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Alternative Market Briefing

SEC charges Miami trader with insider trading, short selling violations

Wednesday, December 04, 2013

Bailey McCann, Opalesque New York:

The Securities and Exchange Commission (SEC) has charged Miami-based trader, Charles Raymond Langston III, with insider trading in the stock of a Chinese company and conducting illegal short sales in the securities of three other companies. According to the complaint, Langston learned confidential information in advance of a public announcement that significantly decreased the value of AutoChina International’s stock.

Despite agreeing to keep information confidential and not trade on it, he promptly sold short 29,000 shares of AutoChina stock in advance of the company’s public announcement that it had completed the secondary offering. To avoid detection, Langston made the trades through an entity he owned using a different broker and different account than he used to purchase shares in AutoChina’s initial offering.

The SEC’s complaint filed in federal court in Miami further alleges that Langston and two of his companies, Guarantee Reinsurance and CRL Management, violated Rule 105 of Regulation M, which prohibits the short sale of an equity security during a restricted period. The regulator says Langston through these two companies made short sales in advance of separate secondary offerings by Wells Fargo, Mitsubishi UFJ Financial Group, and Alcoa. He purchased shares in the same offerings. Total gains on the sales amount to $1.3 million.......................

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