SEC v. Oz Management, LP (rule 105 offering shorts, 2015)

Settled

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In July 2015 the SEC settled with OZ Management, an investment adviser, for giving four prime brokers inaccurate long and short sale data over almost six years, which corrupted blue sheet submissions, and for a Rule 105 violation in an EOG offering. It paid $4.25 million in penalty, $214,380 in disgorgement and interest.

The record

What was ordered

Civil penalty

$4.3m

Disgorgement

$214k

Prejudgment interest

$29k

Total relief

$4.5m

Alleged gain

—

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Securities and Exchange Commission issued the order on July 14, 2015.

The order finds that between 2008 and 2013 OZ sometimes marked sales as long or short in ways that did not match the prime brokers' requirements, so the brokers' records and blue sheet data were wrong. It also finds OZ's participation in an EOG Resources offering produced wrongful gains of $214,380.

Blue sheets are described as an investigative tool for insider trading and manipulation, which is the passing reference that triggered the old tag; no insider trading is alleged, so it has been removed and the Rule 105 tag added.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Rule 105 offering shorts — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2015-07-14 Administrative proceeding instituted (cease-and-desist)

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC order

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.