1. On the direction of the Commission Letters of Warning were issued to three investors who carried out trades in order to overcome settlement failures in a manner that created an impression of manipulation. The investors were strongly advised against repeating similar conduct
in the future and were warned that action will be taken against them in the event of any repetition.
2. The Commission also warned the two investment advisors who facilitated the trading of the above said three investors and the stock broking company which acted as the stock brokers to the above said three investors was cautioned and advised to ensure that their employees adopt ethical business practices when advising clients in investing in the stock market.
3. On the direction of the Commission two other investment advisors who carried out impugned trades in relation to listed securities were also severely warned in respect of the role played by them with regard to front running different clients belonging to the same stock broking company.
Source: SEC Annual Report 2012