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they always want more information on everything
‘Small But Powerful’ Group Pushing SEC Climate Disclosures: Professors
‘The United Nations is neither a business nor an investor’
By Nathan Worcester
May 13, 2022 Updated: May 15, 2022
https://www.theepochtimes.com/small-but-powerful-group-pushing-sec-climate-disclosures-professors_4465593.html
SEC Gives Whistle-Blower $110 Million in Second-Biggest Payout
https://finance.yahoo.com/news/sec-gives-whistle-blower-110-185045727.html
that is if you use broker other than tda/schwab then can buy on the panic sells if stock is not current by their august due date.
that's what happened last week or two when tda sent notices to people and stocks dropped. Also schwab just recently sent notices but not as much selling, since more people use tda. The thing is if you are confident that the stock is gonna be current by end of september, then i would add the cheapies if the stock is not current by tda, schwab, deadline date. Really those are the only two i know of so far that set that august deadline. The other main broker etrade says they will still allow buying till end of september for stocks that aren't current.
There more to it than that. I mean they got people confused one broker is going to do this but the other broker is not ! Unreal how they get away with this....it will really screw-up some stocks one broker says no you can only sell. The other says you can buy or sell.....unreal....either way it cuts down the buying an selling.
double edged sword. If a stock is not current by broker's date, will be nice cheapies to be had. The real date to look at is by end of september, they need to be current at that date.. People with tda and schwab won't be able to buy in mid august, so most likely people will panic sell cheapies while other traders who can still buy through other brokers will pick up the shares.
THIS IS JUST Terrible ! You an i know the mms will play on peoples emotions an cause panic . So the closer the date becomes the more your company stock will suffer tell current . There needs to be a better way to handle this one would think....gl
september is the main one. If stocks not current by end of september they will most likely go to expert market. the august 13th rule is implemented by certain brokers, tda and scwhab. Etrade and other brokers will still let you buy if the stock is not current by the august date.
YEA I GET THAT ! But if we have a yield sign will it be treated as a stop sign ? On aug,13 or sept ? You can only sell not buy ?
lol. Fyi currently the new rule is stock has to be current by end of september. Yield obviously is better then stop sign, next step is current, gl.
CAN SOMEBODY ANSWER THIS ?? So if a company has a yeild sign instead of stop sign is there a difference according to the new rules taking place in sept? or where i can read about this ?
Massroots wowza!!
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=154902630
SEC Charges Seven in Microcap Fraud Scheme
Litigation Release No. 24791 / April 8, 2020
Securities and Exchange Commission v. Douglas Leighton et al., No. 1:20-cv-10686 (D. Mass. filed April 7, 2020)
The Securities and Exchange Commission charged Massachusetts resident Douglas Leighton for a scheme in which he allegedly acquired discounted shares in a microcap company, knowingly failed to disclose his holdings and sales, and manipulated the public market for those shares. Leighton, two entities he controlled, and six investors he directed agreed to settlements ordering them to pay nearly $1.5 million in civil penalties, disgorgement, and prejudgment interest.
The SEC's complaint, filed in federal court in Boston, alleges that Leighton orchestrated the fraud after acquiring millions of shares in MassRoots, Inc., a cannabis-social-media company now based in Los Angeles, California. As alleged, when MassRoots began selling its shares to the public in April 2015, Leighton directed Michael Sullivan, David Hall, Zachary Harvey, Paul Dutra, Jason Harman, and Jessica Geran to manipulate the public market for MassRoots stock, including by making open-market purchases at specific volumes and prices to create an appearance of active trading in and increase the price of MassRoots stock. According to the complaint, Sullivan also used accounts at two separate broker dealers to further create an appearance of volume in and affect the price of MassRoots stock. The complaint further alleges that Leighton acquired and sold shares through Dutchess Opportunity Fund II LP, Azure Capital Corp., and Bass Point Capital LLC, which along with Leighton and the other defendants never disclosed to the investing public, through required SEC filings, their sales and significant ownership of MassRoots stock.
