SEC News Digest

ENFORCEMENT PROCEEDINGS

In the Matter of Sierra Financial Advisors, LLC, Michael E. Earl, and Michael L. Breakey

On September 23, the Commission issued an Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Section 8A of the Securities Act of 1933, Section 21C of the Securities Exchange Act of 1934, Sections 203(e), 203(f) and 203(k) of the Investment Advisors Act of 1940, and Section 9(b) of the Investment Company Act of 1940 (Order) against Sierra Financial Advisors, LLC, Michael E. Earl, and Michael L. Breakey. SFA, Earl, and Breakey consented to the issuance of the Order without admitting or denying the Commission's findings.

The Order finds that from 2004 through 2007, Sierra Financial Advisors (SFA), a registered investment adviser based in Overland Park, Kansas, and its principals, Earl and Breakey, used their discretionary authority to invest client funds in entities Earl and Breakey owned without disclosing their conflicts of interest and in contravention of statements in SFA's Forms ADV. The Order further finds that Earl then used the funds invested in these entities for undisclosed purposes, including the financing of other entities in which Earl and Breakey had interests. The Order also finds that SFA failed to maintain required records documenting its clients' investments and failed to adopt and implement written policies and procedures reasonably designed to prevent violations of the Advisers Act and rules thereunder. The Commission finds that, as a result of this conduct, SFA, Earl and Breakey violated the antifraud provisions of the Securities Act, the Exchange Act, and the Advisers Act, and violated or aided and abetted violations of other provisions of the Advisers Act.

Based on the above, the Order directs SFA to cease and desist from committing or causing any violations of Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Sections 204, 206(1), 206(2), 206(4) and 207 of the Advisers Act and Rules 204-2(b)(1), 204-2(b)(2), 204-2(b)(4) and 206(4)-7 promulgated thereunder. The Order also directs Earl to cease and desist from committing or causing any violations and any future violations of Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, Sections 204, 206(1) and 206(2) of the Advisers Act and Rule 204-2(b)(1), 204-2(b)(2) and 204-2(b)(4) promulgated thereunder. The Order further directs Breakey to cease and desist from committing or causing any violations and any future violations of Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, Sections 204, 206(1), 206(2), 206(4) and 207 of the Advisers Act and Rule 204-2(b)(1), 204-2(b)(2), 204-2(b)(4) and 206(4)-7 promulgated thereunder.

The Order also revokes SFA's registration as an investment adviser, bars Earl and Breakey from association with any investment adviser, and prohibits Earl and Breakey 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. The Order further directs SFA to pay disgorgement of $12,500 and prejudgment interest of $2,099.29, and directs Earl to pay disgorgement of $124,000 and prejudgment interest of $20,756.35. The Order waives the payment of disgorgement by SFA and Earl and does not impose civil penalties against SFA, Earl and Breakey based on their sworn representations of their financial conditions. (Rels. 33-9145; 34-62984; IA-3087; IC-29439; File No. 3-14067)

Delinquent Filers' Stock Registrations Revoked

The registrations of the registered securities of Microwave Laboratories, Inc., Millionaire.com, Inc., Mirador Diversified Services, Inc., ML Direct, Inc., MLH Properties Ltd. Partnership, Modena 4, Inc., Motor Cars Auto Group, Inc., and Multi Solutions, Inc., have been revoked. Each had repeatedly failed to file required annual and quarterly reports with the Securities and Exchange Commission. Thus, each violated a crucial provision of the federal securities laws that requires public corporations to publicly disclose current, accurate financial information so that investors may make informed decisions. The revocations were ordered in an administrative proceeding before an administrative law judge. (Rel. 34-62985; File No. 3-14034)

Delinquent Filers' Stock Registrations Revoked

The registrations of the registered securities of The TAG Group, Inc., T.C.B. Enterprises, Inc., Technology International, Ltd., TeleLink International Corp., Teletimer International, Inc., TelMed, Inc., Texas American Resources, Inc., and Texas Equipment Corp. have been revoked. Each had repeatedly failed to file required annual and quarterly reports with the Securities and Exchange Commission. Thus, each violated a crucial provision of the federal securities laws that requires public corporations to publicly disclose current, accurate financial information so that investors may make informed decisions. The revocations were ordered in an administrative proceeding before an administrative law judge. (Rel. 34-62986; File No. 3-14036)

