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| | Moises Saba Masri, et al.: Lit. Rel. No. 18593 / February 25, 2004 |
 | | On February 25, 2004, the Commission filed a civil action in the United States District Court for the Southern District of New York against Moises Saba Masri ("Saba"), a Mexican national, and Albert Sutton, a broker at Middlegate Securities in New York City, New York. |
| | According to the Commission's complaint, in February, March, and May 1999, Saba used the brokerage account of Tentafin Limited, an offshore corporation controlled by Saba and his family, at Middlegate to sell a large number of TZA put options having strike prices of $5 and $7.50 and an expiration date of August 20, 1999. |
| | According to the complaint, at that point, Saba could reasonably expect that the holders of the TZA put options with a $7.50 strike price would exercise their options, causing a $3.7 million liability in Saba's Tentafin account. |
| www.sec.gov /litigation/litreleases/lr18593.htm (500 words) |
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