 |
Home | Previous Page | |
|
||
 |
|
|
|
||
 |
|
|
|
|
|||||||||||||||
|
|
|||||||||||||||
|
|
ENFORCEMENT PROCEEDINGSSecurities and Exchange Commission Orders Hearing on Registration Revocation Against Eight Public Companies for Failure to Make Required Periodic FilingsOn Oct. 22, 2009, the Commission instituted public administrative proceedings to determine whether to revoke or suspend for a period not exceeding twelve months the registrations of each class of the securities of eight companies for failure to make required periodic filings with the Commission:
In this Order, the Division of Enforcement (Division) alleges that the eight issuers are delinquent in their required periodic filings with the Commission. In this proceeding, instituted pursuant to Exchange Act Section 12(j), a hearing will be scheduled before an Administrative Law Judge. At the hearing, the Administrative Law Judge will hear evidence from the Division and the Respondents to determine whether the allegations of the Division contained in the Order, which the Division alleges constitute failures to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 or 13a-16 thereunder, are true. The Administrative Law Judge in the proceeding will then determine whether the registrations pursuant to Exchange Act Section 12 of each class of the securities of these Respondents should be revoked or suspended for a period not exceeding twelve months. The Commission ordered that the Administrative Law Judge in this proceeding issue an initial decision not later than 120 days from the date of service of the order instituting proceedings. (Rel. 34-60867; File No. 3-13662) Securities and Exchange Commission Orders Hearing on Registration Revocation or Suspension Against Five Public Companies for Failure to Make Required Periodic FilingsOn Oct. 22, 2009, the Commission instituted public administrative proceedings to determine whether to revoke or suspend for a period not exceeding twelve months the registration of each class of the securities of five companies for failure to make required periodic filings with the Commission:
In this Order, the Division of Enforcement (Division) alleges that the five issuers are delinquent in their required periodic filings with the Commission. In this proceeding, instituted pursuant to Exchange Act Section 12(j), a hearing will be scheduled before an Administrative Law Judge. At the hearing, the judge will hear evidence from the Division and the Respondents to determine whether the allegations of the Division contained in the Order, which the Division alleges constitute failures to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 or 13a-16 thereunder, are true. The judge in the proceeding will then determine whether the registrations pursuant to Exchange Act Section 12 of each class of the securities of these Respondents should be revoked or suspended for a period not exceeding twelve months. The Commission ordered that the Administrative Law Judge in this proceeding issue an initial decision not later than 120 days from the date of service of the order instituting proceedings. (Rel. 34-60869; File No. 3-13663) In the Matter of Banc of America Investment Service, Inc. and Virginia HollidayOn Oct. 22, 2009, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings and Imposing Remedial Sanctions (Order) against Banc of America Investment Services, Inc. (BAI) and Virginia Holliday. The Order finds that BAI and Holliday failed reasonably to supervise Brent Lemons, a former registered representative in BAI's Tyler, Texas branch office. Between May 2005 and April 2007, while on heightened supervision, Lemons misappropriated over $1.3 million from BAI customers' accounts primarily by liquidating their variable annuities. After placing Lemons on heightened supervision, Holliday failed to determine whether the Tyler branch office complied with BAI's correspondence procedures and did not respond appropriately to red flags raised by additional customer complaints. BAI failed to develop a reasonable system to implement its policies and procedures for reviewing customer accounts and securities transactions and failed reasonably to implement its procedures for branch office compliance inspections by failing to provide for follow-up on deficiencies identified in these inspections. Based on the above, the Order censures BAI, orders it to pay a civil penalty of $150,000, and directs it to comply with an undertaking to retain an independent consultant to review its written supervisory procedures and supervisory systems, and implement changes to those procedures and systems the independent consultant recommends. Finally, the Order bars Holliday from associating with any broker or dealer in a supervisory capacity with a right to reapply after one year. BAI and Holliday each consented to the Order without admitting or denying the findings in the Order. (Rel. 34-60870; File No. 3-13664) Commission Revokes Registration of Securities of Versent Corp. for Failure to Make Required Periodic FilingsOn Oct. 23, 2009, the Commission revoked the registration of each class of registered securities of Versent Corp. (Versent) for failure to make required periodic filings with the Commission. Without admitting or denying the findings in the Order, except as to jurisdiction, which it admitted, Versent consented to the entry of an Order Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934 as to Versent finding that it failed to comply with Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Rules 13a-1 and 13a-13 or 13a-16 thereunder and revoking