September 24, 2015

Michael A. Glickstein and his new York-based investment advisory firm, G Asset Management LLC, will collectively pay $275,000 to settle fraud charges by the SEC.  The SEC alleged that Glickstein and G Asset issued a misleading press release announcing their offer to purchase a majority stake in retail bookseller Barnes & Noble which caused Barnes & Noble’s stock price to rise $1.94 per share.  The SEC’s order instituting a settled administrative proceeding found the press release to be misleading because it did not disclose that: (1) G Asset had no ability to finance its purported offer to purchase Barnes & Noble; and (2) that G Asset had recently purchased thousands of Barnes & Noble shares and short-term call options, intending to profit by selling the shares and options after issuing the press release.  SEC

Tagged in: Market Manipulation and Trading Violations, Securities Fraud,