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Terra Nova 'Not Aware' of Link to Unusual Trade

NEW YORK ( TheStreet) -- Terra Nova Financial Group (TNFG) Sunday said it's "not aware" of any link between the company and the unusual trading action in Procter & Gamble (PG - Get Report) stock on May 6.

The Chicago-based firm issued its statement in response to this report from TheStreet that cites a source familiar with the situation as saying the unusual action in P&G stock may have originated from Terra Nova.

Terra Nova said it "thoroughly reviewed" its records in response to the report and found that on May 6 it "cleared a nominal amount of shares (approximately 220,000) for the day's activity in PG shares and that those shares traded at or above $60 per share, and there was no unusual order or clearing activity."

"Based on this investigation, Terra Nova is not aware of any link between Terra Nova and the unusual trading activity and wide market price changes in the PG stock," the company said.

Terra Nova declined to comment further for this article about whether it had been contacted by any regulatory authorities or exchanges about the trading action in P&G stock on May 6.

Calls and email inquiries to officials and press contacts at the Securities and Exchange Commission, the Financial Industry Regulatory Authority, NYSE Euronext (NYX) and Nasdaq OMX Group (NDAQ - Get Report) have yet to be returned as of this article's publication.

In its statement, Terra Nova said it "denies" and "strongly refuted" the report from TheStreet.

-- Written by Michael Baron in New York.

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