ARTICLE
5 April 2018

SEC Obtains Summary Judgment In Price Manipulation Case

CW
Cadwalader, Wickersham & Taft LLP

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Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.
The United States District Court for the Southern District of New York granted an SEC Motion for Summary Judgment against a trader charged with filing false information ...
United States Corporate/Commercial Law

The United States District Court for the Southern District of New York granted an SEC Motion for Summary Judgment against a trader charged with filing false information in order to manipulate the prices of certain issuer securities.

In granting the SEC's Motion, the Court found that Nauman Aly submitted a false tender offer through the SEC public database ("EDGAR") and sold securities at artificially inflated prices. The Court held that Mr. Aly was responsible for the false information filed through EDGAR, that his violations constituted a fraudulent scheme, and that he acted with conscious misbehavior or recklessness.

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