13F-HR 1 form13fhr-raffles.txt REPORT FOR THE PERIOD ENDED SEPTEMBER 30, 2011 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2011 Check here if amendment [ ]; Amendment Number: This Amendment (check only one): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name Raffles Associates, L.P. Address 2 Penn Plaza, Suite 1920A New York, NY 10121 Form 13F File Number: 028-12413 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing this report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name Paul H. O'Leary Title President of General Partner Phone 212 760 2322 Signature, Place, and Date of Signing: /s/ Paul H. O'Leary New York, NY 11/11/11 ------------------- ------------- -------- [Signature] [City, State] [Date] Report Type (Check only one.): [x] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 77 Form 13F Information Table Value Total: 140,564 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. NONE FORM 13F INFORMATION TABLE
COL 1 COL 2 COL 3 COL 4 COL 5 COL 6 COL 7 COL 8 US $ SHARES VALUE OR SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- --------- --- ---- ------- ---------- --------- -------- -------- AIRCASTLE LTD COM G0129K104 879 92300 SOLE 92300 0 0 AERCAP HOLDINGS NV SHS N00985106 3102 312700 SOLE 312700 0 0 ATP OIL & GAS CORP COM 00208J108 4597 596200 SOLE 596200 0 0 ALEXCO RESOURCE CORP COM 01535P106 8196 1203671 SOLE 1203671 0 0 ALLIANCE BANCORP INC PA NEW COM 01890A108 212 20000 SOLE 20000 0 0 AMERICAN INDEPENDENCE CORP COM NEW 026760405 1771 362929 SOLE 362929 0 0 AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 918 150000 SOLE 150000 0 0 APPLE INC COM 037833100 1172 1350 CALL SOLE 1350 0 0 ARLINGTON ASSET INVT CORP CL A NEW 041356205 3953 164365 SOLE 164365 0 0 AVALON HLDGS CORP CL A 05343P109 333 148743 SOLE 148743 0 0 BCSB BANCORP INC COM 055367106 416 35000 SOLE 35000 0 0 BANK OF AMERICA CORPORATION *W EXP 10/28/201 060505153 340 400000 SOLE 400000 0 0 BANKFINANCIAL CORP COM 06643P104 454 68434 SOLE 68434 0 0 BANRO CORP COM 066800103 927 234800 SOLE 234800 0 0 BARCLAYS BK PLC IPTH S&P VIX NEW 06740C261 1601 30000 SOLE 30000 0 0 BEACON FED BANCORP INC COM 073582108 163 12200 SOLE 12200 0 0 CHESAPEAKE LODGING TR SH BEN INT 165240102 1260 104389 SOLE 104389 0 0 COLONIAL FINL SVCS INC COM 19566B101 1079 87372 SOLE 87372 0 0 COMMAND SEC CORP COM 20050L100 86 50000 SOLE 50000 0 0 CONSOL ENERGY INC COM 20854P109 5429 160000 SOLE 160000 0 0 CRIMSON EXPLORATION INC COM NEW 22662K207 89 41200 SOLE 41200 0 0 CROSSROADS SYS INC COM NEW 22765D209 82 15508 SOLE 15508 0 0 DEUTSCHE BK AG LDN BRH PS GOLD DS ETN 25154H756 4752 900000 SOLE 900000 0 0 DIREXION SHS ETF TR DLY SMCAP BEAR3X 25459W110 1059 20000 SOLE 20000 0 0 FIDELITY BANCORP INC COM 315831107 111 12000 SOLE 12000 0 0 FIRST PACTRUST BANCORP INC COM 33589V101 194 17108 SOLE 17108 0 0 FLY LEASING LTD SPONSORED ADR 34407D109 551 48506 SOLE 48506 0 0 FURIEX PHARMACEUTICALS INC COM 36106P101 641 45035 SOLE 45035 0 0 GASTAR EXPL LTD COM NEW 367299203 1858 619404 SOLE 619404 0 0 GEOEYE INC COM 