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February 5, 2013

SEC socks Stamford adviser $808K on stock plays

A Stamford investment adviser must cede more than $500,000 in gains, plus $308,000 more in penalties and interest, for breaching federal securities laws when it bought stock in three public companies, authorities say.

The U.S. Securities and Exchange Commission announced Tuesday its order against Ardsley Advisory Partners.

The SEC said it found Ardsley violated securities laws by purchasing shares in three secondary offerings after having taken short positions in the same shares within the period prohibited by Rule 105 of Regulation M of the Securities Exchange Act.

The public offerings in which Ardsley bought shares were: Sunpower Corp. in April 2009; China Agritech Inc. in April 2010; and Synutra International Inc. in June 2010, resulting in unlawful profits of $506,671.50, the SEC said.

On top of forfeiting the gain, Ardsley must pay prejudgment interest of $55,065.39, and a $253,335 civil penalty.

Ardsley consented to the order without admitting or denying the findings, the agency said.

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