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#               Press Release            

# SEC Prevents Trader’s Profits From False Filing

FOR IMMEDIATE RELEASE          2016-95        

          Washington D.C.,           May 24, 2016 —        

                              - On April 12 at 11:50 a.m. Eastern Time, Aly purchased 1,850 call options in IDT in his U.S. brokerage account for $18,500.  
                              - At 12:08 p.m., Aly filed a form known as a Schedule 13D on the SEC’s EDGAR system and falsely stated that his group of investors had a 5.1 percent beneficial ownership of IDT and had sent a letter to the board of directors offering to acquire all of the company’s shares for a price that represented a 65 percent premium.  
                              - The market reacted quickly to the filing, and IDT’s stock price increased by more than 25 percent in less than 10 minutes.
                              - At 12:18 p.m., Aly sold all of the options for the illicit $425,000 profit.  He then filed another Schedule 13D stating that his group of investors no longer owned more than 5 percent of IDT after his options sales.
                              - Aly used the same IP address for the options trades that he used to make the false filings. 
                              - Aly’s group of investors never actually owned 5.1 percent of IDT and never contacted IDT to buy all of its shares.  

###

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