Leighton, Azure Capital, Bass Point, Sullivan, Hall, Harvey, Dutra, Harman, and Geran have agreed to settle the matter by consenting, without admitting or denying the SEC's allegations, to the entry of final judgments, which are subject to court approval. The judgments would permanently enjoin all of the defendants from violating the beneficial ownership reporting provisions of Sections 13(d) and 16(a) of the Securities Exchange Act of 1934 and Rules 13d-3 and 16a-1 thereunder; Leighton, Bass Point, Azure, and Sullivan from violating the antifraud provisions of Section 17(a) of the Securities Act of 1933; Leighton, Bass Point, and Azure from violating the antifraud provisions Section 10(b) of the Exchange Act and Rule 10b-5 thereunder; and Leighton and Sullivan from violating the market manipulation provisions of Section 9(a)(2) of the Exchange Act. In addition, the judgment would bar Leighton from serving as an officer or director of a public company and order him to pay a civil penalty of $160,000, and would bar Leighton, Azure Capital, and Bass Point from trading in penny stocks, impose a conduct-based junction restricting their future trading in any stock, and order them jointly and severally to pay disgorgement plus prejudgment interest of nearly $1 million. Leighton has also agreed to settle a follow-on administrative proceeding that bars him from the securities industry. Sullivan has agreed to be barred from trading in penny stocks for five years and to pay a civil penalty of $40,000 and disgorgement plus prejudgment interest of $63,228. The final judgments would order Hall, Harvey, Dutra, Harman, and Geran to pay civil penalties of $15,000 each, and would order payments of disgorgement plus prejudgment interest of $67,080 by Hall, $32,720 by Harvey, and $28,906 by Dutra.
The SEC's investigation was conducted by Jonathan Allen, Sofia Hussain, Alexander Pevzner, Rachel Hershfang, and Amy Gwiazda of the Boston Regional Office, with assistance from Robert Nesbitt in the SEC's Office of Market Intelligence. The investigation originated from an examination conducted out the Boston Regional Office by Marie Hagelstein, Kenneth Leung, and Mayeti Gametchu of the SEC's Office of Compliance Inspections and Examinations.
https://www.sec.gov/litigation/litreleases/2020/lr24791.htm
ONCI IS THE BIGGEST SCAM ANYWHERE
Extremely well done. Thanks kush
LOOK AT SOME OF THE SUSPENDED SEC SUSPENDED STOCKS OF 2013. NONE OF THEM LOOK SIMIILAR TO PTOG AND NONE OF THEM WERE IN MJ OPERATIONS. YOU SHOULD NOT COMPARE ANY OF THESE COMPANIES BECAUSE NONE OF THEM ARE THE SAME.
this is about 30 percent of all the sec suspended stocks IN 2013. ( I didn't get them all but heres the website if you want to look them up your self)
http://www.sec.gov/litigation/suspensions/suspensionsarchive/susparch2013.shtml
it looks like around 50-70 percent of them where under 0010 when suspended. 20 percent of them were very thinly traded and had almost no volume. to me none of these look remotely similar to PTOG IMO so to compare PTOG company to the other SEC suspended stocks seems naïve IMO
LOOK AT PTOG THEN LOOK AT THE OTHER COMPANIES. DO THEY REALLY SEEM SIMILAR TO YOU GUYS??
AS YOU CAN SEE MOST OF THESE COMPANIES DONT LOOK ANYTHING LIKE PTOF SO TO SAY PTOG WILL END UP LIKE THESE OR SIMILAR TO THESE IS NOT AN ACCUARTE STATEMENT, WE DO NOT KNOW WHAT PTOG WILL DO. NO ONE CAN READ THE FUTURE
WE HAVE TO WAIT ANDE SEE WHAT THE COMPANY OR SEC DOES.
THIS IS PTOG
https://www.google.com/finance?cid=665538
THIS IS OTHER STOCKS THAT WERE SUSPENDED IN 2013
Dec. 20, 2013 CompuSonics Video Corporation
See also Order
https://www.google.com/finance?q=CompuSonics&ei=IJgmU4DGPMWnrQH0Lg
34-71116
Dec. 18, 2013 The Enlightened Gourmet, Inc., et al.
See also Order
https://www.google.com/finance?q=The+Enlightened+Gourmet%2C+Inc..&ei=apkmU-DCCYP2qQHqgwE
34-71114
Dec. 18, 2013 Golden Elephant Glass Technology, Inc. and Pacific Alliance Corp.
See also Order
https://www.google.com/finance?q=Golden+Elephant+Glass+Technology%2C+Inc.&ei=cJkmU9j8PNOCqQGo5gE
34-71071
Dec. 13, 2013 Makism3D Corp.
