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OPINION AND ORDER

*1  This is a securities fraud case involving trading in commercial mortgage-backed securites. According to the SEC, James Im lied to his customers about the price he had paid for securities he was trying to resell. According to Im, he was just a salesman haggling for a good deal. Im moves to dismiss the Complaint. For the reasons that follow, the motion is denied.I. BackgroundJames Im was co-head of the commercial mortgage-backed securities (“CMBS”) trading desk for Nomura Securities International. (Compl.18.) CMBS are asset-backed bonds whose underlying assets are commercial real estate loans. (Compl.19.) CMBS are not publicly listed, so trading generally takes place through dealers like Nomura. (Compl.20.) Nomura buys CMBS from its customers and resells them to other customers for a profit. (Compl.25.)The SEC alleges that Im misled Nomura’s customers in the following ways:Im misrepresented the prices at which Nomura had bought the securities. For example, when trying to sell CMBS, Im told potential customers that he had bought the securities at a high price, in an attempt to get the customer to pay a high price.Im misrepresented the profit that Nomura was making on the deals — i.e., the difference between Nomura’s buying price and Nomura’s selling price. For example, when selling securities, Im would try to raise the

 
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