SEC NEWS DIGEST Issue 2007-125 June 29, 2007 COMMISSION ANNOUNCEMENTS SEC ANNOUNCES POSITIVE EARLY RESULTS OF PENNY QUOTING PILOT PROGRAM The Securities and Exchange Commission announced today that early results from the Penny Quoting Pilot program show lowered trading costs for retail trades. An analysis of reports from the options exchanges by the Commission's Office of Economic Analysis indicate that the Pilot has been successful in narrowing average quoted spreads, which enables investors to trade options at better prices. The reduction in spreads also has led to a reduction in payment for order flow. The Penny Quoting Pilot began in January 2007 after SEC Chairman Christopher Cox urged each of the options exchanges to begin quoting a limited number of options in pennies. "The Penny Quoting Pilot is showing that smaller increments can result in better prices for investors," said Chairman Cox. "As we consider expanding the pilot to a broader number of options, however, we will want to proceed carefully to assure that the market quality in these options will improve, and that market participants can process the increased volume of quotations." The Penny Quoting Pilot has reduced the size quoted at the best price. This result is consistent with the move to penny quoting in stocks. Nonetheless, the average size of the best quote in the Pilot options is still large enough to fill the average individual investor order. At the same time, the number of quotations in these options has increased appreciably. This increase has been handled by the exchanges and the Options Price Reporting Authority without disruptions in the dissemination of quotes. The Commission has not concluded that penny quoting in all options is appropriate. Before approving exchange rules to expand the Pilot, the Commission will carefully analyze the results of the Pilot in assessing which additional options would most benefit investors if quoted in smaller increments. The Penny Quoting Pilot is scheduled to end on July 25, 2007. The reports from the options exchanges can be found on their Web sites: http://www.amex.com/amextrader/sysInfo/ANTE/ PennyPilotReport_06082007FINAL.pdf http://www.bostonoptions.com/PPP/Penny%20Pilot%20Review.pdf https://www.cboe.org/hybrid/CBOEPPReport06012007.pdf http://www.iseoptions.com/about/files/Penny_Report.pdf http://www.nyse.com/pdfs/PPSummary.pdf http://phlx.com/docs/SECPennyPilotReport.pdf Additional Materials: Options Exchanges Begin Penny Quoting Pilot: http://www.sec.gov/news/press/2007/2007-10.htm. (Press Rel. 2007-125) SECURITIES AND EXCHANGE COMMISSION INTENDS TO ESTABLISH THE SECURITIES AND EXCHANGE COMMISSION ADVISORY COMMITTEE ON IMPROVEMENTS TO FINANCIAL REPORTING The Commission has published a notice regarding its intention to establish the Securities and Exchange Commission Advisory Committee on Improvements to Financial Reporting (Rels. 33-8817; 34-55969). The Committee's objective is to examine the U.S. financial reporting system, with a view to providing specific recommendations as to how unnecessary complexity in that system could be reduced and how that system could be made more useful to investors. The first meeting of the Committee will be held on Aug. 2, 2007, in the Auditorium, Room L-002 at the Commission's main offices, 100 F Street, N.E., Washington, D.C. beginning at 10:00 a.m. and will be open to the public. The purpose of this meeting will be to discuss general organization matters, to plan progression of the Committee's work and to begin discussions about the sources of unnecessary complexity and the barriers to investor transparency in the U.S. financial reporting system. RULES AND RELATED MATTERS ELECTRONIC FILING AND SIMPLIFICATION OF FORM D On June 29, the Commission issued a release, approved on May 23, proposing amendments that would: * mandate the electronic filing of the information required by Form D using a new online filing system that would be accessible using the Internet and that would automatically capture and tag data items; * revise and update the Form D information requirements; and * simplify and restructure Form D. The comment period for the proposed amendments will close 60 days after publication in the Federal Register. For further information, contact Corey A. Jennings or Mark W. Green, Division of Corporation Finance, (202) 551-3460. (Rels. 33-8814; 34-55980; 39-2446; IC-27878; File No. S7 12 07) SEC EXTENDS BANKS' TEMPORARY EXEMPTION FROM "BROKER" DEFINITION The Securities and Exchange Commission today extended the temporary exemption of banks from the definition of "broker" until Sept. 28, 2007. Extending the temporary exemption for banks, previously slated to end on July 2, 2007, will help ensure that the Commission and the Board of Governors of the Federal Reserve (Board) will have time to carefully consider public comment. The extension also helps prevent banks from unnecessarily incurring business disruption as well as interim implementation and compliance costs before the Commission and the Board jointly adopt final implementing rules. On Oct. 13, 2006, President Bush signed into law the Regulatory Relief Act. Among other things, the Regulatory Relief Act requires the Commission and the Board to jointly adopt final rules implementing the bank broker exceptions in Section 3(a)(4) of the Exchange Act. The Regulatory Relief Act also requires the Commission and the Board to consult with and seek the concurrence of the federal banking agencies on the content of the rulemaking. The final set of rules jointly adopted by the Commission and the Board will supersede any other proposed or final rule issued by the Commission on or after the date of enactment of the Gramm-Leach-Bliley Act with regard to the bank exceptions to the definition of "broker" in Exchange Act Section 3(a)(4)(B). Consistent with the Regulatory Relief Act, on Dec. 18, 2006, the Commission and the Board jointly proposed implementing rules, designated as Regulation R. At that time, the Commission also granted banks an exemption from compliance with the definition of broker until July 2, 2007 in order to permit the Commission and the Board time to receive and evaluate comments and to take final action on Regulation R. To date, the Commission and the Board have received more than 70 comments on proposed Regulation R. The Commission and the Board are carefully considering the comments, in consultation with the other federal banking agencies, and expect to take final action on proposed Regulation R shortly. (Rel. 34-55991; File No. S7-12-01) ENFORCEMENT PROCEEDINGS COMMISSION DISMISSES FLORENCE SARAH POLLARD'S APPLICATION FOR REVIEW OF NASD DISCIPLINARY ACTION The Commission has dismissed the application for review of NASD disciplinary action filed by Florence Sarah, formerly a registered representative. NASD's National Adjudicatory Council had issued an opinion finding that Pollard had violated NASD Conduct Rules by procuring payments for her firm from issuers in exchange for making markets in the issuer's stock. The National Adjudicatory Council remanded the case to the NASD Hearing Panel to determine the appropriate sanction. The Hearing Panel fined Pollard $5,000 and suspended her for six months in a principal capacity. Rather than appealing