Prehearing conference : The Securities and Exchange Commission instituted this proceeding with an Order Instituting Proceedings (OIP) on July 30, 2014, pursuant to Section 21C of the Securities Exchange Act of 1934.
A prehearing conference was held today. Both parties appeared.
The Division of Enforcement was denied leave to file a motion for summary disposition pursuant to 17 C.F.R. § 201.250. The hearing was set to begin on March 2, 2015, in Washington,
D.C. The parties will agree on a proposed prehearing schedule.
The OIP was authorized against Respondent Marc Sherman (Sherman) in his capacity of officer and director of a public company for alleged conduct in 2008 and 2009. The sanctions authorized in the OIP include civil penalties. Sherman will file, by September 26, 2014, a motion that argues that to impose such penalties would be an impermissible ex post facto application of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
IT IS SO ORDERED.
/S/ Carol Fox Foelak
Carol Fox Foelak
