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Browse: Home / 2008 / August / 20 / Harvey Pitt to Assist Alabama in Naked Short Selling Investigation

Harvey Pitt to Assist Alabama in Naked Short Selling Investigation

By Securities Docket on August 20, 2008, 1:03 pm

Harvey Pitt

Harvey Pitt

Harvey Pitt, former chairman of the SEC, was appointed Tuesday as a deputy attorney general for Alabama.  According to the Press Register, Pitt has agreed to an unpaid position in which he will help Alabama investigate possible naked short selling abuses, and will focus on a case involving Montgomery-based Colonial BancGroup, which has seen its shares plummet under pressure from short sellers. 

The investigation reportedly is looking into whether some of the short sellers illegally spread lies and malicious rumors in order to manipulate the stock price.

Read the Press Register article

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Posted in Criminal | Tagged Lawyers, Short Selling

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