the Hearing Panel decision to the National Adjudicatory Council, Pollard chose to appeal directly to the Commission. Consistent with long standing Commission precedent, the Commission dismissed Pollard's appeal because she failed to exhaust her administrative remedies by not first appealing the Hearing Panel's decision to the National Adjudicatory Council. (Rel. 34-55978; File No. 3-12482) IN THE MATTER OF CVS CAREMARK CORPORATION, PHILIP C. GALBO AND LARRY SOLBERG On June 29, the Commission issued an Order Instituting Public Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Section 21C of the Securities Exchange Act of 1934 and Rule 102(e) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions and a Cease-and- Desist Order against CVS Caremark Corporation, Philip C. Galbo and Larry Solberg. The Order finds that CVS Caremark Corporation (CVS) incorrectly accounted for a transaction that Galbo negotiated and the accounting for which Solberg approved. As a result of recording the transaction incorrectly, CVS materially overstated its pretax earnings for the third quarter of 2000 by approximately $18.1 million (approximately $10.8 million after tax), or approximately 7% of net income for the third quarter of 2000. Based on the above, the Order requires CVS, Galbo, and Solberg to cease and desist from committing or causing future violations of Sections 13(a) and 13(b)(2)(A) of the Securities Exchange Act of 1934, and Rules 13a-1 and 13a-13 promulgated thereunder; requires Galbo and Solberg to cease and desist from committing or causing future violations of Section 17(a)(2) of the Securities Act of 1933; orders disgorgement of $22,000 and prejudgment interest of $8,727.62 from Galbo and disgorgement of $16,000 and prejudgment interest of $6,476.21 from Solberg; and denies Solberg the privilege of appearing or practicing as an accountant before the Commission with the right to reapply after one year. The Commission also simultaneously filed a settled civil action against Galbo and Solberg concerning the same conduct. In connection with that settlement, Galbo and Solberg consented to entry of a judgment requiring each of them to pay a $30,000 civil penalty. CVS, Solberg and Galbo consented to the issuance of the Order, and Galbo and Solberg each consented to entry of the Court's judgment, without admitting or denying any of the findings in the Commission's Order or the allegations in the civil action. (Rels. 33-8815; 34-55982; AAE Rel. 2626; File No. 3-12673) COMMISSION SUSTAIN, IN PART, DISCIPLINARY ACTION AGAINST RICHARD F. KRESGE, VACATES SANCTIONS, AND REMANDS PROCEEDINGS The Commission has sustained, in part, NASD's findings of violation against Richard F. Kresge, formerly the president of Yankee Financial Group, Inc., a former NASD member firm. NASD found that Kresge failed to establish and maintain a system of supervision that was reasonably designed to achieve compliance with applicable securities laws and regulations and with applicable association rules, failed to report customer complaints, and failed to comply with membership and registration requirements. The Commission found that the record supported NASD's findings of violation. The Commission set aside NASD's findings that Kresge was secondarily liable for certain firm representatives' violations of Section 10(b) of the Securities Exchange Act of 1934, Exchange Act Rule 10b-5, and NASD Conduct Rules 2110, 2120, 2310, and IM-2310-2. The Commission found that the record did not support NASD's findings of secondary liability. The Commission remanded the proceeding to NASD for a redetermination of the sanctions to be imposed on Kresge. (Rel. 34-55988; File No. 3- 12402) COMMISSION SETTLES WITH FORMER CHIEF ADMINISTRATIVE OFFICER OF TRAUTMAN WASSERMAN & COMPANY, INC. FOR HIS ROLE IN A SCHEME TO DEFRAUD MUTUAL FUNDS THROUGH DECEPTIVE MARKET TIMING On June 29, the Commission issued an Order Making Findings and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 and Section 9(b) of the Investment Company Act of 1940 (Order) as to Jerome Snyder. Snyder consented to the issuance of the Order without admitting or denying the Commission's findings, except as to the Commission's jurisdiction over him and the subject matter of the proceedings. The Order finds that Snyder, the former Chief Administrative Officer of registered broker-dealer Trautman Wasserman & Company, Inc. (TWCO), participated in a scheme to defraud mutual funds through deceptive market timing. Snyder took steps to deceive mutual fund companies about TWCO's customers' market timing to evade the mutual fund companies' efforts to curtail the practice. Snyder received numerous warning or kick out letters from mutual funds requesting TWCO to stop market timing, but Snyder did not stop the market timing as the funds requested. Instead, Snyder signed numerous account opening forms for TWCO and assisted in procuring multiple broker numbers for two TWCO brokers, who then used the multiple accounts and broker numbers to deceive mutual funds about the identity of their customers in order to market time mutual funds. Based on the above, the Order directs Snyder to cease and desist from committing or causing any violations or any future violations of Sections 10(b) and 15(c) of the Securities Exchange Act of 1934 and Rules 10b-3 and 10b-5. Further, the Order bars Snyder from association with any broker or dealer, and prohibits Snyder from serving or acting as an employee, officer, director, member of an advisory board, investment adviser or depositor of, or principal underwriter for, a registered investment company or affiliated person of such investment adviser, depositor, or principal underwriter. Finally, the Order directs Snyder to pay a civil penalty of $50,000. The Division of Enforcement is continuing the administrative proceeding against the remaining respondents in this matter. [In the Matter of Trautman Wasserman & Company, Inc., et al.; Rel. 33-8780 (Feb. 5, 2007)] (Rels. 34-55990; IC-27881; File No. 3-12559) JOHN LAWBAUGH, FORMER CEO OF 1ST ATLANTIC GUARANTY CORP. AND SBM CERTIFICATE CO., PLEADS GUILTY TO STEALING $1.2 MILLION FROM THE INVESTMENT COMPANIES, WIRE FRAUD, AND TAX EVASION The Commission announced today that,on June 26 John J. Lawbaugh (Lawbaugh), age 37, of Poolesville, Maryland, the former Chairman of the Board of Directors, Chief Executive Officer, and majority shareholder of 1st Atlantic Guaranty Corp. (1st Atlantic) and Chairman and CEO of SBM Certificate Company (SBM), both face-amount certificate companies registered with the Commission, pleaded guilty to stealing over $1.2 million from 1st Atlantic and SBM, admitting that he had diverted those funds to his own use, as well as pleading guilty to wire fraud and tax evasion charges. United States v. Lawbaugh, Criminal Action No. 05-cr-0402 (D. Md.) Lawbaugh faces a maximum sentence of five years in prison followed by three years of supervised release and a $250,000 fine on each of the wire fraud, theft from a registered investment company, and tax evasion charges. District Judge Roger W. Titus, of the United States District Court for the District of Maryland, has scheduled a sentencing hearing for October 2 and 3, 2007, as well as October 25 and 26, 2007. Previously, on September 