Found the following at NASDR under the heading, Complaints filed.
That last sentence seems to say they shorted the stock when none was available to short.
nasdr.com
Fiero Brothers, Inc. (New York, New York), Falcon Trading Group, Inc. (Boca
Raton, Florida), Sovereign Equity Management Corp. (Boca Raton, Florida), John
Fiero (Registered Principal, Jersey City, New Jersey), Steven Carlson (Registered
Principal, Denver, Colorado), and Glen Vittor (Registered Principal, Boca Raton,
Florida) have been charged with manipulation, violation of rules relating to short
sales, and violating standards of commercial honor and just and equitable
principles of trade. The complaint alleges that, during January and February 1995,
they engaged in a manipulative "bear raid" to drive down the price of 10 Nasdaq
securities. The complaint also alleges that the respondents engaged in short selling
in proprietary accounts without making the requisite affirmative determination
that the stock could be borrowed. |
