Paul Berliner (trader)

Last updated

Paul S. Berliner is an investor who manages Levite Capital Management, a family office in New York City. Referencing activity that occurred while formerly working as a trader & analyst associated with the brokerage firm Schottenfeld Group, in April 2008, Berliner was simultaneously charged by/settled with the U.S. Securities and Exchange Commission for allegedly spreading a rumor designed to lower the stock price of Alliance Data Systems [1] Berliner allegedly had sold short borrowed stock of Alliance Data Systems, hoping to profit by repurchasing the stock when the price fell. The rumor, circulated over AOL Instant Messenger on November 29th, 2007, stated ADS getting pounded -hearing the board is now meeting on a revised proposal from Blackstone to acquire the company at $70/share, down from $81.50. Blackstone is negotiating a lower price due to weakness in World Financial Network -part of ADS' Credit Services Unit, as evidence [sic] by awful master trust data this month from the World Financial Network Holdings off-balance sheet credit vehicle. Berliner settled the charges on April 24, 2008 - without admitting or denying any wrongdoing - by disgorging profits, paying a $130,000 fine, and agreeing to a permanent bar from associating with any broker or dealer. Ironically, just one week earlier, the merger deal collapsed as Alliance Data Systems alleged that the affiliates of the Blackstone Group breached their contractual obligations by refusing to accept reasonable and customary regulatory requirements.

 [2]

[3] [4] [5] [6] [7] [8] [9]

Related Research Articles

<span class="mw-page-title-main">Sarbanes–Oxley Act</span> United States law covering finance and accountability

The Sarbanes–Oxley Act of 2002 is a United States federal law that mandates certain practices in financial record keeping and reporting for corporations.

<span class="mw-page-title-main">Liberty Media</span> American mass media company

Liberty Media Corporation is an American mass media company founded by John C. Malone in 1991. The company has three divisions, reflecting the its ownership stakes in Formula One, SiriusXM, and the Atlanta Braves Major League Baseball team.

Cumulus Media, Inc. is a broadcasting company of the United States and is the third largest owner and operator of AM and FM radio stations in the United States behind Audacy and iHeartMedia. As of June 2019, Cumulus lists ownership of 428 stations in 87 media markets. It also owns and operates Westwood One. Its headquarters are located in Atlanta, Georgia. Its subsidiaries include Cumulus Broadcasting LLC, Cumulus Licensing LLC and Broadcast Software International Inc.

The Private Securities Litigation Reform Act of 1995, Pub. L. 104–67 (text)(PDF), 109 Stat. 737 ("PSLRA") implemented several substantive changes in the United States that have affected certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation, and awards fees and expenses.

<span class="mw-page-title-main">Thinkorswim</span> Electronic trading platform

Thinkorswim by TD Ameritrade is an electronic trading platform by TD Ameritrade used to trade financial assets. It is geared for self-directed stock, options and futures traders. It was previously offered by ThinkorSwim Group, Inc., which was purchased by TD Ameritrade in 2009.

Securities fraud, also known as stock fraud and investment fraud, is a deceptive practice in the stock or commodities markets that induces investors to make purchase or sale decisions on the basis of false information. The setups are generally made to result in monetary gain for the deceivers, and generally result in unfair monetary losses for the investors. They are generally violating securities laws.

<span class="mw-page-title-main">Intuitive Surgical</span> American Biotechnology Company

Intuitive Surgical, Inc. is an American corporation that develops, manufactures, and markets robotic products designed to improve clinical outcomes of patients through minimally invasive surgery, most notably with the da Vinci Surgical System. The company is part of the NASDAQ-100 and S&P 500. As of 31 December 2021, Intuitive Surgical had an installed base of 6,730 da Vinci Surgical Systems, including 4,139 in the U.S., 1,199 in Europe, 1,050 in Asia, and 342 in the rest of the world.

<span class="mw-page-title-main">Naked short selling</span> Short-selling practice

Naked short selling, or naked shorting, is the practice of short-selling a tradable asset of any kind without first borrowing the asset from someone else or ensuring that it can be borrowed. When the seller does not obtain the asset and deliver it to the buyer within the required time frame, the result is known as a "failure to deliver" (FTD). The transaction generally remains open until the asset is acquired and delivered by the seller, or the seller's broker settles the trade on their behalf.

Camfed is an international non-governmental, non-profit organization founded in 1993 whose mission is to eradicate poverty in Africa through the education of girls and the empowerment of young women. Camfed programs operate in Zimbabwe, Zambia, Ghana, Tanzania and Malawi.

"Short and distort" is a type of securities fraud in which investors short sell a stock and then spread negative rumors about the company in an attempt to drive down stock prices.