29, 2003, the Commission filed an enforcement action against Lawbaugh charging him with fraud, embezzlement, and other prohibited conduct in connection with his operation of 1st Atlantic and SBM. SEC v. Lawbaugh, Civil Action No. 03-cv-2768 (D. Md.) On March 14, 2005, the Commission obtained a default judgment, permanently restraining and enjoining Lawbaugh from violating Section 17(a) of the Securities Act of 1933 (Securities Act), Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5 thereunder, and Sections 17(e)(1), 34 and 37 of the Investment Company Act of 1940 (Investment Company Act); permanently restraining and enjoining him from serving as an officer, director, member of an advisory board, investment adviser, or depositor of any registered investment company, or as a principal underwriter for any registered open-end investment company, unit investment trust, or face-amount certificate company pursuant to Section 36(a) of the Investment Company Act; permanently restraining and enjoining him from acting as an officer or director of a public company pursuant to Section 21(d)(2) of the Exchange Act; holding him liable for disgorgement and prejudgment interest in the amount of $4,149,752.89, and finding that amount satisfied as a result of the forced sale in bankruptcy of Lawbaugh's entire stock interest in 1st Atlantic; as well as ordering Lawbaugh to pay a civil penalty of $120,000. Additional information may be found in Litigation Release No. 18377. [United States v. Lawbaugh, Criminal Action No. 05-cr-0402 (D. Md.)] (LR-20169) FORMER CHRISTIAN SCIENCE PRACTITIONER SENTENCED TO 87 MONTHS IMPRISONMENT FOR OPERATING FICTITIOUS INVESTMENT SCHEME The Commission announced today that the federal court for the District of Massachusetts sentenced Eric E. Resteiner for criminal charges based on his operation of a fraudulent investment scheme through which he raised more than $30 million. The Commission previously obtained a default judgment against Resteiner in a civil securities fraud action based on the same conduct. The criminal sentence, handed down on May 16, 2007, ordered Resteiner to serve 87 months of incarceration, followed by two years of supervised release, and to pay restitution in the amount of $33.9 million. Resteiner renounced his U.S. citizenship in 1995, and will be deported from the United States following his term of imprisonment. The criminal indictment alleged that Resteiner created and executed a scheme by which he defrauded approximately 50 investors, many of whom were members of the Church of Christ Scientist (Christian Science Church), out of more than $30 million through a purported high-yield, international bank trading program. As part of this scheme, Resteiner, assisted by others, made false statements to prospective investors, including that his purported trading program would pay annual returns of no less than 50 percent, and that investors? principal would never be at risk. The indictment further alleged that Resteiner knew that investors? principal was not safe, and was in fact being used to pay purported "interest? payments to investors to lure more investors into the scheme, and to support his lavish lifestyle. The indictment alleged Resteiner maintained homes in the Bahamas and in Switzerland, a yacht, an airplane, a helicopter, two Rolls Royce motor cars, two Hummer vehicles, a Porsche Carerra sports car, and other assorted vehicles. On April 16, 2001, the Commission filed a complaint in the Massachusetts federal district court against Resteiner and others charging them each with participating in the same investment scheme alleged in the indictment. On August 19, 2002, the Massachusetts federal district court entered default judgments against Resteiner and another defendant, Voldemar A. VonStrasdas, in the Commission?s action. The Court ordered Resteiner and VonStrasdas jointly and severally to pay disgorgement plus prejudgment interest of $25,930,895.26. In addition, the Court ordered Resteiner and VonStrasdas each to pay civil penalties of $4.4 million, and permanently enjoined each of them from violating the antifraud and other provisions of the federal securities laws. See Litigation Release Number 20170. For further information, please see Litigation Release No. 17713 (Sept. 5, 2002) [SEC obtains final judgment against Resteiner and VonStrasdas]; and Litigation Release No. 16963 (April 16, 2001) [SEC files emergency enforcement action against Resteiner and others]. [United States of America v. Eric Edward Resteiner, Criminal Action No. 04-CR-10082 (MLW) U.S. District Court for the District of Massachusetts; SEC v. Eric E. Resteiner, et al., Civil Action No. 01-10637(PBS) U. S. District Court for the District of Massachusetts] (LR-20170) GRAND JURY CRIMINALLY INDICTS CYBERKEY CEO FOR STOCK FRAUD AND COVER- UP The Commission today announced that a Pennsylvania federal grand jury criminally indicted James E. Plant, the CEO of CyberKey Solutions, Inc. (CyberKey), on charges of securities fraud and lying to the SEC during its probe of a scheme Plant orchestrated to pump up the price of Cyberkey's shares. Plant is alleged to have given false testimony to the Commission about Cyberkey's purported business dealings with the U.S. Department of Homeland Security ("DHS"), the receipt of payments under a DHS contract, and a purported business relationship with an intermediary company. The two-count indictment charges Plant with orchestrating a fraud scheme in which he personally made in excess of one million dollars selling Cyberkey shares at inflated prices while lying to the public about Cyberkey's business prospects and management. According to the indictment, Plant was responsible for disseminating, in an effort artificially to inflate the price of Cyberkey's shares, numerous false and misleading press releases between December 8, 2005 and March 15, 2007. These press releases contained materially false and misleading statements concerning 1) a fictitious $24.5 million purchase order that CyberKey supposedly received from DHS, when as Plant knew, that DHS purchase order did not exist; 2) revenues and profits that CyberKey had supposedly realized from the fictitious DHS purchase order, when as Plant knew, CyberKey did not receive, and did not expect to receive, any revenues or profits from the fictitious DHS purchase order; 3) Plant's false representations that Cyberkey's financial statements were in the process of being audited and would be released in the near future, when as Plant knew, CyberKey did not expect to release audited financial statements in that time period; and/or 4) Plant's false representations that the failure of the company to realize revenues from the DHS contract was the result of both improper accounting practices used by a company officer, and a third-party's actions to circumvent CyberKey as the middleman of the DHS purchase order, when as Plant knew, the lack of revenues from the DHS purchase order resulted because there was no such purchase order with DHS. The Commission's civil fraud complaint against Cyberkey and Plant covering the scheme, filed on March 20, 2007, further alleged that CyberKey had no business relationship at all, either directly or indirectly, with DHS, and generated no revenues