A Massachusetts Hedge Fund Manager Forrest Fontana of Fontana Capital, LLC of Boston, has been accused by the Securities and Exchange Commission with short-selling stock during a blackout period in three transactions during the heart of the financial crises three years ago. Short selling entails betting that stock will fail. The blackout period rule is to stop investors from reducing the amount of money companies raise from stock offerings by pushing the price down. Under the rules, investors are supposed to wait five business days after they “short” a stock before they can participate in a public offering. The SEC says Fontana earned $792,000 in profit by buying Merrill Lynch shares. The SEC is planning to hold hearings before an administrative law judge to determine whether the assertions are true.