SEC News Digest

ENFORCEMENT PROCEEDINGS

In the Matter of Haberman Management Corp., Haberman Value Fund, L.P. and Ross L. Haberman

On April 13, 2010, the Commission issued an Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934 (Exchange Act) and Sections 203(e), 203(f) and 203(k) of the Investment Advisers Act of 1940 (Advisers Act), Making Findings and Imposing Remedial Sanctions and a Cease-and-Desist Order as to Haberman Management Corp. (HMC), Haberman Value Fund, L.P. (HVF) and Ross L. Haberman. The Order finds that HMC, a former registered investment adviser based in New York, NY, through Haberman, its President and sole owner, violated the anti-fraud provisions of the Exchange Act and the Advisers Act, and various other provisions of the Advisers Act. From at least January 2004 through at least March 2009 Haberman, through his control of HMC, and as sole General Partner of HVF, opened numerous bank accounts in his name using HVF assets, used those assets to purchase shares in his name in banks converting from mutual to stock ownership, and then either transferred those shares to HVF or misappropriated some or all of the proceeds from the sale of those shares. Haberman's misrepresentations to the banks deprived other possible participants in stock offerings of the opportunity to purchase the shares purchased by Haberman. HVF realized profits of $191,943 and Haberman realized profits of $164,186, of which he returned $87,453, including interest, to HVF in 2009. Haberman also caused HMC to misrepresent HVF's performance in marketing material, and caused HMC to violate Advisers Act custody and books and records provisions.

Based on the above, the Order bars Haberman from association with any investment adviser with the right to reapply for association after three years; censures HMC; requires HMC and Haberman to cease and desist from committing or causing any violations and any future violations of Exchange Act Section 10(b) and Rule 10b-5 and Sections 204, 206(1), 206(2), and 206(4) of the Advisers Act and Advisers Act Rules 204-2, 206(4)-2 and 206(4)-8; orders Haberman to pay disgorgement of $91,317, prejudgment interest of $27,950 and a civil money penalty of $100,000; orders HVF to pay disgorgement of $191,943 and prejudgment interest of $71,500. The respondents consented to the issuance of the Order without admitting or denying any of the findings therein. (Rels. 34-61896; IA Rel. 3014; File No. 3-13859)

SELF-REGULATORY ORGANIZATIONS

Proposed Rule Changes

NASDAQ OMX PHLX filed a proposed rule change (SR-Phlx-2010-43) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 relating to quote spread parameters and batching of violations. Publication of this notice is expected in the Federal Register during the week of April 12. (Rel. 34-61862)

NASDAQ OMX PHLX filed a proposed rule change (SR-Phlx-2010-48) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 relating to market data fees. Publication of this notice is expected in the Federal Register during the week of April 12. (Rel. 34-61878)

Immediate Effectiveness of Proposed Rule Changes

A proposed rule change filed by NASDAQ OMX PHLX relating to fees for participation in NASDAQ OMX PSX (SR-Phlx-2010-54) has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication of this notice is expected in the Federal Register during the week of April 12. (Rel. 34-61863)

A proposed rule change filed by NYSE Arca amending its fee schedule (SR-NYSEArca-2010-21) has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication of this notice is expected in the Federal Register during the week of April 12. (Rel. 34-61868)

A proposed rule change filed by Chicago Board Options Exchange (SR-CBOE-2010-031) to amend the title of CBOE Rule 6.8C has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication of this notice is expected in the Federal Register during the week of April 12. (Rel. 34-61879)

Approval of Proposed Rule Change

The Commission approved a proposed rule change filed by BATS Exchange (SR-BATS-2010-002), as modified by Amendment Nos. 1 and 2, under Section 19(b)(2) of the Securities Exchange Act of 1934, to offer certain BATS Exchange data products. Publication of this notice is expected in the Federal Register during the week of April 12. (Rel. 34-61885)

Accelerated Approval of Proposed Rule Change

The Commission approved on an accelerated basis a proposed rule change (SR-NYSEArca-2010-14), submitted by NYSE Arca pursuant to Rule 19b-4 under the Securities Exchange Act of 1934, relating to the listing of the United States Brent Oil Fund, LP. Publication of this notice is expected in the Federal Register during the week of April 12. (Rel. 34-61881)

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http://www.sec.gov/news/digest/2010/dig041310.htm