whatsoever from any such relationship. Today's criminal indictment charges Plant with securities fraud, in violation of 15 U.S.C. §§ 78j(b), 78ff; and making a false statement to the Commission, in violation of 18 U.S.C. § 1001. Plant was arrested on March 13, 2007, in St. George, Utah, by agents of the FBI's Philadelphia Economic Crimes Squad and the United States Postal Inspection Service on charges of securities fraud and aiding and abetting securities fraud. One week later, the Commission filed its civil case against Cyberkey and Plant for engaging in an ongoing unregistered offering of Cyberkey shares while promoting the bogus DHS purchase order. [SEC v. Cyberkey Solutions, Inc. and James E. Plant, Civ. Action No. 07 1084 (CMR) (E.D. Pa, filed March 20, 2007); Crim no. 07-375] (LR-20171) TWO DEFENDANTS IN SEC ENFORCEMENT ACTION CONVICTED IN FEDERAL COURT ON RELATED CRIMINAL CHARGES The Commission announced today that on June 27 James Bunchan and Seng Tan, two defendants in a previously filed Commission enforcement action, were each convicted in U.S. District Court for the District of Massachusetts on related charges of mail fraud, conspiracy and money laundering in connection with a fraudulent investment scheme. Bunchan and Tan are scheduled to be sentenced on Sept. 18, 2007. A third defendant, Christian Rochon, who was also named in the Commission's complaint, pled guilty on June 4, 2007, to related criminal charges of mail fraud, conspiracy and money laundering. He is currently scheduled to be sentenced on Aug. 29, 2007. The Commission filed its complaint against Bunchan, Tan, Rochon and two corporate defendants, WMDS, Inc and OneUniverseOnline, Inc., on November 16, 2005, alleging that they operated a fraudulent investment scheme that targeted Cambodian immigrants and that purported to guarantee returns for future generations. The complaint alleged that the defendants emphasized their shared Cambodian heritage with their victims, and written solicitation documents drew a parallel between investing in WMDS and fulfilling the American dream, stating that WMDS "urges you to sign up now or you will miss your best chance of fulfilling your American dream." In fact, according to the complaint, the defendants were operating a fraudulent pyramid scheme and ceased making the promised monthly payments. On January 24, 2006, the Commission amended its complaint to add Bunchan's former wife as a relief defendant. The Commission's case is pending as to all defendants. [USA v. Bunchan et al., Criminal Action No. 06-10004-RGS (D.Mass); [SEC v. WMDS, Inc. et al., Civil Action No.05-12268-RCL (D. Mass)] (LR-20172) SEC SETTLES FRAUD CHARGES AGAINST FORMER CONTROLLER OF SOURCECORP, INC. SUBSIDIARY On June 28, the Commission filed a settled civil action in Dallas federal court against Michael W. Sulfridge, the former controller of Image Entry, Inc., a data entry services provider with its principal office in London, Kentucky. Image Entry is a wholly owned subsidiary of Dallas-based Sourcecorp, Inc., whose common stock previously traded on the Nasdaq National Market but which now is privately owned. Sourcecorp acquired Image Entry in 2001 from Image Entry's CEO, Bill Deaton, and members of his family. As part of the acquisition, Sourcecorp entered into employment agreements with Deaton in which Sourcecorp agreed to pay Deaton an annual bonus, over a three-year "earn out" period, tied to Image Entry's performance against certain earnings criteria. The Commission alleges that Sulfridge and Deaton planned and executed a scheme to overstate Image Entry's earnings to increase the amount of Deaton's "earn out" bonus. The Commission alleges that Sulfridge received approximately $585,000 from Deaton for his involvement. The Commission's complaint describes an alleged scheme to inflate Image Entry's earnings from 2001 through the first quarter of 2004 by (1) recognizing unearned revenue from state and federal government data entry contracts, (2) prematurely recognizing revenue from a federal government data entry contract that Image Entry had not yet been awarded, and (3) diverting various Image Entry expenses to other companies Deaton owned to reduce Image Entry's expenses and increase its earnings. The Commission contends that this alleged misconduct artificially inflated Image Entry's earnings and, by extension, Deaton's "earn out" bonus. Moreover, because the allegedly inflated figures were included in Sourcecorp's publicly reported consolidated financial results, the Commission's complaint asserts that Sourcecorp's earnings were materially overstated. Without or admitting or denying the Commission's allegations, Sulfridge has consented to entry of a final judgment permanently enjoining him from violating Section 17(a) of the Securities Act of 1933 and Sections 10(b) and 13(b)(5) of the Securities Exchange Act of 1934 ("Exchange Act") and Rules 10b-5 and 13b2-1 thereunder, and aiding and abetting violations of Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-1, 13a-11, and 13a-13 thereunder. As part of the settlement, Sulfridge also will be barred from serving as an officer or director from a public company for five years. In addition, Sulfridge will disgorge $50,000 of his improper compensation. The Commission has waived the remainder of Sulfridge's disgorgement and not assessed a financial penalty based on Sulfridge's sworn financial statements and other documents submitted to the Commission. [SEC v. Michael W. Sulfridge, Civil Action, No. 307-CV-1173-L Northern District of Texas (Dallas Division)] (LR-20173; AAE Rel. 2625) SEC SETTLES CHARGES AGAINST FORMER PORTLAND STEEL EXECUTIVE FOR ANTI- BRIBERY STATUTE VIOLATIONS The Commission today announced charges against a former executive of Portland, Oregon-based Schnitzer Steel Industries, Inc., for violating the anti-bribery provisions of the Foreign Corrupt Practices Act (FCPA). Without admitting or denying the allegations, Si Chan Wooh of Tacoma, Washington, the former Executive Vice President and head of a Schnitzer subsidiary, agreed to pay approximately $40,000 in disgorgement, interest and penalties. The Commission's complaint, filed in federal district court in Portland, Oregon, alleges that from at least 1999 through 2004, Wooh paid over $200,000 in cash bribes and other gifts to managers of government-owned steel mills in China to induce them to purchase scrap metal from Schnitzer. According to the Commission, Schnitzer realized over $6.2 million in profits from sales to customers procured through these illicit payments. The Complaint further alleges that during the same period, Wooh made or authorized similar payments totaling over $1.7 million to managers of privately owned steel mills in both China and South Korea. The Commission's complaint alleges that Wooh violated the anti-bribery provisions of the FCPA and that he aided and abetted Schnitzer's violations of the FCPA provisions that require companies to keep accurate books and records (respectively, Sections 30A and 13(b)(2)(A) of the Securities Exchange Act of 1934). Without admitting or denying the charges, Wooh agreed to disgorge $14,819.38 in bonuses plus prejudgment interest of $1,312.52, to pay a $25,000 civil penalty, and to an order enjoining him from