WASHINGTON – The Securities and Exchange Commission has announced enforcement actions against 23 companies, including New York-based D.E. Shaw Group, which has investments in Rhode Island.
D.E. Shaw was among companies accused of short selling violations, which typically result in illicit profits for the firms, according to the SEC announcement made Sept. 17. SEC rules prohibit companies from short selling of an equity security five days before a public offering, since doing so could artificially depress the market price.
Global investment firm D.E. Shaw & Co. agreed to pay $447,794 to settle the SEC enforcement action, in addition to prejudgment interest of $18,192 and a penalty of $201,506.
D.E. Shaw is the main investor in Providence-based Deepwater Wind, which has proposed a five-turbine Block Island Wind Farm and a 200-turbine wind energy project off the Rhode Island and Massachusetts coasts.
D.E. Shaw is also the owner of Forbes Street Solar LLC, a 13,000-panel solar energy project being developed in East Providence, according to Nick Bullinger, chief operating officer of Nashville, Tenn.-based Hecate Energy, one of the developers of the project.
The state of Rhode Island has pension investments of $64.3 million with D.E. Shaw, according to Joy Fox, spokeswoman for Rhode Island General Treasurer Gina M. Raimondo.
Join PBN and two panels of successful female executives, business owners and entrepreneurs as we delve into what women should do to advance their careers, and become leaders in the corporate world and their own enterprises.
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.