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  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.