Reversing a ruling by one of its own judges, the U.S. Securities and Exchange Commission has cleared a Pikesville man of charges he participated in a short-selling scheme with the online brokerage optionsXpress.In an administrative case brought in 2012 by the SEC’s enforcement division, a judge ruled in 2013 that Jonathan Feldman, a former senior vice president at Eastern Savings Bank, violated SEC rules and committed fraud by engaging in so-called “abusive naked” short-selling. The SEC accused optionsXpress, now owned by Charles Schwab, of helping him sell shares of stock he did not borrow first and had no intention of closing out as required under SEC rules.But after reviewing the judge’s ruling, the commission determined that the SEC’s division of enforcement had not met its burden in proving the case against Feldman. In an opinion issued Aug. 18, the commission said the case lacked evidence that Feldman intended to defraud, mislead or manipulate prices with his investment strategy, and that he did not violate rules regulating naked short selling.

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