violations of the FCPA in the future. In October 2006, Schnitzer settled related charges by the Commission by paying $7.7 million in disgorgement. Schnitzer also paid $7.5 million in penalties to settle related criminal charges brought by the U.S. Department of Justice. The Commission acknowledges the assistance of the Department of Justice in the Commission's investigation. The Commission's investigation is ongoing. [SEC v. Si Chan Wooh, Case No. CV-07-957 ST. (D. Or.)] (LR-20174) CORRECTIONS AND ADDITIONS An inaccurate civil action cite was included in a summary entitled "SEC FILES SETTLED ACTIONS AGAINST KEVIN B. COLLINS AND IBM FOR ASSISTING IN DOLLAR GENERAL CORPORATION'S ACCOUNTING FRAUD" in the June 26th issue of the Digest. The cite should have appeared as follows: [SEC v. Kevin B. Collins, Civil Action No. 3:07-0676 (M.D. Tenn.)] (LR-20166; AAE Rel. 2623). INVESTMENT COMPANY ACT RELEASES NOTICES OF DEREGISTRATION UNDER THE INVESTMENT COMPANY ACT For the month of June 2007, a notice has been issued giving interested persons until July 23, 2007, to request a hearing on any of the following applications for an order under Section 8(f) of the Investment Company Act declaring that the applicant has ceased to be an investment company: Boyle Fund [File No. 811-8501] GAM Avalon Multi-Strategy (TEI), LLC [File No. 811-21026] GAM Institutional Multi-Strategy, LLC [File No. 811-21027] GAM Multi-Strategy Investments, LLC [File No. 811-21736] Evergreen Income & Growth Fund [File No. 811-2829] Evergreen Growth & Income Fund [File No. 811-4715] TIAA-CREF Mutual Funds [File No. 811-8055] GAM Avalon Lancelot, LLC [File No. 811-10245] The Primary Income Funds, Inc. [File No. 811-5831] BlackRock Global Value Fund, Inc. [File No. 811-7561] Curan Fund, LLC [File No. 811-21091] Morgan Stanley Total Return Trust [File No. 811-8600] The Catholic Funds, Inc. [File No. 811-9177] Morgan Stanley Institutional Fund of Hedge Funds II LP [File No. 811-21768] Pioneer Emerging Growth Fund [File No. 811-21105] MBIA Capital First Trust Relative Value Municipal Fund [File No. 811-21572] First Trust/Pequot Energy Income Fund [File No. 811-21688] Jefferson National Life Annuity Account M [File No. 811-21513] Jefferson National Life Annuity Account N [File No. 811-21514] Jefferson National Life Annuity Account O [File No. 811-21512] (Rel. IC-27876 - June 28) REALNETWORKS, INC. A notice has been issued giving interested persons until July 23, 2007, to request a hearing on an application filed by RealNetworks, Inc. for an order under Section 3(b)(2) of the Investment Company Act declaring applicant to be primarily engaged in a business other than that of investing, reinvesting, owning, holding or trading in securities. (Rel. IC-27877 - June 28) SELF-REGULATORY ORGANIZATIONS IMMEDIATE EFFECTIVENESS OF PROPOSED RULE CHANGE A proposed rule change filed by the Chicago Board Options Exchange regarding its open outcry allocation rules (SR-CBOE-2007-66) has become effective under Section 19(b)(3(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of July 2, 2007. (Rel. 34-55971) SECURITIES ACT REGISTRATIONS The following registration statements have been filed with the SEC under the Securities Act of 1933. The reported information appears as follows: Form, Name, Address and Phone Number (if available) of the issuer of the security; Title and the number and/or face amount of the securities being offered; Name of the managing underwriter or depositor (if applicable); File number and date filed; Assigned Branch; and a designation if the statement is a New Issue. Registration statements may be obtained in person or by writing to the Commission's Public Reference Branch at 100 F Street, N.E., Washington, D.C. 20549-1090 or at the following e-mail box address: . In most cases, this information is also available on the Commission's website: . SB-2 I2 TELECOM INTERNATIONAL INC, 3102 MAPLE AVE, STE 230, DALLAS, TX, 75201, 2149697200 - 47,175,595 ($4,953,437.48) Equity, (File 333-144108 - Jun. 28) (BR. 11A) S-3 ARROWHEAD RESEARCH CORP, 201 SOUTH LAKE AVENUE, SUITE 703, PASADENA, CA, 91101, 626-304-3400 - 0 ($28,297,749.54) Equity, (File 333-144109 - Jun. 28) (BR. 01B) S-4 Renegy Holdings, Inc., 301 W. WARNER ROAD, SUITE 132, TEMPE, AZ, 85284, 480-556-5555 - 46,418,334 ($38,838,000.00) Equity, (File 333-144110 - Jun. 28) (BR. 10A) S-3ASR PARKER DRILLING CO /DE/, 1401 ENCLAVE PARKWAY, SUITE 600, HOUSTON, TX, 77077, 281-406-2000 - 0 ($125,000,000.00) Debt Convertible into Equity, (File 333-144111 - Jun. 28) (BR. 04C) S-8 NOMURA HOLDINGS INC, 9-1 NIHONBASHI 1-CHOME, CHUO-KU 103-8645, TOKYO JAPAN, M0, 00000, 0 ($19,467,997.00) Equity, (File 333-144112 - Jun. 28) (BR. 06C) S-8 VYYO INC, 6625 THE CORNERS PARKWAY, SUITE 100, NORCROSS, GA, 30092, 6782828011 - 0 ($6,490,000.00) Equity, (File 333-144113 - Jun. 28) (BR. 11A) F-1 MF Global Finance North America Inc., 717 FIFTH AVENUE, 9TH FLOOR, NEW YORK, NY, 10022, (212) 589-6200 - 0 ($250,000,000.00) Other, (File 333-144116 - Jun. 28) (BR. 06C) S-8 CCF HOLDING CO, 101 NORTH MAIN ST, JONESBORO, GA, 30236, 7704788881 - 0 ($7,096,000.00) Equity, (File 333-144118 - Jun. 28) (BR. 07C) SB-2 Cinjet, Inc., 831-393-1396 - 600,000 ($150,000.00) Face Amount Certificates, (File 333-144120 - Jun. 28) (BR. ) S-8 SCANSOURCE INC, 6 LOGUE COURT STE G, GREENVILLE, SC, 29615, 8032882432 - 0 ($26,036,000.00) Equity, (File 333-144121 - Jun. 28) (BR. 03B) S-8 INTERGROUP CORP, 820 MORAGA DRIVE, -, LOS ANGELES,, CA, 90049-1632, (310) 889-2500 - 510,000 ($8,715,900.00) Equity, (File 333-144122 - Jun. 28) (BR. 08B) S-8 COMMUNITY BANKSHARES INC /SC/, 102 FOUNDERS COURT, ORANGEBURG, SC, 29118, 8035351060 - 350,000 ($5,265,750.00) Equity, (File 333-144123 - Jun. 28) (BR. 07B) S-8 WHITNEY HOLDING CORP, 228 ST CHARLES AVE, NEW ORLEANS, LA, 70130, 5045867570 - 3,200,000 ($95,776,000.00) Equity, (File 333-144124 - Jun. 28) (BR. 07B) S-8 COGNIZANT TECHNOLOGY SOLUTIONS CORP, 500 FRANK W. BURR BLVD., TEANECK, NJ, 07666, 2018010233 - 0 ($263,935,000.00) Equity, (File 333-144125 - Jun. 28) (BR. 03A) S-3 AtriCure, Inc., 6033 SCHUMACHER PARK DRIVE, WEST CHESTER, OH, 45069, 513-755-4107 - 1,789,649 ($16,250,012.92) Equity, (File 333-144126 - Jun. 28) (BR. 10A) S-1 CACI INTERNATIONAL INC /DE/, 1100 N GLEBE ST, ARLINGTON, VA, 22201, 7038417800 - 0 ($300,000,000.00) Equity, (File 333-144127 - Jun. 28) (BR. 03A) S-3 STIFEL FINANCIAL CORP, ATTN: JAMES G. LASCHOBER, 501 N. BROADWAY, ST. LOUIS, MO, 63102-2102, 314-342-2000 - 1,061,547 ($62,705,581.29) Equity, (File 333-144128 - Jun. 28) (BR. 06B) S-8 APOLLO GROUP INC, 4615 EAST ELWOOD ST, PHOENIX, AZ, 85040, 6029665394 - 5,000,000 ($246,550,000.00) Equity, (File 333-144129 - Jun. 28) (BR. 11C) SB-2 Agfeed Industries, Inc, 1095 QINGLAN AVENUE, ECONOMIC AND TECHNOLOGICAL DEVELOPMENT Z, NAN CHANG CITY, JIANGXI PROVIN, F4, 330013, 662-262-9347 - 0 ($20,284,860.50) Equity, (File 333-144131 - Jun. 28) (BR. 02C) S-8 FNB United Corp., 150 SOUTH FAYETTEVILLE STREET, P O BOX 1328, ASHEBORO, NC, 27203, 3366268300 - 200,000 ($3,136,000.00) Equity, (File 333-144132 - Jun. 28) (BR. 07B) S-8 APOGEE ENTERPRISES INC, 7900 XERXES AVE S, SUITE 1800, MINNEAPOLIS, MN, 55431, 6128351874 - 250,000 ($6,235,000.00) Equity, (File 333-144133 - Jun. 28) (BR. 06A) S-11 Proinvest Realty Fund