The bosses at VMS, a credit card processing company in Illinois hand over control of the business to their employees who must address the office dysfunction.

  • VMS is a family owned business and employees feel family members get special treatment. Tensions run high when they are told three people could lose their jobs.

  • Zoe fiercely defends his job when he is at risk to be fired. His passion surprises his fellow co-workers.