See also Order
http://www.marketwatch.com/investing/stock/mddd
34-71002
Dec. 6, 2013 Guar Global Ltd.
See also Order of Suspension of Trading and Order Denying Petition for Termination of Trading Suspension
https://www.google.com/finance?q=Guar+Global+Ltd.&ei=75wmU-j1BcfQqAHx4gE
34-71001
Dec. 6, 2013 Aden Solutions, Inc.
See also Order
https://www.google.com/finance?q=Aden+Solutions%2C+Inc.&ei=OZ0mU_jsIpD0qAGQdQ
34-70988
Dec. 5, 2013 ICC Worldwide, Inc., et al.
See also Order
https://www.google.com/finance?q=ICC+Worldwide%2C+Inc.&ei=zp0mU_DXHMWnrQH0Lg
34-70976
Dec. 4, 2013 Catch By Gene, Inc., et al.
See also Order
https://www.google.com/finance?q=Catch+By+Gene%2C+Inc.&ei=g58mU8i-DYjwsge85QE
34-70974
Dec. 4, 2013 Community Alliance, Inc., et al.
See also Order
Couldn’t find that one
34-70950
Nov. 27, 2013 Nevada Gold Corp.
See also Order
https://www.google.com/finance?q=NYSEMKT:ANV&sa=X&ei=JKAmU9aaMtSJ2AWovYGgAQ&ved=0CCYQ2AEwAA
34-70933
Nov. 25, 2013 Life Stem Genetics Inc.
See also Order
https://www.google.com/finance?q=LIFS&ei=5KAmU4ijK9OCqQGo5gE
34-70922
Nov. 22, 2013 Pure H20 Bio-Technologies, Inc.
See also Order
https://www.google.com/finance?q=PRHB&ei=UqEmU5C2CMmqqgHaeQ
34-70895
Nov. 19, 2013 HouseRaising, Inc., et al.
See also Order
https://www.google.com/finance?q=HRAI&ei=eKEmU7DqAcWnrQH0Lg
34-70882
Nov. 15, 2013 Sovereign Lithium, Inc.
See also Order
https://www.google.com/finance?q=SLCO&ei=t6EmU5D6G4P2qQHqgwE
34-70835
Nov. 8, 2013 Far Vista Petroleum Corp.
See also Order
https://www.google.com/finance?q=FVSTA&ei=NaImU8DGJ8SMqgGOXQ
34-70784
Oct. 31, 2013 Acies Corporation, et al.
See also Order
https://www.google.com/finance?q=Acies+Corporation&ei=N6ImU5jHOYidrAHzyQE
34-70782
Oct. 31, 2013 Heritage Worldwide, Inc., et al.
See also Order
COULDN’T FIND THAT ONE
34-70771
Oct. 30, 2013 Press Ventures, Inc.
See also Order
https://www.google.com/finance?q=Press+Ventures%2C+Inc.&ei=3qImU4DQD8SMqgGOXQ
34-70732
Oct. 22, 2013 Crown Alliance Capital Limited
See also Order
https://www.google.com/finance?q=CACL&ei=PKMmU6icDoP2qQHqgwE
34-68821
Feb. 4, 2013 Americas Energy Company-AECo
See also Order
http://finance.yahoo.com/q;_ylt=AwrSyCOlpSZTQ2oAxuiTmYlQ?s=AENYQ
34-68730
Jan. 25, 2013 Largo Vista Group, Ltd., et al.
See also Order
https://www.google.com/finance?q=Largo+Vista+Group&ei=YaUmU-CJHIqoqAGiRQ
34-68728
Jan. 25, 2013 Law Enforcement Associates Corp., et al.
See also Order
https://www.google.com/finance?q=Law+Enforcement+Associates+Corp&ei=6aQmU_ikOs6YqAHt_wE
34-68726
Jan. 25, 2013 Medis Technologies Ltd., et al.
See also Order
https://www.google.com/finance?q=mdtc&ei=yqQmU_DyE8SMqgGOXQ
34-68687
Jan. 18, 2013 AlphaTrade.com
See also Order
https://www.google.com/finance?q=AlphaTrade.com&ei=X6QmU6icDoqoqAGiRQ
34-68682
Jan. 17, 2013 Medex, Inc.