LLC, 8333 DOUGLAS AVENUE, SUITE 1450, DALLAS, TX, 75225, 214-363-7130 - 0 ($100,000,000.00) Limited Partnership Interests, (File 333-144134 - Jun. 28) (BR. 18) S-8 L 3 COMMUNICATIONS HOLDINGS INC, 600 THIRD AVENUE, 34TH FLOOR, NEW YORK, NY, 10016, 2126971111 - 0 ($492,900,000.00) Equity, (File 333-144135 - Jun. 28) (BR. 11B) S-4 VALASSIS COMMUNICATIONS INC, 19975 VICTOR PARKWAY, LIVONIA, MI, 48152, 3135913000 - 0 ($540,000,000.00) Non-Convertible Debt, (File 333-144136 - Jun. 28) (BR. 11A) S-1 GLOBAL TRAFFIC NETWORK, INC., 800 SECOND AVENUE, 5TH FLOOR, NEW YORK, NY, 10017, 212-896-1255 - 0 ($36,846,000.00) Equity, (File 333-144137 - Jun. 28) (BR. 11C) S-4 BUCKHEAD COMMUNITY BANCORP INC, 415 EAST PACES FERRY ROAD N E, ATLANTA, GA, 30305, 0 ($54,454,300.00) Equity, (File 333-144138 - Jun. 28) (BR. 07) S-8 WAVE SYSTEMS CORP, 480 PLEASANT ST, LEE, MA, 01238, 4132431600 - 0 ($15,823,334.68) Equity, (File 333-144139 - Jun. 28) (BR. 03A) S-8 GSI TECHNOLOGY INC, 2360 OWEN STREET, SANTA CLARA, CA, 95054, 4089808388X102 - 0 ($31,676,772.47) Equity, (File 333-144140 - Jun. 28) (BR. 10B) S-8 Crystal River Capital, Inc., THREE WORLD FINANCIAL CENTER, 200 VESEY STREET, 10TH FLOOR, NEW YORK, NY, 10281-1010, 212-549-8400 - 9,896,500 ($253,760,725.00) Equity, (File 333-144141 - Jun. 28) (BR. 08B) S-8 COMMONWEALTH BANKSHARES INC, 403 BOUSH ST, NORFOLK, VA, 23510, 7574466900 - 0 ($8,404,000.00) Equity, (File 333-144142 - Jun. 28) (BR. 07C) S-8 AVIS BUDGET GROUP, INC., 6 SYLVAN WAY, PARSIPPANY, X1, 07054, 973-496-2579 - 8,000,000 ($220,400,000.00) Equity, (File 333-144143 - Jun. 28) (BR. 05A) S-8 SUEZ, 16 RUE DE LA VILLE L EVEQUE, PARIS FRANCE, I0, 75008, 01133140066400 - 302,026 ($16,816,807.68) Equity, (File 333-144146 - Jun. 28) (BR. 02B) S-8 WAVE SYSTEMS CORP, 480 PLEASANT ST, LEE, MA, 01238, 4132431600 - 0 ($1,346,667.34) Equity, (File 333-144147 - Jun. 28) (BR. 03A) S-8 WHX CORP, 555 THEODORE FREMD AVENUE, RYE, NY, 10580, 9149254413 - 800,000 ($7,280,000.00) Equity, (File 333-144148 - Jun. 28) (BR. 06A) S-1 Atlantic Coast Financial CORP, 505 HAINES AVE, WAYCROSS, GA, 31501, (800) 234-0642 - 0 ($310,819,800.00) Equity, (File 333-144149 - Jun. 28) (BR. ) S-3 Morgans Hotel Group Co., 475 TENTH AVENUE, NEW YORK, NY, 10018, 212-277-4100 - 0 ($500,000,000.00) Other, (File 333-144150 - Jun. 28) (BR. 08C) S-4 RAM Holdings Ltd., RAM RE HOUSE, 46 REID STREET, HAMILTON, D0, HM 12, (441) 298-2116 - 75,000 ($75,000,000.00) Equity, (File 333-144151 - Jun. 28) (BR. 01A) S-8 PRB Energy, Inc., 1875 LAWRENCE STREET, SUITE 450, DENVER, CO, 80202, (303) 308-1330 - 0 ($2,492,695.00) Equity, (File 333-144152 - Jun. 28) (BR. 02A) S-3 AVIGEN INC \DE, 1301 HARBOR BAY PARKWAY, ., ALAMEDA, CA, 94502, 5107487150 - 0 ($200,000,000.00) Debt, (File 333-144153 - Jun. 28) (BR. 01C) S-8 PERFISANS HOLDINGS INC, 7828 KENNEDY ROAD, SUITE 201, MARKHAM, A6, L3R 5P1, 905-943-9996 - 21,250,000 ($637,500.00) Equity, (File 333-144154 - Jun. 28) (BR. 10C) S-3 INTEGRATED BIOPHARMA INC, 201 ROUTE 22, HILLSIDE, NJ, 07205, 9739260816 - 2,300,000 ($12,351,000.00) Equity, (File 333-144155 - Jun. 28) (BR. 01A) S-8 ABINGTON BANCORP, INC./PA, 180 OLD YORK ROAD, JENKINTOWN, PA, 19046, (215) 886-8280 - 1,242,640 ($9,948,439.00) Equity, (File 333-144156 - Jun. 28) (BR. 07) S-4 WACHOVIA CORP NEW, ONE WACHOVIA CTR, CHARLOTTE, NC, 28288-0013, 7043746565 - 0 ($3,705,559,596.00) Equity, (File 333-144157 - Jun. 28) (BR. 07A) S-8 OPTION CARE INC/DE, 485 E. HALF DAY ROAD, SUITE 300, BUFFALO GROVE, IL, 60089, 8474652100 - 1,355,582 ($20,415,065.00) Equity, (File 333-144158 - Jun. 28) (BR. 01B) N-2 ING SENIOR INCOME FUND, ING SENIOR INCOME FUND, 7337 E. DOUBLETREE RANCH ROAD, SCOTTSDALE, AZ, 85258, 4804773000 - 0 ($620,700,000.00) Equity, (File 333-144159 - Jun. 28) (BR. 17) RECENT 8K FILINGS Form 8-K is used by companies to file current reports on the following events: 1.01 Entry into a Material Definitive Agreement 1.02 Termination of a Material Definitive Agreement 1.03 Bankruptcy or Receivership 2.01 Completion of Acquisition or Disposition of Assets 2.02 Results of Operations and Financial Condition 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation under an Off-Balance Sheet Arrangement 2.05 Cost Associated with Exit or Disposal Activities 2.06 Material Impairments 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing 3.02 Unregistered Sales of Equity Securities 3.03 Material Modifications to Rights of Security Holders 4.01 Changes in Registrant's Certifying Accountant 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review 5.01 Changes in Control of Registrant 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year 5.04 Temporary Suspension of Trading Under Registrant's Employee Benefit Plans 5.05 Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics 6.01. ABS Informational and Computational Material. 6.02. Change of Servicer or Trustee. 6.03. Change in Credit Enhancement or Other External Support. 6.04. Failure to Make a Required Distribution. 6.05. Securities Act Updating Disclosure. 7.01 Regulation FD Disclosure 8.01 Other Events 9.01 Financial Statements and Exhibits 8-K reports may be obtained in person or by writing to the Commission's Public Reference Branch at 100 F Street, N.E., Washington, D.C. 20549-1090 or at the following e-mail box address: . In most cases, this information is also available on the Commission's website: . STATE NAME OF ISSUER CODE 8K ITEM NO. DATE COMMENT ------------------------------------------------------------------------------------------------------- 3COM CORP DE 2.02,5.02,9.01 06/26/07 3M CO DE 5.02 06/25/07 Abington Community Bancorp, Inc. PA 8.01,9.01 06/27/07 ABRAXAS PETROLEUM CORP NV 1.01,2.03,7.01,9.01 06/28/07 ACCENTURE LTD 2.02,9.01 06/28/07 ACCENTURE SCA 2.02,9.01 06/28/07 ADEPT TECHNOLOGY INC CA 2.05,2.06,5.02,9.01 06/22/07 AEP INDUSTRIES INC DE 8.01,9.01 06/27/07 AEROCENTURY CORP DE 1.01,2.01 06/27/07 ALANCO TECHNOLOGIES INC AZ 1.01,2.03,9.01 06/25/07 ALBANY INTERNATIONAL CORP /DE/ DE 5.02,8.01 06/26/07 Allegiant Travel CO NV 8.01 06/19/07 ALLIANCE DATA SYSTEMS CORP DE 7.01,9.01 06/28/07 ALLIED DEFENSE GROUP INC DE 2.03,3.02 06/27/07 ALTEON INC /DE DE 8.01,9.01 06/28/07 Altus Pharmaceuticals Inc. DE 1.01 06/25/07 AMERICAN AMMUNITION INC/FL NV 4.01,9.01 06/26/07 AMERICAN DAIRY INC UT 1.01,2.03,3.02,8.01,9.01 06/27/07 AMERICAN FINANCIAL REALTY TRUST 5.02 06/27/07 AMERICAN FINANCIAL REALTY TRUST 5.02 06/22/07 American Racing Capital, Inc. NV 1.01,3.02,9.01 06/20/07 ANTS SOFTWARE INC DE 1.01,5.02 06/26/07 APAC CUSTOMER SERVICE INC IL 7.01 06/28/07 APOLLO GROUP INC AZ 2.02,8.01,9.01 06/27/07 ARCHSTONE SMITH OPERATING TRUST 1.01,2.03 06/20/07 ARCHSTONE SMITH TRUST MD 1.01,2.03 06/20/07 ARROW INTERNATIONAL INC PA 2.02,9.01 06/28/07 ARROWHEAD RESEARCH CORP DE 9.01 04/20/07 AMEND ARTISTDIRECT INC DE 1.01,9.01 06/25/07 ASIA PAYMENT SYSTEMS INC NV 7.01,9.01 06/27/07 ASIANADA, INC. NV 5.02 06/25/07 ATLANTIS BUSINESS DEVELOPMENT CORP DE 4.02 06/28/07 Avalon Oil & Gas, Inc. CO 7.01,9.01 05/31/07 AVISTAR COMMUNICATIONS CORP DE 1.01,9.01 06/28/07 BANCINSURANCE CORP OH 5.02,9.01 06/28/07 BANNER CORP WA 8.01,9.01 06/27/07 BEARINGPOINT INC DE 2.02,9.01 06/28/07 BED BATH & BEYOND INC NY 2.02,9.01 06/27/07 BIOSITE INC DE 5.01,5.02,9.01 06/26/07 BLACK BOX CORP DE 2.02,9.01 06/28/07 BlackRock