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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