See also Order
https://www.google.com/finance?q=Medex%2C+Inc.&ei=N6QmU-D6IMWnrQH0Lg
34-68663
Some questions about filing a 13G ...
I need to file a Schedule 13G (beneficial ownership)and downloaded the form from the SEC site but the format is confusing and the instructions for completing it don't seem to match the format at all. So:
1) Is the form required or will a document that contains the required data suffice?
2) Can it be filed (or does it have to be filed) electronically? I've seen some indications that it should be filed electronically but searched quite a while last evening with no result in either answering the question or finding instructions on how to do so.
3) Is there a fee for the filing and if so, how much?
Thanks, folks!!!
Interesting... Hacktheripper.... lolzzz
http://www.youtube.com/watch?v=jq73S_0iDO4
SEC To Consider Large Trader Reporting System Next Week
Last update: 7/20/2011 11:24:14 AM
--
//
By Jessica Holzer
Of DOW JONES NEWSWIRES
Washington (Dow Jones)--The U.S. Securities and Exchange Commission will meet Tuesday to adopt new rules requiring large traders to report next-day transaction data when regulators request it.
The SEC first proposed the new reporting system in April 2010 as a way for regulators to get a better grip on high-frequency trading, in which traders buy and sell stocks at lightning speed.
But the proposal has gained fresh urgency since last year's May 6 'flash crash,' which briefly erased nearly $1 trillion in stock-market value in just 20 minutes.
SEC Chairman Mary Schapiro has argued the new trading system would help regulators diagnose the causes of market meltdowns more quickly and also assist investigators in spotting manipulative or abusive activity.
Under the plan, the SEC would assign large traders a unique identifying number used to track their transactions. The SEC estimates the rule would apply to the largest 400 market participants.
-Jessica Holzer; 202-862-9228; jessica.holzer@dowjones.com
(END) Dow Jones Newswires
July 20, 2011 11:24 ET (15:24 GMT)
I see there are a few bagholders, who wish the never read the words "guarantee" You could say they have left with a few "SCARS"
I must have posted on the wrong board... sorry... and I don't care if people put me on ignore... lolzzz... I would as well if I was not inside my own head so much I really don't have anything special to say in any regards anyways besides weird glacing opinions as I run around this crazy thing call iHub... lol and don't use da privates... so whatever floats your boat is fine with me lolzzz ... I don't believe I have every put anyone on ignore... on purpose anywayzzz... except that I tried putting myself on ignore... did not work... I like to see what everyone is sayin' good or bad or nutzo ... there is always some truth within everything ... lol weeeeeeeeeeeeeeeee
There are NEVER any guarantees lolzzz
For those posters who Guarantee their Stock Picks
http://www.sec.gov/investor/pubs/cyberfraud.htm
which case? violin? or pool cue?
hey, i wanted you to know, i took you off ignore
you are becoming less annoying to me lately
the meds must be working
you know i am kidding
Nothing has happened here for yearzzz in relation to this case... being solved... JMO
in some fantasy universe, maybe
iknowaguy that was PAID to post here... lolzzz
not you or me, lololzzzz
You were compensated for that post?
U.S. SECURITIES AND EXCHANGE COMMISSION - SEC should give Telogis/RMTD Director VP Gary Hallgren, Corporate Strategy at Telogis... Some Love, In my Opinion :)
Dismissal of independent registered public accounting firm
http://www.sec.gov/Archives/edgar/data/1145700/000121390009002533/f8k080109_vitallving.htm
U.S. SECURITIES AND EXCHANGE COMMISSION
Quote
whats your point?
ABOUT SEC? TELOGIS/RMTD
Telogis Inc., the platform for location intelligence, is dedicated to enhancing the value of its customers’ businesses through intelligent integration of location technology, information and services. Telogis was established in 2001 and is headquartered in Aliso Viejo, Calif., with offices in Europe and Latin America as well as development centers in Austin, Texas, and Christchurch, New Zealand. Telogis’ products and services are used and distributed in more than 60 countries worldwide. To learn more about Telogis visit www.telogis.com or call toll free at 866-TELOGIS (866-835-6447).
Contacts
for Telogis Inc.