Kelso Capital CORP DE 5.03,9.01 06/22/07 BLOCKBUSTER INC DE 7.01,9.01 06/28/07 BLUE RIDGE REAL ESTATE CO PA 2.01,9.01 08/18/06 BOSTON CAPITAL REAL ESTATE INVESTMENT MD 8.01,9.01 06/28/07 BOSTON PRIVATE FINANCIAL HOLDINGS INC MA 1.01,7.01,9.01 06/27/07 BRANDPARTNERS GROUP INC DE 1.01,9.01 06/25/07 AMEND BRIGGS & STRATTON CORP WI 2.05 06/22/07 Bronco Drilling Company, Inc. DE 5.02,7.01,9.01 06/28/07 BUCKEYE TECHNOLOGIES INC DE 5.02 06/27/07 BUILD A BEAR WORKSHOP INC DE 2.02,8.01,9.01 06/28/07 CACI INTERNATIONAL INC /DE/ DE 2.02,7.01,9.01 06/27/07 Capital One Auto Receivables LLC DE 8.01,9.01 06/28/07 CAPITAL SENIOR LIVING CORP DE 7.01,9.01 06/28/07 CASCADE NATURAL GAS CORP WA 5.02,8.01,9.01 06/22/07 Castle Brands Inc 2.02,9.01 06/28/07 CB RICHARD ELLIS REALTY TRUST 1.01,9.01 06/22/07 CBOT HOLDINGS INC DE 5.02,9.01 06/22/07 CENTURYTEL INC LA 8.01,9.01 06/27/07 CHAMPION INDUSTRIES INC WV 1.01,9.01 06/28/07 ChaseFlex Trust Series 2007-3 DE 8.01,9.01 06/28/07 CHINA EXPERT TECHNOLOGY, INC. NV 1.01,9.01 06/15/07 CHINA EXPERT TECHNOLOGY, INC. NV 1.01,9.01 06/18/07 CHRISTOPHER & BANKS CORP DE 2.02,9.01 06/28/07 Citicorp Residential Mortgage Trust S DE 9.01 06/28/07 CLEAR CHOICE FINANCIAL, INC. NV 3.02 06/28/07 CLX INVESTMENT COMPANY, INC. CO 4.01 06/22/07 COLORADO GOLDFIELDS INC. NV 1.01,9.01 06/13/07 AMEND COMBINATORX, INC DE 8.01,9.01 06/28/07 COMBINATORX, INC DE 1.01,2.03,9.01 06/28/07 COMMAND SECURITY CORP NY 8.01,9.01 06/12/07 AMEND COMMUNITY BANK SHARES OF INDIANA INC IN 8.01,9.01 06/28/07 Comverge, Inc. DE 1.01,2.03,3.02,8.01,9.01 06/27/07 Conmed Healthcare Management, Inc. DE 1.01,2.03,9.01 06/27/07 CONSTELLATION BRANDS, INC. DE 2.02,7.01,9.01 06/28/07 CONSTELLATION BRANDS, INC. DE 5.02,7.01,9.01 06/27/07 CONVERSION SERVICES INTERNATIONAL INC DE 1.01,3.02,9.01 06/28/07 CORGENIX MEDICAL CORP/CO NV 8.01 06/22/07 CORNING NATURAL GAS CORP NY 5.03,9.01 06/28/07 COVAD COMMUNICATIONS GROUP INC DE 2.05,7.01,9.01 06/22/07 CRC CRYSTAL RESEARCH CORP AZ 3.02,5.01 06/15/07 CRITICAL THERAPEUTICS INC DE 1.01 06/25/07 CROMWELL URANIUM CORP. 1.01,2.03,9.01 06/22/07 AMEND CRONOS GROUP 2.02,9.01 06/28/07 CROWN CASTLE INTERNATIONAL CORP DE 7.01,8.01,9.01 06/27/07 CRUISESTOCK INC. TX 8.01,9.01 06/25/07 CRYOCOR INC DE 8.01,9.01 06/27/07 CVB FINANCIAL CORP CA 3.02,8.01,9.01 06/22/07 CWALT INC DE 9.01 06/28/07 CWALT INC DE 9.01 06/28/07 CWMBS INC DE 9.01 06/28/07 CWMBS INC DE 9.01 06/28/07 CWMBS INC DE 9.01 06/28/07 CYTOKINETICS INC 8.01,9.01 06/28/07 DCI USA, INC DE 2.01,5.02,9.01 06/20/07 DIGIMARC CORP DE 5.02 06/22/07 DISCOVERY LABORATORIES INC /DE/ DE 1.01,9.01 06/21/07 DURA AUTOMOTIVE SYSTEMS INC DE 7.01,9.01 06/28/07 E PRIME AEROSPACE CORP CO 5.02,8.01,9.01 06/27/07 EDGAR ONLINE INC DE 5.02,8.01 06/27/07 EFUNDS CORP DE 1.01,8.01,9.01 06/26/07 EGL INC TX 5.02 06/25/07 ELECTRO ENERGY INC FL 3.01,9.01 06/22/07 ELECTROGLAS INC DE 2.02,9.01 06/28/07 ENCORIUM GROUP INC NV 9.01 11/01/06 AMEND ENERGY EAST CORP NY 1.01,5.02,9.01 06/25/07 ENTERTAINMENT DISTRIBUTION CO INC DE 8.01 06/28/07 AMEND ENVIRONMENTAL TECTONICS CORP PA 1.01,9.01 06/28/07 ENXNET INC OK 7.01,9.01 06/26/07 EQUINIX INC DE 7.01,9.01 06/27/07 EQUINIX INC DE 1.01,2.03,9.01 06/27/07 ESTERLINE TECHNOLOGIES CORP DE 1.01,8.01,9.01 06/27/07 ETELCHARGE COM INC 5.02 06/28/07 EVERLAST WORLDWIDE INC DE 8.01,9.01 06/28/07 EXTREME NETWORKS INC DE 2.02,9.01 06/28/07 FAIRPOINT COMMUNICATIONS INC DE 1.01,8.01,9.01 06/28/07 FAMILY DOLLAR STORES INC DE 2.02,9.01 06/28/07 FAR EAST ENERGY CORP 1.01 06/27/07 Federal Home Loan Bank of Atlanta X1 2.03 06/25/07 Federal Home Loan Bank of Boston X1 2.03 06/25/07 Federal Home Loan Bank of Chicago X1 2.03 06/26/07 Federal Home Loan Bank of Cincinnati X1 2.03,9.01 06/26/07 Federal Home Loan Bank of Des Moines X1 2.03,9.01 06/25/07 Federal Home Loan Bank of Indianapoli X1 2.03,9.01 06/25/07 Federal Home Loan Bank of New York X1 2.03,9.01 06/25/07 Federal Home Loan Bank of Pittsburgh PA 2.03,9.01 06/25/07 Federal Home Loan Bank of San Francis X1 2.03 06/25/07 Federal Home Loan Bank of San Francis X1 7.01 06/28/07 Federal Home Loan Bank of Seattle 2.03 06/27/07 Federal Home Loan Bank of Topeka 2.03 06/25/07 FERRO CORP OH 5.02,9.01 06/26/07 FINISH LINE INC /IN/ IN 2.02,9.01 06/28/07 First Horizon Asset Sec Mort Pass Thr DE 8.01,9.01 06/27/07 First Horizon Asset Sec Mort Pass Thr DE 8.01,9.01 06/27/07 First Horizon Asset Sec Mort Pass Thr DE 8.01,9.01 06/27/07 FIRST MIDWEST BANCORP INC DE 5.02 06/28/07 FIRSTFED FINANCIAL CORP DE 7.01,9.01 05/31/07 FIRSTGOLD CORP. DE 3.02,5.02,9.01 06/22/07 FOOTHILLS RESOURCES INC 1.01,9.01 06/22/07 FOOTSTAR INC DE 1.01 06/25/07 FORD CREDIT AUTO OWNER TRUST 2007-A DE 1.01,9.01 06/27/07 FORD MOTOR CREDIT CO LLC DE 8.01,9.01 06/28/07 GateHouse Media, Inc. DE 1.01,9.01 06/28/07 GE Capital Credit Card Master Note Tr DE 1.01,9.01 06/28/07 GEMSTAR TV GUIDE INTERNATIONAL INC DE 5.02,9.01 06/27/07 GENEMAX CORP NV 5.03,7.01,8.01,9.01 06/28/07 GENERAL GROWTH PROPERTIES INC DE 8.01,9.01 06/22/07 GENERAL MILLS INC DE 2.02,9.01 06/28/07 GENESEE & WYOMING INC DE 2.05,9.01 06/22/07 GenuTec Business Solutions, Inc. MT 1.01,8.01,9.01 06/28/07 GERBER SCIENTIFIC INC CT 2.02,9.01 06/28/07 GMACM Home Equity Loan Trust 2007-HE2 DE 8.01,9.01 06/28/07 GMACM Home Equity Loan Trust 2007-HE2 DE 8.01,9.01 06/28/07 GRIFFIN LAND & NURSERIES INC DE 7.01,9.01 06/28/07 GROUP 1 AUTOMOTIVE INC DE 5.02,9.01 06/25/07 GSAA Home Equity Trust 2007-7 DE 9.01 06/28/07 Guideline, Inc. NY 8.01,9.01 06/28/07 H&E Equipment Services, Inc. DE 1.02 06/27/07 HARRIS & HARRIS GROUP INC /NY/ NY 1.01,9.01 06/27/07 HAWTHORN BANCSHARES, INC. MO 8.01,9.01 06/26/07 HealthSpring, Inc. DE 8.01,9.01 06/28/07 HEARTLAND, INC. MD 5.02,9.01 06/28/07 Homeland Security Capital CORP DE 8.01,9.01 06/26/07 HYDROGEN HYBRID TECHNOLOGIES, INC. NV 5.03,8.01,9.01 06/26/07 I TRAX INC DE 1.01,9.01 06/22/07 ICEWEB INC 8.01,9.01 06/28/07 IDERA PHARMACEUTICALS, INC. DE 5.02 06/25/07 IDLEAIRE TECHNOLOGIES CORP DE 2.02,9.01 06/27/07 IndyMac IMJA Mortgage Loan Trust 2007 9.01 06/28/07 IndyMac IMSC Mortgage Loan Trust 2007 9.01 06/28/07 IndyMac IMSC Mortgage Loan Trust 2007 9.01 06/28/07 IndyMac INDX Mortgage Loan Trust 2007 9.01 06/28/07 INN OF THE MOUNTAIN GODS RESORTS & CA 8.01,9.01 06/14/07 INNOFONE COM INC NV 4.02 06/26/07 INNOVA PURE WATER INC /FL/ FL 1.01 06/28/07 INSPIRE PHARMACEUTICALS INC DE 1.01,2.03 06/28/07 INTERNATIONAL ELECTRONICS INC MA 5.01,9.01 06/22/07 International Stem Cell CORP 8.01,9.01 06/27/07 INTRUSION INC DE 1.01,3.02,8.01,9.01 06/27/07 IPC HOLDINGS LTD 1.01,5.02,5.03,9.01 06/22/07 Ivivi Technologies, Inc. NJ 2.02,9.01 06/28/07 J P MORGAN CHASE & CO DE 9.01 06/26/07 JETBLUE AIRWAYS CORP DE 5.02,5.03,9.01 06/28/07 K-FED BANCORP 8.01 06/26/07 KB HOME DE 2.02,9.01 06/28/07 KENDLE INTERNATIONAL INC OH 2.03 06/27/07 Kinder Travel, Inc. A1 8.01 06/26/07 Kreido Biofuels, Inc. NV 4.02 06/28/07 AMEND LAMAR ADVERTISING CO/NEW DE 8.01,9.01 06/28/07 LAUREATE EDUCATION, INC. MD 8.01 06/26/07 Lawson Software, Inc. MN 1.01,9.01 06/26/07 LEHMAN BROTHERS HOLDINGS INC DE 9.01 06/22/07 LEXINGTON REALTY TRUST MD 1.01,3.02,9.01 06/28/07 LILM, INC. NV 4.02,9.01 03/31/07 AMEND LITHIUM TECHNOLOGY CORP DE 3.02 06/27/07 LUMINENT MORTGAGE CAPITAL INC 1.01 06/28/07 M45 Mining Resources, Inc. NV 5.01 06/27/07 MACK CALI REALTY CORP MD 1.01,2.03,9.01 