To: DJ Byrne who wrote (46605 ) 5/2/1998 7:43:00 PM From: DJ Byrne Read Replies (3) | Respond to
I know this is about as dry as it gets but it appears that the SEC laws or the context thereof are to protect the investing public, not to protect brokers etc. from the public. I pulled this one set of regulations from Section 9. IMO if the three trades, or just one of them on RMIL in the past few months were not private investors but were in anyway connected to a brokerage or broker in light of the situation ie. halt, suspected illegal shorting and the like which has surrounded OVIS/RMIL, would the following regulations apply if the tape was painted as suggested. To effect, alone or with one or more other persons, a series of transactions in any security registered on a national securities exchange creating actual or apparent active trading in such security, or raising or depressing the price of such security, for the purpose of inducing the purchase or sale of such security by others. If a dealer or broker, or other person selling or offering for sale or purchasing or offering to purchase the security, to induce the purchase or sale of any security registered on a national securities exchange by the circulation or dissemination in the ordinary course of business of information to the effect that the price of any such security will or is likely to rise or fall because of market operations of any one or more persons conducted for the purpose of If a dealer or broker, or other person selling or offering for sale or purchasing or offering to purchase the security, to make, regarding any security registered on a national securities exchange, for the purpose of inducing the purchase or sale of such security, any statement which was at the time and in the light of the circumstances under which it was made, false or misleading with respect to any material fact, and which he knew or had reasonable ground to believe was so false or misleading. To effect either alone or with one or more other persons any series of transactions for the purchase and/or sale of any security registered on a national securities exchange for the purpose of pegging, fixing, or stabilizing the price of such security in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors.