In the Matter of SunOpta, Inc., Steven R. Bromley, CGA, and John H. Dietrich, CA

On September 24, the Commission issued an Order Instituting Cease-And-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-And-Desist Order (Order) against SunOpta, Inc. (SunOpta), Steven R. Bromley, Chief Executive Officer of SunOpta, and John H. Dietrich, former Chief Financial Officer of SunOpta. The Order finds that SunOpta materially overstated its consolidated earnings for the first three quarters of 2007, and that Bromley and Dietrich caused these misstatements. SunOpta's overstatements arose after SunOpta implemented a new accounting software system at its California-based subsidiary, Cleugh's Frozen Foods (CFF). According to the Order, information in the new accounting system was unreliable and did not accurately depict the value of CFF's inventory. Bromley and Dietrich were aware of problems with CFF's inventory accounting in 2007 but did not take sufficient steps to address these problems. In addition, SunOpta failed to disclose changes to its system of internal controls and Bromley and Dietrich caused this failure. Bromley and Dietrich also improperly certified SunOpta's false financial statements, and each sold SunOpta stock when he was aware of CFF's internal control issues. As a result of these facts, SunOpta violated the reporting, internal control, and recordkeeping provisions of the Securities Exchange Act of 1934 (Exchange Act). Bromley and Dietrich caused these violations and directly violated the Exchange Act certification provisions.

Based on the above, the Order requires SunOpta to cease and desist from committing or causing any violations and any future violations of Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-11, and 13a-13 thereunder, and requires Bromley and Dietrich to cease and desist from committing or causing any violations and any future violations of Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-11, 13a-13 and 13a-14 thereunder. The Order also requires Bromley to disgorge $40,905 plus $5,294.77 in prejudgment interest and requires Dietrich to disgorge $5,780 plus $1,011.90 in prejudgment interest. SunOpta, Bromley, and Dietrich consented to the issuance of the Order without admitting or denying any of its findings. (Rel. 34-62988; AAE Rel. 3189; File No. 3-14068)

INVESTMENT COMPANY ACT RELEASES

American National Investment Accounts, Inc.

An order has been issued pursuant to Section 8(f) of the Investment Company Act declaring that American National Investment Accounts, Inc. has ceased to be an investment company. (Rel. IC-29419 - September 22)

Orders of Deregistration Under the Investment Company Act

Orders 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:

• Templeton Capital Accumulation Plans I
  [File No. 811-6197]
  [Rel. No. IC-29420]

• Templeton Capital Accumulation Pans II
  [File No. 811-10165]
  [Rel. No. IC-29421]

• BlackRock Principal Protected Trust
  [File No. 811-21162]
  [Rel. No. IC-29422]

• SM&R Investments, Inc.
  [File No. 811-6477]
  [Rel. No. IC-29423]

• Hilliard-Lyons Government Fund, Inc.
  [File No. 811-3070]
  [Rel. No. IC-29424]

• Liberty Term Trust, Inc. - 1999
  [File No. 811-6253]
  [Rel. No. IC-29425]

• Pioneer Series Trust IX
  [File No. 811-6151]
  [Rel. No. IC-29426]

• Rockland Funds Trust
  [File No. 811-7743]
  [Rel. No. IC-29427]

• Excelsior Absolute Return Fund of Funds Master Fund, LLC
  [File No. 811-21395]
  [Rel. No. IC-29428]

• Excelsior Absolute Return Fund of Funds, LLC
  [File No. 811-21396]
  [Rel. No. IC-29429]

• ShariahShares Exchange -Traded Fund Trust
  [File No. 811-22346]
  [Rel. No. IC-29430]

• Cohen & Steers Global Power and Utility Fund, Inc.
  [File No. 811-21804]
  [Rel. No. IC-29431]

• Cohen & Steers Asia Pacific Realty Fund, Inc.
  [File No. 811-21871]
  [Rel. No. IC-29432]