06/22/07 MAGIC COMMUNICATIONS INC DE 1.01,2.01,3.02,5.01,5.02,9.01 04/12/07 AMEND MAGNA ENTERTAINMENT CORP DE 1.01,5.02,7.01,9.01 06/22/07 MANATRON INC MI 2.02,9.01 06/28/07 MARTEK BIOSCIENCES CORP DE 5.02,9.01 06/28/07 MATRIXX RESOURCE HOLDINGS, INC. DE 8.01,9.01 06/27/07 MDU RESOURCES GROUP INC DE 8.01,9.01 06/25/07 MEDALLION FINANCIAL CORP DE 1.01,9.01 06/27/07 MEDIA SCIENCES INTERNATIONAL INC 5.03,9.01 06/27/07 MEDICAL SOLUTIONS MANAGEMENT INC. NV 2.03,9.01 06/25/07 Merrill Lynch Mortgage Backed Securit DE 8.01,9.01 06/27/07 METALICO INC 3.02,9.01 06/27/07 METROMEDIA INTERNATIONAL GROUP INC DE 2.02,9.01 06/28/07 METROPCS COMMUNICATIONS INC DE 5.02,5.03,9.01 06/27/07 MEXORO MINERALS LTD CO 5.02 06/25/07 MICRON TECHNOLOGY INC DE 2.02,5.02,9.01 06/28/07 MiddleBrook Pharmaceuticals, Inc. 5.03,9.01 06/28/07 MILASTAR CORP DE 8.01,9.01 06/28/07 MOMENTA PHARMACEUTICALS INC DE 8.01 06/27/07 MONOLITHIC POWER SYSTEMS INC CA 8.01,9.01 06/25/07 MONSANTO CO /NEW/ DE 2.02,9.01 05/31/07 Morgan Stanley Mortgage Loan Trust 20 DE 8.01,9.01 06/28/07 MS STRUCTURED ASSET CORP CBT SERIES 2 DE 8.01,9.01 06/25/07 MSC INDUSTRIAL DIRECT CO INC NY 2.02,9.01 06/28/07 MTI TECHNOLOGY CORP DE 1.01,9.01 06/22/07 MTM Technologies, Inc. NY 2.02,9.01 06/27/07 N-VIRO INTERNATIONAL CORP DE 8.01 06/25/07 NAVISTAR INTERNATIONAL CORP DE 8.01 06/28/07 NAVISTAR INTERNATIONAL CORP DE 8.01,9.01 06/26/07 NEAH POWER SYSTEMS, INC. NV 7.01,9.01 06/28/07 NETBANK INC GA 2.05 06/15/07 AMEND NEW CENTURY BANCORP INC NC 5.02,9.01 06/06/07 NEW MEDIUM ENTERPRISES INC NV 8.01 06/28/07 NITRO PETROLEUM INC. 4.02 06/22/07 NORTHRIM BANCORP INC AK 8.01,9.01 06/27/07 NOVATEL WIRELESS INC DE 5.02,9.01 06/25/07 Novelis Inc. A6 1.01,3.02,5.03,9.01 06/22/07 OFFICE DEPOT INC DE 8.01 06/28/07 OPTIO SOFTWARE INC GA 8.01,9.01 06/25/07 Option One Mortgage Loan Trust 2007-6 DE 6.04 06/25/07 ORBCOMM Inc. DE 5.02,8.01 06/28/07 Orexigen Therapeutics, Inc. DE 1.01,9.01 06/25/07 Outback Energy CORP NV 5.02 06/27/07 PAETEC Holding Corp. 1.01,9.01 06/27/07 PALM INC DE 2.02,9.01 06/28/07 PANACOS PHARMACEUTICALS, INC. DE 1.01,2.03,9.01 06/28/07 PARKER HANNIFIN CORP OH 4.01 06/28/07 PAULSON CAPITAL CORP OR 8.01,9.01 06/28/07 PENNANTPARK INVESTMENT CORP 1.01 06/25/07 People's United Financial, Inc. DE 1.01,9.01 06/27/07 PEOPLES COMMUNITY BANCORP INC /MD/ MD 1.01,9.01 06/22/07 PEREGRINE PHARMACEUTICALS INC DE 1.01,8.01,9.01 06/27/07 PERFICIENT INC DE 1.01,2.01,3.02,5.02,7.01,9.01 06/25/07 PFF BANCORP INC DE 1.01,2.03 06/26/07 PGT, Inc. DE 5.02,9.01 06/26/07 PHH Alternative Mortgage Trust, Serie DE 8.01,9.01 06/28/07 PHHMC Series 2007-4 Trust DE 9.01 06/28/07 PHOTONIC PRODUCTS GROUP INC NJ 8.01 06/27/07 PIXELWORKS, INC OR 1.01,1.02,5.02,9.01 06/22/07 PLURIS ENERGY GROUP INC NV 7.01,9.01 06/28/07 POLYONE CORP 1.01 06/26/07 PRIDE, INC. CO 8.01 06/27/07 PROGENICS PHARMACEUTICALS INC DE 7.01,9.01 06/28/07 PROGRESSIVE CORP/OH/ OH 7.01,9.01 06/28/07 ProLink Holdings Corp. DE 1.01,2.03,5.02 06/22/07 PUBLIC MEDIA WORKS INC 5.03,9.01 06/22/07 Public Storage MD 1.01,3.03,5.03,9.01 06/27/07 Puda Coal, Inc. 2.01,9.01 06/22/07 PURE BIOFUELS CORP NV 1.01,5.02 06/22/07 QUANTUM FUEL SYSTEMS TECHNOLOGIES WOR DE 3.02 06/22/07 R&G FINANCIAL CORP PR 5.02 03/27/07 RALI Series 2007-QS8 Trust DE 8.01,9.01 06/28/07 Real Estate Referral Center Inc. NV 7.01,9.01 06/28/07 Regency Energy Partners LP DE 4.01 06/26/07 Renaissance Home Equity Loan Trust 20 2.01,9.01 03/14/07 REPLIGEN CORP DE 5.02 06/25/07 RFMSI Series 2007-S6 Trust DE 8.01,9.01 06/28/07 RG GLOBAL LIFESTYLES INC CA 1.01 06/22/07 RITE AID CORP DE 2.02,9.01 06/02/07 River Rock Entertainment Authority XX 8.01,9.01 06/28/07 ROGERS CORP MA 1.01,5.02,7.01,9.01 06/20/07 AMEND SALTON INC DE 1.01,9.01 06/28/07 SAMARITAN PHARMACEUTICALS INC NV 5.03,7.01,8.01,9.01 06/28/07 SANTARUS INC DE 1.01,9.01 06/28/07 Sara Lee Corp MD 5.03 06/28/07 SBM CERTIFICATE CO MN 4.01,4.02,9.01 06/28/07 SCHERING PLOUGH CORP NJ 5.03,9.01 06/26/07 SCHOOL SPECIALTY INC WI 5.02 06/26/07 SCORES HOLDING CO INC UT 5.02 06/25/07 SENTRA CONSULTING CORP 1.01,2.03,8.01,9.01 06/21/07 SERVICEMASTER CO DE 8.01,9.01 06/28/07 SHARPER IMAGE CORP DE 1.01 06/22/07 SI INTERNATIONAL INC DE 5.02 06/22/07 SIENA TECHNOLOGIES, INC. NV 1.01,3.02,9.01 06/22/07 SIERRA PACIFIC POWER CO NV 8.01 06/28/07 SINGING MACHINE CO INC DE 2.02,5.02,9.01 06/21/07 SKYNET TELEMATICS INC NV 4.01,9.01 04/16/07 AMEND SMITHTOWN BANCORP INC NY 5.03,9.01 06/22/07 SOLECTRON CORP DE 2.02,9.01 06/28/07 Solo Cup CO DE 1.01,9.01 06/27/07 SOURCE DIRECT HOLDINGS INC NV 4.01,9.01 06/18/07 SOUTH DAKOTA SOYBEAN PROCESSORS LLC 5.03,9.01 06/26/07 SouthEast Bancshares, Inc. TN 5.03,9.01 06/26/07 STARM Mortgage Loan Trust 2007-3 DE 8.01,9.01 06/28/07 STATE BANCORP INC NY 5.03,9.01 06/26/07 STERLING GROUP VENTURES INC NV 1.01,9.01 06/27/07 STILLWATER MINING CO /DE/ DE 8.01,9.01 06/27/07 STRUCTURED OBLIGATIONS CORP LONG TERM DE 8.01,9.01 06/15/07 STRUCTURED OBLIGATIONS CORP LONG TERM DE 8.01,9.01 06/15/07 STRUCTURED OBLIGATIONS CORP LONG TERM DE 8.01,9.01 06/15/07 STRUCTURED OBLIGATIONS CORP SELECT NO DE 8.01,9.01 06/15/07 STRUCTURED OBLIGATIONS CORP SELECT NO DE 8.01,9.01 06/15/07 STRUCTURED PRODUCTS CORP CORTS TRUST DE 8.01,9.01 06/15/07 Symmetry Holdings Inc DE 1.01,3.02,9.01 06/27/07 TAG IT PACIFIC INC DE 1.01,1.02,2.03,3.02,9.01 06/27/07 TAIWAN FUND INC DE 7.01,9.01 05/01/07 TARGETED GENETICS CORP /WA/ WA 8.01,9.01 06/27/07 Tarpon Industries, Inc. MI 2.03,3.02 06/26/07 TECHNOLOGY INVESTMENT CAPITAL CORP MD 1.01,2.03,9.01 06/27/07 TEMECULA VALLEY BANCORP INC CA 5.03,9.01 06/27/07 TIBCO SOFTWARE INC DE 2.02,9.01 06/28/07 TIMBERLAND CO DE 2.02,9.01 06/27/07 TIVO INC DE 8.01 06/27/07 TOWER FINANCIAL CORP IN 8.01,9.01 06/25/07 TRANSMERIDIAN EXPLORATION INC DE 1.01,1.02,2.03,3.02,3.03,5.03, 06/26/07 9.01 Trident Systems International/AAMPRO NV 1.01,3.02,5.01,9.01 06/27/07 TRIPLE-S MANAGEMENT CORP 3.03,9.01 06/24/07 Triton Petroleum Group Inc 1.02 03/01/07 AMEND TRUDY CORP DE 5.02,5.03,9.01 06/27/07 Turquoise Card Backed Securities plc X0 8.01,9.01 06/28/07 TWEETER HOME ENTERTAINMENT GROUP INC DE 1.01,9.01 06/27/07 UDR, Inc. MD 7.01,9.01 06/28/07 UNITED AMERICA INDEMNITY, LTD E9 5.02,9.01 06/28/07 UNIVERSAL STAINLESS & ALLOY PRODUCTS DE 3.01,8.01,9.01 06/28/07 Utah Uranium Corp. NV 1.01,9.01 06/01/07 UTSTARCOM INC DE 5.02,9.01 06/28/07 VALASSIS COMMUNICATIONS INC DE 8.01,9.01 06/28/07 VALENCE TECHNOLOGY INC DE 3.02,9.01 06/21/07 VECTREN CORP IN 8.01 06/27/07 Venoco, Inc. DE 1.01,9.01 06/27/07 VIEWSONIC CORP DE 1.01,9.01 06/22/07 VION PHARMACEUTICALS INC DE 8.01,9.01 06/26/07 VISCORP, INC. DE 8.01 06/28/07 VISION SCIENCES INC /DE/ DE 2.02 06/28/07 VOICESERVE INC DE 5.03 02/20/07 WACHOVIA CORP NEW NC 5.02,9.01 06/27/07 WaMu Asset-Backed Certificates, WaMu DE 9.01 06/13/07 WASHINGTON REAL ESTATE INVESTMENT TRU MD 7.01,9.01 06/28/07 WEB.COM, INC. MN 1.01,5.02,8.01,9.01 06/26/07 Wells Fargo Mortgage Backed Securitie DE 9.01 06/28/07 Wells Fargo Mortgage Backed Securitie DE 9.01 06/28/07 Wells Fargo Mortgage Backed Securitie DE 9.01 06/28/07 WHITING PETROLEUM CORP DE 8.01,9.01 06/27/07 Whos Your Daddy Inc NV 1.01,3.02,3.03,9.01 06/28/07 WILLIS GROUP HOLDINGS LTD D0 8.01,9.01 06/28/07 Winthrop Realty Trust OH 2.01,9.01 06/25/07 WORTHINGTON INDUSTRIES INC OH 2.02,7.01,9.01 06/28/07 XCEL ENERGY INC MN 8.01 06/27/07