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COMMISSION ANNOUNCEMENTSSecurities and Exchange Commission Suspends Trading in the Securities of Five Issuers for Failure to Make Required Periodic FilingsThe U.S. Securities and Exchange Commission announced the temporary suspension of trading in the securities of the following issuers, commencing at 9:30 a.m. EDT on June 4, 2010, and terminating at 11:59 p.m. EDT on June 17, 2010.
The Commission temporarily suspended trading in the securities of these five issuers due to a lack of current and accurate information about the companies because they have not filed periodic reports with the Commission in over two years. This order was entered pursuant to Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act). The Commission cautions brokers, dealers, shareholders and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by these companies. Brokers and dealers should be alert to the fact that, pursuant to Exchange Act Rule 15c2-11, at the termination of the trading suspensions, no quotation may be entered relating to the securities of the subject companies unless and until the broker or dealer has strictly complied with all of the provisions of the rule. If any broker or dealer is uncertain as to what is required by the rule, it should refrain from entering quotations relating to the securities of these companies that have been subject to a trading suspension until such time as it has familiarized itself with the rule and is certain that all of its provisions have been met. Any broker or dealer with questions regarding the rule should contact the staff of the Securities and Exchange Commission in Washington, DC at (202) 551-5720. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action. If any broker, dealer or other person has any information which may relate to this matter, they should immediately communicate it to the Delinquent Filings Branch of the Division of Enforcement at (202) 551-5466, or by e-mail at DelinquentFilings@sec.gov. (Rel. 34-62218) ENFORCEMENT PROCEEDINGSCommission Orders Hearings on Registration Suspension or Revocation Against Five Companies for Failure to Make Required Periodic FilingsIn conjunction with today's trading suspension, the Commission also 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 the Order, the Division of Enforcement (Division) alleges that the respective Respondents are delinquent in their required periodic filings with the Commission. In each of these proceedings, 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 proceedings 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 each proceeding issue an initial decision not later than 120 days from the date of service of the order instituting proceedings. (Rel. 34-62219; File No. 3-13921) In the Matter of United Vanguard Homes, Inc.On June 4, 2010, an Administrative Law Judge issued an Order Making Findings and Imposing Sanctions by Default (Default Order) as to United Vanguard Homes, Inc., Universal Life Holding Corp., Universal Standard Medical Laboratories, Inc. (n/k/a Universal Standard Healthcare, Inc.), Universe2U Inc., U.S. Homecare Corp., and USA Classic, Inc., in United Vanguard Homes, Inc., Admin. Proc. 3-13875. The Default Order finds that each Respondent failed to comply with Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Exchange Act Rules 13a-1 and 13a-13 because it failed to make periodic filings with the Commission for a number of years. Based on these findings, the Default Order revoked the registrations of each class of registered securities of each Respondent. (Rel. 34-62220; File No. 3-13875) In the Matter of LEP Group PLC (n/k/a Wayrol PLC), LIF, LifeRate Systems, Inc., and Loch Harris, Inc.On June 4, 2010, an Administrative Law Judge issued an Order Making Findings and Imposing Sanctions by Default (Default Order) as to LEP Group PLC (n/k/a Wayrol PLC), LIF, LifeRate Systems, Inc., and Loch Harris, Inc. in LEP Group PLC (n/k/a Wayrol PLC), Admin. Proc. 3-13867. The Default Order finds that each Respondent failed to comply with Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Exchange Act Rules 13a-1 and 13a-13 because it failed to make periodic filings with the Commission for a number of years. Based on these findings, the Default Order revoked the registrations of each class of registered securities of each Respondent. (Rel. 34-62221; File No. 3-13867) Securities and Exchange Commission Orders Hearing on Registration Suspension or Revocation Against Five Public Companies for Failure to Make Required Periodic FilingsToday 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 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 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 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. 