SEC Tells Short Seller to Give Back $1.4 Million

     MANHATTAN (CN) – Revelation Capital Management and its CEO/sole shareholder made $1.4 million from illicit short-selling, the SEC claims in court.
     The SEC sued Revelation Capital Management and Christopher P.C. Kuchanny, in Federal Court.
     The complaint states: “Revelation Capital and Kuchanny violated Rule 105 in connection with Central Fund of Canada Limited’s … November 2009 offering by short selling Central Fund securities during the restricted period and then purchasing the same securities in Central Fund’s offering. Defendants’ profits from this illegal trading totaled $1,368,243.”
     Kuchanny, 37, is a British citizen who lives in Bermuda. His business manages more than $500 million.
     The SEC wants him to disgorge, and be restrained, enjoined, and fined.

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