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Adviser settles short sale violations for $7M

"WAM’s compliance department also received a number of automatically generated daily and weekly exception reports that correctly identified the offerings at issue as ones that may violate Rule 105. Again, however, based on the miscalculation of the restricted period, the compliance department cleared the exceptions and WAM continued to improperly participate in offerings of securities it had sold short during the five-business-day period prior to pricing"

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