the registration of each class of Versent's securities pursuant to Section 12(j) of the Exchange Act. This order settled the proceedings brought against Versent in In the Matter of Value America, Inc., et al., Administrative Proceeding File No. 3-13649. Brokers and dealers should be alert to the fact that Exchange Act Section 12(j) provides, in pertinent part, as follows: No member of a national securities exchange, broker, or dealer shall make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce the purchase or sale of, any security the registration of which has been and is suspended or revoked . . . . For further information see Order Instituting Administrative Proceedings and Notice of Hearing Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Value America, Inc., et al., Administrative Proceeding File No. 3-13649, Exchange Act Release No. 60821, Oct. 14, 2009. (Rel. 34-60871; File No. 3-13649) Commission Finds that Rodney R. Schoemann Sold Unregistered Securities When No Exemption from Registration Was AvailableThe Commission found that Rodney R. Schoemann, a Louisiana resident, violated Sections 5(a) and 5(c) of the Securities Act of 1933 by offering and selling the securities of Stinger Systems, Inc. when no registration statement was filed or in effect with respect to those securities and no exemption from registration was available. The Commission ordered that Schoemann cease and desist from committing or causing any violations, or any future violations, of these provisions, and that Schoemann disgorge $967,901, plus prejudgment interest, in profits from the sales. (Rel. 33-9076; File No. 3-12943) INVESTMENT COMPANY ACT RELEASESOrders of Deregistration Under the Investment Company ActOrders have been issued under Section 8(f) of the Investment Company Act declaring that each of the following has ceased to be an investment company:
SELF-REGULATORY ORGANIZATIONSApproval of Proposed Rule ChangesThe Commission approved a proposed rule change submitted by NASDAQ OMX PHLX (SR-Phlx-2009-77) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 regarding listing certain index options at $1 and $2.50 strike price intervals. Publication is expected in the Federal Register during the week of Oct. 26. (Rel. 34-60840) The Commission approved a proposed rule change filed by International Securities Exchange (SR-ISE-2009-64), under Section 19(b)(2) of the Securities Exchange Act of 1934, to adopt reduced fees for subscriptions to historical ISE Open/Close Trade Profile by academic institutions. Publication is expected in the Federal Register during the week of Oct. 26. (Rel. 34-60859) Proposed Rule ChangesThe Commission issued notice of a proposed rule change submitted by Financial Industry Regulatory Authority (SR-FINRA-2009-067) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 to adopt FINRA Rules 2060 (Use of Information Obtained in Fiduciary Capacity) and 5290 (Order Entry and Execution Practices) in the Consolidated FINRA Rulebook. Publication is expected in the Federal Register during the week of Oct. 26. (Rel. 34-60850) The Commission noticed a proposed rule change (SR-FINRA-2009-068) submitted by Financial Industry Regulatory Authority pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 relating to FINRA's rules governing clearly erroneous executions. Publication is expected in the Federal Register during the week of Oct. 26. (Rel. 34-60851) Financial Industry Regulatory Authority filed a proposed rule change (SR-FINRA-2009-065) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereunder to define asset-backed securities, mortgage-backed securities, and other similar securities as TRACE-eligible securities and require the reporting of transactions in such securities to TRACE. Publication is expected in the Federal Register during the week of Oct. 26. (Rel. 34-60860) Immediate Effectiveness of Proposed Rule ChangesA proposed rule change (SR-Phlx-2009-89) filed by NASDAQ OMX PHLX relating to retroactively waiving the cancellation fee has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of Oct. 26. (Rel. 34-60853) A proposed rule change (SR-ISE-2009-84), filed by the International Securities Exchange to amend ISE Rules relating to the minimum size requirement for quotations has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of Oct. 26. (Rel. 34-60854) A proposed rule change filed by NYSE Arca to amend obligations of lead market makers (SR-NYSEArca-2009-92) has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of Oct. 26. (Rel. 34-60855) A proposed rule change filed by the Chicago Board Options Exchange amending Interpretation and Policy .13 to Rule 5.3 (SR-CBOE-2009-074) has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of Oct. 26. (Rel. 34-60857) A proposed rule change filed by the Chicago Board Options Exchange (SR-CBOE-2009-077) to amend the Chicago Board Options Exchange Stock Exchange fees schedule related to stock component of stock-option cross trade has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of Oct. 26. (Rel. 34-60858) Immediate Effectiveness of Amendment to National Market System PlanThe proposed amendment to the National Market System Plan for the Selection and Reservation of Securities Symbols filed by BATS Exchange, in order to become a party to the plan, has become effective pursuant to Section 11A(a)(3) of the Securities Exchange Act of 1934 and Rule 608 thereunder. Publication is expected in the Federal Register during the week of Oct. 26. (Rel. 34-60856) SECURITIES ACT REGISTRATIONSRECENT 8K FILINGS
http://www.sec.gov/news/digest/2009/dig102309.htm
|