Bill Elverman
Two Rivers Marketing
262-757-5803
bille@2rm.com
or
Dawn Buzynski
Two Rivers Marketing
515-557-2082
dawnb@2rm.com
Agency contact:
Two Rivers Marketing
Bill Elverman, 262-757-5803
bille@2rm.com
Twitter: @FleetEquip
http://blog.tworiversmarketing.com/
ABOUT SEC? TELOGIS/RMTD
Telogis Inc., the platform for location intelligence, is dedicated to enhancing the value of its customers’ businesses through intelligent integration of location technology, information and services. Telogis was established in 2001 and is headquartered in Aliso Viejo, Calif., with offices in Europe and Latin America as well as development centers in Austin, Texas, and Christchurch, New Zealand. Telogis’ products and services are used and distributed in more than 60 countries worldwide. To learn more about Telogis visit www.telogis.com or call toll free at 866-TELOGIS (866-835-6447).
Contacts
for Telogis Inc.
Bill Elverman
Two Rivers Marketing
262-757-5803
bille@2rm.com
or
Dawn Buzynski
Two Rivers Marketing
515-557-2082
dawnb@2rm.com
Agency contact:
Two Rivers Marketing
Bill Elverman, 262-757-5803
bille@2rm.com
Twitter: @FleetEquip
http://blog.tworiversmarketing.com/
ur a comedian..LOL
Late Form 4 filings were researched as a signal in the options backdating scandal a few years back, and have been used as a signal of other potential issues in broader investigations in the past, but I have personally never seen a fine for ONLY filing a Form 4 late. Maybe someone else has.
Being late opens one up to liability, but there are no "automatic" fines, fees or penalties I am aware of.
...The filings required by Section 16(a) of the 34 Act are an initial report on Form 3, a report on Form 4 (previously monthly, now within two business days), and an annual report on Form 5. The filings are the personal responsibility of the reporting person. Violations are subject to civil fine and criminal penalties. To encourage compliance, the SEC also obligates issuers to disclose to their security holders in their proxy statements and Annual Reports on Form 10-K the names of persons who file reports late or fail to file...
http://www.highbeam.com/doc/1G1-91884950.html
what is the fine for filing a form 4 late? The rule says 2 days they 'must' file from date of transaction, but what loop hole exuses are there? If there are none then what is the fine or charge against the company. Also can it cause a trade halt?
anyone?
Does not work when you put people on ignore... could have told and taught ya long ago for free... just sayin' thus whateverzzz
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 21627 / August 18, 2010
FINAL JUDGMENTS OF PERMANENT INJUNCTION AND OTHER RELIEF ENTERED AGAINST DEFENDANTS DALLAS L. ROBINSON, TROY K. METZ AND JOHN A. MATTERA
Securities and Exchange Commission v. Prime Time Group, Inc., et al., Civil Action No. 09-80952-CV-Cohn/Seltzer (S.D. Fla.)
The Commission announced that on August 9, 2010, the Honorable James I. Cohn, United States District Court Judge for the Southern District of Florida, entered final judgments of permanent injunction and other relief against Defendants Dallas L. Robinson, Troy K. Metz and John A. Mattera. The final judgments enjoin Robinson and Metz from violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The final judgment as to Mattera enjoins him from violating Sections 5(a) and 5(c) of the Securities Act of 1933 and Section 10(b) of the Exchange Act, and Rule 10b-5 thereunder. In addition to the injunctive relief, both Robinson and Metz consented to a civil penalty of $25,000 and a five year penny stock bar, and Mattera consented to paying disgorgement of $70,000, plus prejudgment interest of $8,799.94, a civil penalty of $70,000, and a permanent penny stock bar. Robinson, Metz and Mattera consented to the entry of the final judgments without admitting or denying any of the allegations in the complaint and have fully escrowed the amounts they are required to pay.
The Commission commenced this action by filing its complaint on June 25, 2009, against Robinson, Metz, Mattera and others alleging that they participated in a fraudulent scheme in violation of the federal securities laws.
For more information on earlier actions in this case, see LR-21105 (June 25, 2009), LR-21590 (July 8, 2010).
http://www.sec.gov/litigation/litreleases/2010/lr21627.htm
BMFL
next week(s) is here
No replies yet. Still looking for a smart person to help.
Also, I wonder if there is a SEO discussion board on iHub? I know a lot of people on iHub work in this field... just thinking out loud about freindly business networking...
Attention: I am looking for someone with computer skills better than mine to help turn an RSS feed into an iHub post -- by running some computer program.
