Updating edgar access codes
But the market didn’t know this and the news bots that read the 13D filing headlines caused the stock of IDTI to jump 25% in the next 10 minutes.
Here are some facts about the IDTI stock event from April 12th: Average daily volume: 3.7 million shares Volume on April 12: 16.8 million shares Range on April 12: Open .39, Low .74, high .99, close .22 Top 3 holders are ETF issuers: Vanguard 7.5%, Blackrock 5%, State Street 3.5% Naumann Aly made 5,000 on the out-of-the-money options that he bought before he made the fake filing on EDGAR.
As you may be aware, the SEC now requires that most filings be made electronically via its Electronic Data Gathering and Retrieval ("EDGAR") system.
Among the filings required to be made electronically are filings of Schedule 13-G.
Aly executed this scheme from Pakistan and used it to obtain at least close to half a million dollars in ill-gotten gains.” The SEC gave further details: “On April 12, 2016, Aly acquired a large block of out-of-the-money call options in Integrated Device Technology, Inc. Minutes later, Aly filed a report on EDGAR stating that he and a group of other people had acquired more than a five percent beneficial interest in IDTI and had written to IDTI’s board of directors offering to buy all of the company’s stock at a 65% premium.” The filing that Aly made on EDGAR from Pakistan was false.
There was no group of investors that had taken a stake in IDTI.
The authenticating document must include the information required to be included in the Form ID filing, be manually signed by the applicant over the applicant's typed signature, and confirm the authenticity of the Form ID filing.
This was not a sophisticated fraud that was devised by a network of individuals.In order to register as an EDGAR filer and create the required SEC EDGAR filing codes, a Form ID must be submitted to the SEC.Form IDs are submitted electronically through the EDGAR Filer Management website.Before the launch of the SEC Filer Management website, Form IDs submitted manually via fax or other means.The SEC Filer Management website replaced paper filing at this time, and now will only accept electronic Form IDs.