34-62222; File No. 3-13922) Order Instituted Against Stanton B.J. DeFreitasOn June 4, 2010, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Notice of Hearing (Order) as to Stanton B.J. DeFreitas (DeFreitas or Respondent). In the Order, the Division of Enforcement alleges that on March 26, 2010, a default judgment was entered against DeFreitas, permanently enjoining him from future violations of Sections 5(a), 5(c), and 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 from participating directly or indirectly in the offering of penny stock pursuant to Section 20(g) of the Securities Act and Section 21(d)(6) of the Exchange Act, in the civil action entitled SEC v. Irwin Boock, et al., Civil Action Number 09-CV-8261, in the United States District Court for the Southern District of New York. The Division of Enforcement further alleges in the Order that the complaint filed in the civil action alleged that for a period of years through mid-2007, DeFreitas, along with other named defendants, hijacked defunct publicly-traded corporations, or their identities for use by private corporations passing themselves off as the defunct publicly-traded corporations, and offered and sold securities of the hijacked or hijacking entities in violation of the antifraud and registration requirements of the federal securities laws. The Division of Enforcement further alleges in the Order that, for a portion of the time in which DeFreitas was engaged in the conduct underlying the complaint, he was also an associated person of a broker-dealer registered with the Commission. A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Respondent an opportunity to respond to these allegations, and to determine what, if any, remedial sanctions are appropriate and in the public interest. The Order directs the Administrative Law Judge to issue an initial decision no later than 210 days from the date of service of the Order, pursuant to Rule 360(a)(2) of the Commission's Rules of Practice. (Rel. 34-62225; File No. 3-13923).Former Cendant Corporation Vice Chairman E. Kirk Shelton Settles SEC Fraud ActionThe Securities and Exchange Commission announced that on June 2, 2010, a settled final judgment was entered by the U.S. District Court for the District of New Jersey against E. Kirk Shelton, the former Vice Chairman of Cendant Corporation (Cendant), in the Commission's action alleging that he violated the federal securities laws. As alleged in the complaint, Shelton directed an earnings management scheme at CUC International Inc., a corporate predecessor of Cendant, and, subsequently, at Cendant itself that improperly inflated the companies' quarterly and annual financial results over a twelve-year period. The final judgment against Shelton, to which he consented without admitting or denying the Commission's allegations, enjoins him from violating, or aiding and abetting violations of, the antifraud, proxy statement, periodic reporting, books and records, internal controls, and lying to auditors provisions of the federal securities laws and bars him from serving as an officer or director of a public company. [SEC v. Walter A. Forbes and E. Kirk Shelton, Civil Action No. 01 civ 987 (JAP), USDC, DNJ] (LR-21548; AAE Rel. 3138) SELF-REGULATORY ORGANIZATIONSImmediate Effectiveness of Proposed Rule ChangesA proposed rule change filed by the International Securities Exchange (SR-ISE-2010-46) relating to fee changes has become immediately 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 June 7. (Rel. 34-62195) A proposed rule change (SR-CBOE-2010-49) filed by the Chicago Board Options Exchange related to eligible order types 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 June 7. (Rel. 34-62204) A proposed rule change filed by the International Securities Exchange (SR-ISE-2010-55) relating to amending the Direct Edge ECN Fee Schedule 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 June 7. (Rel. 34-62207) A proposed rule change filed by NYSE Arca (SR-NYSEArca-2010-42) to amend NYSEArca Rule 6.82, by revising the minimum financial requirements of Lead Market Makers, 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 June 7. (Rel. 34-62209) Proposed Rule ChangeThe Financial Industry Regulatory Authority filed a proposed rule change (SR-FINRA-2010-024) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 to adopt FINRA Rule 4210 (Margin Requirements), FINRA Rule 4220 (Daily Record of Required Margin) and FINRA Rule 4230 (Required Submissions for Requests for Extensions of Time Under Regulation T and SEC Rule 15c3-3) in the Consolidated FINRA Rulebook. Publication is expected in the Federal Register during the week of June 7. (Rel. 34-62205) Accelerated Approval of Proposed Rule ChangeThe Commission granted accelerated approval to a proposed rule change (SR-ISE-2010-56) submitted by the International Securities Exchange pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 relating to the amounts that Direct Edge ECN, in its capacity as an introducing broker for non-ISE Members, passes through to such non-ISE Members. Publication is expected in the Federal Register during the week of June 7. (Rel. 34-62206) Approval of Proposed Rule ChangeThe Commission approved a proposed rule change (SR-FINRA-2010-014) submitted by the Financial Industry Regulatory Authority (FINRA) (f/k/a National Association of Securities Dealers, Inc. (NASD)) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 related to amendments FINRA Rule 9554 to eliminate explicitly the inability-to-pay defense in the expedited proceedings context. Publication is expected in the Federal Register during the week of June 7. (Rel. 34-62211) SECURITIES ACT REGISTRATIONSRECENT 8K FILINGS
http://www.sec.gov/news/digest/2010/dig060410.htm
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