37250W108 2643 93220 SOLE 93220 0 0 GLOBECOMM SYSTEMS INC COM 37956X103 1484 109841 SOLE 109841 0 0 HF FINL CORP COM 404172108 1466 170900 SOLE 170900 0 0 HUDBAY MINERALS INC COM 443628102 1201 128340 SOLE 128340 0 0 INDEPENDENCE HLDG CO NEW COM NEW 453440307 10 1418 SOLE 1418 0 0 ISHARES TR BARCLYS 20+ YR 464287432 3624 30000 PUT SOLE 30000 0 0 JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 1490 160000 SOLE 160000 0 0 MAG SILVER CORP COM 55903Q104 3439 437900 SOLE 437900 0 0 MAGNUM HUNTER RES CORP DEL COM 55973B102 662 200000 SOLE 200000 0 0 MAYS J W INC COM 578473100 952 54620 SOLE 54620 0 0 MEDQUIST HLDGS INC COM 58506K102 728 96284 SOLE 96284 0 0 MOUNTAIN PROV DIAMONDS INC COM NEW 62426E402 5584 1375738 SOLE 1375738 0 0 NAPCO SEC TECHNOLOGIES INC COM 630402105 703 307121 SOLE 307121 0 0 NAUGATUCK VY FINL CORP MD COM 63906P107 639 82303 SOLE 82303 0 0 OBA FINL SVCS INC COM 67424G101 2798 190842 SOLE 190842 0 0 OCEAN SHORE HLDG CO NEW COM 67501R103 1071 100000 SOLE 100000 0 0 OCONEE FED FINL CORP COM 675607105 132 11451 SOLE 11451 0 0 ORBCOMM INC COM 68555P100 257 100957 SOLE 100957 0 0 PACIFIC PREMIER BANCORP COM 69478X105 961 160773 SOLE 160773 0 0 PARK BANCORP INC COM 700164106 108 38950 SOLE 38950 0 0 PEOPLES FED BANCSHARES INC COM 711037101 1511 117125 SOLE 117125 0 0 PETROQUEST ENERGY INC COM 716748108 550 100000 SOLE 100000 0 0 PLATINUM GROUP METALS LTD COM NEW 72765Q205 638 589300 SOLE 589300 0 0 POLYMET MINING CORP COM 731916102 220 178400 SOLE 178400 0 0 POWERSHS DB US DOLLAR INDEX DOLL INDX BULL 73936D107 3123 140000 CALL SOLE 140000 0 0 PREFERRED BK LOS ANGELES CA COM NEW 740367404 276 34741 SOLE 34741 0 0 PRESIDENTIAL RLTY CORP NEW CL B 741004204 40 44600 SOLE 44600 0 0 PROSHARES TR PSHS ULTSH 20YRS 74347R297 194 10000 CALL SOLE 10000 0 0 PROVIDENT FINL HLDGS INC COM 743868101 5861 670579 SOLE 670579 0 0 RED LION HOTELS CORP COM 756764106 6630 988093 SOLE 988093 0 0 REIS INC COM 75936P105 1732 195209 SOLE 195209 0 0 RENTRAK CORP COM 760174102 802 63734 SOLE 63734 0 0 ROCKVILLE FINL INC NEW COM 774188106 933 98400 SOLE 98400 0 0 SPDR GOLD TRUST GOLD SHS 78463V107 23709 150000 PUT SOLE 150000 0 0 SONDE RES CORP COM 835426107 1313 572780 SOLE 572780 0 0 SOUTHERN MO BANCORP INC COM 843380106 2534 122989 SOLE 122989 0 0 STANDARD FINL CORP MD COM 853393106 3523 239508 SOLE 239508 0 0 SWISHER HYGIENE INC COM 870808102 1019 251700 SOLE 251700 0 0 TOREADOR RES CORP COM 891050106 554 180360 SOLE 180360 0 0 TRIANGLE PETE CORP COM NEW 89600B201 404 112469 SOLE 112469 0 0 U S ENERGY CORP WYO COM 911805109 735 317970 SOLE 317970 0 0 VICON INDS INC COM 925811101 347 103196 SOLE 103196 0 0 VISHAY PRECISION GROUP INC COM 92835K103 3031 230000 SOLE 230000 0 0 WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 964 125000 SOLE 125000 0 0 WILLIS LEASE FINANCE CORP COM 970646105 481 42369 SOLE 42369 0 0 WINTHROP RLTY TR SH BEN INT NEW 976391300 997 114732 SOLE 114732 0 0 WOLVERINE BANCORP INC COM 977880103 950 67600 SOLE 67600 0 0 YAHOO INC COM 984332106 1316 100000 SOLE 100000 0 0