Glickstein and his one-employee company bought Barnes & Noble shares and short-term call options, and then sent out a press release with a $22 per share offer for Barnes & Noble shares without any ability to pay for the shares (Barnes & Noble said as much at the time, see "Barnes & Noble Turns a Profit"). When the stock price went up from $17.05 per share to $18.99 per share, Glickstein sold, and made $168,000 in profit, the SEC said.
So now he’s got to pay. Under the terms of a settlement in which he did not admit or deny the allegations, Glickstein and G Asset Management are returning $175,000 in profits and interest and paying a civil penalty of $100,000. Furthermore, G Asset is censured, and Glickstein is barred from the securities industry for a minimum of five years.
