Broker accused of false rumors settles with SEC

04/25/2008 | Reuters

A Wall Street trader will pay a maximum penalty after settling charges he spread market-moving false rumors about the deal to buy Alliance Data Systems Corp., U.S. securities regulators said. Paul Berliner, 32, agreed to settle the civil case without admitting or denying the allegations, the U.S. Securities and Exchange Commission said. He will disgorge $26,129 in profits that came from selling Alliance stock short, plus interest, and pay a penalty of $130,000. He is also barred from association with any broker or dealer.

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