‘SOES Bandit’ Firms To Tap IPO Market

They’ve often been called SOES bandits on Wall Street, but now two of the biggest electronic day-trading companies are taking another step toward the mainstream, unveiling plans to tap the IPO market. Momentum Securities Management Corp., of Houston, is considering an initial public offering that would raise $25 million, its president, James Lee, said. Momentum Securities is following the lead of All-Tech Investment Group Inc. of Montvale, N.J., which filed plans for an IPO with the U.S. Securities and Exchange Commission in late May. (Wall Street Journal)

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