• Cohen & Steers Enhanced Closed-End Opportunity Fund, Inc.
  [File No. 811-22030]
  [Rel. No. IC-29433]

• Cohen & Steers Enhanced Dividend Fund, Inc.
  [File No. 811-22059]
  [Rel. No. IC-29434]

• Cohen & Steers Global Real Estate Income Opportunities Fund, Inc.
  [File No. 811-22060]
  [Rel. No. IC-29435]

• Cohen & Steers Global Power and Infrastructure Fund, Inc.
  [File No. 811-22157]
  [Rel. No. IC-29436]

• Cohen & Steers Global Realty Fund, Inc.
  [File No. 811-22009]
  [Rel. No. IC-29437]

• General New York Municipal Bond Fund, Inc.
  [File No. 811-4074]
  [Rel. No. IC-29438]

SELF-REGULATORY ORGANIZATIONS

Approval of Proposed Rule Changes

The Commission approved a proposed rule change (SR-OCC-2010-09) under Section 19(b)(1) of the Securities Exchange Act by Options Clearing Corporation. The rule change provides that OCC will clear and treat as securities options any option contracts on Sprott Physical Gold Shares that is traded on securities exchanges and clear and treat as security futures any futures contracts on Sprott Physical Gold Shares. Publication is expected in the Federal Register during the week of September 27. (Rel. 34-62956)

The Commission approved a proposed rule change (SR-FINRA-2010-037) submitted by the Financial Industry Regulatory Authority to amend FINRA Rule 5190 (Notification Requirements for Offering Participants). Publication is expected in the Federal Register during the week of September 27. (Rel. 34-62970)

Proposed Rule Change

The Commission issued notice of a proposed rule change submitted by NASDAQ OMX BX (SR-BX-2010-064) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 relating to pricing for direct circuit connections. Publication is expected in the Federal Register during the week of September 27. (Rel. 34-62969)

Immediate Effectiveness of Proposed Rule Changes

A proposed rule change filed by NYSE Amex amending NYSE Amex Equities Rule 36 (SR-NYSEAmex-2010-71) 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 September 27. (Rel. 34-62963)

A proposed rule change filed by the New York Stock Exchange amending NYSE Rule 36 (SR-NYSE-2010-53) 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 September 27. (Rel. 34-62964)

A proposed rule change filed by NYSE Amex (SR-NYSEAmex-2010-95) to clarify the requirement for Floor Official approval for certain halts of Nasdaq securities traded via UTP has become effective. Publication is expected in the Federal Register during the week of September 27. (Rel. 34-62971)

JOINT INDUSTRY PLAN RELEASES

Immediate Effectiveness Amendment No. 22 to the Joint Self-Regulatory Organization Plan Governing the Collection, Consolidation and Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities Traded on Exchanges on an Unlisted Trading Privileges Basis

Pursuant to Rule 608 under the Securities Exchange Act of 1934, the operating committee of the Joint Self-Regulatory Organization Plan Governing the Collection, Consolidation, and Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities Traded on Exchanges on an Unlisted Trading Privilege Basis (Nasdaq/UTP Plan) filed a proposal to amend the Nasdaq/UTP Plan (S7-24-89) to add EDGA Exchange, Inc. and EDGX Exchange, Inc. to the Plan. Publication is expected in the Federal Register during the week of September 27. (Rel. 34-62965)

Notice of Filing and Immediate Effectiveness of the Fifteenth Charges Amendment to the Second Restatement of the Consolidated Tape Association Plan

Pursuant to Rule 608 under the Securities Exchange Act of 1934, the Participants of the Consolidated Tape Association Plan filed a proposal to amend the CTA Plan (SR-CTA-2010-02) to reduce the maximum amount that any entity is required to pay for any calendar month's charge for broadcast, cable or satellite television distribution of a Network A ticker. Publication is expected in the Federal Register during the week of September 27. (Rel. 34-62966)

SECURITIES ACT REGISTRATIONS

• Latest Securities Act registrations (TXT)

RECENT 8K FILINGS

• Latest 8-K filings (TXT)

http://www.sec.gov/news/digest/2010/dig092410.htm