Paul Berliner is an American who formerly worked as a trader associated with the brokerage firm Schottenfeld Group. He was charged by the U.S. Securities and Exchange Commission with spreading a rumor designed to lower the stock price of Alliance Data Systems [1] Berliner had sold short borrowed stock of Alliance Data Systems, hoping to profit by repurchasing the stock once the price fell. He settled the charges by disgorging profits, paying a fine, and agreeing to a permanent bar from associating with any broker or dealer. [2]