Seton Securities Group has been shorting small-cap companies such as OpenCell BioMed, Inc. (OCBM.OB) and Tri-Star Holdings, Inc. (TSHL.PK). Today we attempted to speak directly to Seton Securities’ President regarding this issue, but he declined to provide any details of the SEC ongoing investigation of the shorting of stocks and wouldn’t comment on the possibility of the SEC requesting records or other information from his company or others that are continuing to short stocks.
He even declined to give his full name. However, he did say they have not heard from federal investigators and have “no comment” regarding the shorting of stocks.
In mid-September, the SEC announced that would be expanding their ongoing investigation into possible market manipulation. SEC Chairman Christopher Cox stated, “Investors have a right to know that the rule of law is being enforced and that our capital markets are not being manipulated. We are working together with our regulatory partners at NYSE Regulation and FINRA in order to quickly identify, isolate and aggressively prosecute any violations of the federal securities laws during this period of market turmoil.”
The Director of the SEC’s Division of Enforcement assertively stated, “Abusive short selling, market manipulation and false rumor mongering for profit by any entity cuts to the heart of investor confidence in our markets. Such behavior will not be tolerated. We will root it out, expose it, and subject the guilty parties to the full force of the law.”
Companies such as Seton Securities Group who have unethically, and possibly illegally, manipulated stock prices for their own personal gain stand to be brutally prosecuted. If these firms are forced to cover their short positions, the positive effects on the share price of these small-cap companies could be enormous as the firms scramble to quickly buyback the shares they shorted. Investors should keep a close eye on this developing story and not lose faith in our nation’s justice system.
After more research we did find the following information:
If you would like to contact (SSGI) Seton Securities Group, Inc. and ask them about their shorting policies their info is below:
SETON SECURITIES GROUP, INC.
CRD# 18044
SEC# 8-36105
Main Office Location
1400 UNION AVE.
UNION BEACH, NJ 07735
Regulated by FINRA Woodbridge Office
Direct Owners and Executive Officers
Legal Name (if any): MAYER, CHARLES HENRY
CRD# 1367681
Position CHAIRMAN,CEO
Position Start Date 03/2005
Percentage of Ownership 75% or more
Does this owner direct the management or policies of the firm? Yes
Legal Name & CRD# (if any): CHM FINANCIAL, INC.
Position: SHAREHOLDER
Position Start Date: 08/2004
Percentage of Ownership: 10%, but less than 25%
Legal Name: MATTIA, LESLIE ANTHONY
CRD# 1469405
Position: CHIEF COMPLIANCE OFFICER
Position Start Date: 01/2006
Percentage of Ownership: Less than 5%
Indirect Owners:
Legal Name & CRD# (if any): MAYER, CHARLES HENRY
1367681
Is this a domestic or foreign Individual entity or an individual? Individual
Company through which indirect ownership is established: CHM FINANCIAL, INC
Relationship to Direct Owner: CHAIRMAN
Relationship Established: 07/2004
Percentage of Ownership: 75% or more
Does this owner direct the management or policies of the firm? Yes
We look forward to the comments from Seton Securities Group, Inc.
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