Backblaze, Inc. is an American cloud storage and data backup company based in San Mateo, California. Founded in 2007 by Gleb Budman, Billy Ng, Nilay Patel, Brian Wilson, Tim Nufire, Damon Uyeda, and Casey Jones, its two main products are their B2 Cloud Storage and Computer Backup services, targeted at both business and personal markets.

Publicly traded private equity refers to an investment firm or investment vehicle, which makes investments conforming to one of the various private equity strategies, and is listed on a public stock exchange.

HD Supply is an industrial distributor in North America. The company provides a broad range of products and value-added services to approximately 500,000 professional customers in maintenance, repair and operations, infrastructure and power and specialty construction sectors. The company was re-acquired by The Home Depot in December 2020.

The Texas Pacific Land Corporation is a publicly traded real estate operating company with its administrative office in Dallas, Texas. Owning well over 880,000 acres (3,600 km2) in 20 West Texas counties, TPL is among the largest private landowners in the state of Texas. It was previously organized as an unusual legal entity, a publicly traded trust taxed as a corporation, and operated under the name Texas Pacific Land Trust.

Bread Financial Holdings, Inc. is an American publicly traded provider of loyalty and marketing services, such as private label credit cards, coalition loyalty programs, and direct marketing, derived from the capture and analysis of transaction-rich data.

<span class="mw-page-title-main">Virtu Financial</span> Financial services company

Virtu Financial is an American company that provides financial services, trading products and market making services. Virtu provides product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology and two-sided quotations and trades in equities, commodities, currencies, options, fixed income, and other securities on over 230 exchanges, markets, and dark pools. Virtu uses proprietary technology to trade large volumes of securities. The company went public on the Nasdaq in 2015.

Search syndication is a type of contextual advertising which allows online search advertisers to buy keyword-targeted traffic outside of search engine results pages. This is considered to be an alternative to advertising on search engines, since 43% of all searches occur outside of the top search engines.

Paul Singh Grewal is an American attorney working as chief legal officer at Coinbase. Previously, Grewal was vice president and deputy general counsel at Facebook, and is also a former U.S. magistrate judge for the United States District Court for the Northern District of California.

Michaels Stores, Inc., more commonly known as Michaels, is a privately held chain of American and Canadian arts and crafts stores. It is one of North America's largest providers of arts, crafts, framing, floral and wall décor, and merchandise for makers and do-it-yourself home decorators. The company is part of The Michaels Companies, founded in 2014 and headquartered in Irving, Texas.

In 2019, the top 50 Dutch law firms had around 4,476 attorneys and the top 30 law firms had around 183 notaries and 527 candidate notaries. According to the Chambers and Partners legal directory, the top five law firms in the Netherlands are Allen & Overy Netherlands, De Brauw Blackstone Westbroek, Houthoff, Loyens & Loeff and Stibbe. Every year advocatie.nl publishes a list of the 50 biggest law firms in headcount.

References

  1. ↑ "Press Release: SEC Charges Wall Street Short-Seller With Spreading False Rumors; 2008-64; April 24, 2008". www.sec.gov. Retrieved 2023-04-26.
  2. ↑ https://www.washingtonpost.com/wp-dyn/content/article/2008/04/24/AR2008042403443.html Ex-Trader Settles SEC Claims That He Spread Lies About Blackstone Deal Washington Post, April 24, 2008
  3. ↑ https://www.sec.gov/litigation/litreleases/2008/lr20537.htm Litigation Release No. 20537 April 24, 2008
  4. ↑ https://www.rttnews.com/582476/alliance-data-terminates-blackstone-deal-update.aspx Alliance Data Terminates Sale to Blackstone April 18, 2008
  5. ↑ https://www.potteranderson.com/delawarecase-401.html Alliance Data Sues Blackstone for Breach of Merger Agreement January 15, 2009
  6. ↑ https://seekingalpha.com/article/56446-mbia-tanks-on-moodys-warning Paul Berliner Schottenfeld December 6, 2007
  7. ↑ https://s3.amazonaws.com/caret-uploads/file/r/9b4d8eaf-72b0-46b8-802a-0e6d733ce645.pdf Paul Berliner Schottenfeld Analyst in Keystone Automotive Q&A February 5, 2004
  8. ↑ https://s3.amazonaws.com/caret-uploads/file/r/df3c85ee-d116-4a41-a30a-4ae2e9d2b024.pdf Paul Berliner Schottenfeld Analyst in ICU Medical Q&A January 29, 2007
  9. ↑ https://s3.amazonaws.com/caret-uploads/file/r/03cd839e-2196-4309-b918-a304e2ae3981.pdf Paul Berliner Schottenfeld Analyst in QC Holdings Q&A February 15, 2005
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.