I want to learn how to do this myself, so I am looking for a patient teacher. Not someone who will do it for me.
Thanks.
See:
http://www.sec.gov/litigation/admin.shtml
And:
http://www.sec.gov/rss/litigation/admin.xml
Top tips for 2009
http://www.sec.gov/investor/pubs/toptips.htm
Before you make your next investment decision, consider these tips:
Pay off credit card or high-interest debt. Simply paying off your high-interest debt may be your best investment strategy. Few investment strategies pay off as well, or with less risk than, eliminating high-interest debt.
Boost your emergency fund. Many experts recommend keeping about six months of expenses in a federally insured account to cover an emergency, like sudden unemployment.
Don’t put all your eggs in one basket. One of the most important ways to reduce the risks of investing is to diversify your investments. Think twice before investing heavily in shares of your employer’s stock or any individual investment.
Beware of promises of “guaranteed returns.” Promises of high returns, with little or no risk, are classic warning signs of fraud. The potential for greater returns typically comes with greater risk. Remember -- if it sounds too good to be true, it probably is.
Pay yourself first. Regular automatic deductions from your paycheck or bank account into a savings or investment account can help you meet your long-term financial goals.
Review account statements. Some investors are reluctant to look at investment account statements during a bear market. But if you don’t read your investment account statements, you may miss warning signs for possible problems in your accounts that are unrelated to performance.
Do your homework. Asking questions about financial opportunities and checking out the answers with unbiased sources can help you make informed choices and avoid fraud.
For additional tips and more detailed information on the tips above, review the following materials:
Financial Navigating in the Current Economy: Things to Consider Before You Make Investing Decisions (SEC)
Weathering Tough Times: 9 Tips for 2009 (FINRA)
Investor Tips for a Down Market (NASAA)
http://www.sec.gov/investor/pubs/toptips.htm
Modified: 03/05/2009
SEC Charges San Francisco Hedge Fund Adviser for "Portfolio Pumping"
FOR IMMEDIATE RELEASE
2008-251
Washington, D.C., Oct. 16, 2008 — The Securities and Exchange Commission today charged San Francisco investment adviser MedCap Management & Research LLC (MMR) and its principal Charles Frederick Toney, Jr. with reporting misleading results to hedge fund investors by engaging in a practice known as "portfolio pumping."
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Additional Materials
Administrative Proceeding No. IA-2802
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The SEC alleges that Toney made extensive quarter-end purchases of a thinly-traded penny stock in which his fund was heavily invested, more than quadrupling the stock price and allowing him to report artificially inflated quarterly results to fund investors. Without admitting or denying the SEC's allegations, MMR and Toney have agreed to settle the charges by paying financial penalties and agreeing to an order barring Toney from acting as an investment adviser for at least one year.
"Fund investors relied on MMR and Toney to abide by their fiduciary duties and put the fund's interests ahead of their own," said Marc J. Fagel, Regional Director of the SEC's San Francisco Regional Office. "Instead, Toney engaged in trading activity which hid his poor performance."
According to the SEC's order, MedCap Partners L.P. (MedCap), a hedge fund run by MMR and Toney, was suffering from dramatic losses and facing increasing redemptions from fund investors by September 2006. Over the last four days of the month, Toney — through a separate fund that MMR managed — placed numerous buy orders for a thinly-traded over-the-counter stock in which MedCap already was heavily invested. Toney's buying pressure caused the stock price to more than quadruple, from $0.85 to $3.72.
The SEC alleges that because the stock represented over one-third of MedCap's holdings, the brief boost in its price inflated MedCap's reported value by $29 million, masking what would otherwise have been a 40 percent quarterly loss for MedCap. Immediately after the quarter ended, Toney reported to MedCap's investors that the fund's investments had begun to "bounce" and that the fund's performance was improving. Toney failed to disclose that this "bounce" was almost entirely the result of his four-day purchasing spree. Following MMR's brief buying activity, both the stock price and MedCap's asset value declined to their previous levels.
According to the SEC's order, at the same time, MMR charged fees to the fund based on the inflated quarter-end asset value.
The Commission found that MMR and Toney breached their fiduciary duties to MedCap and to MMR's other fund in which the penny stock was acquired. Toney and MMR, without admitting or denying the Commission's findings, have agreed to cease and desist from violating the antifraud provisions of the Investment Advisers Act of 1940. MMR also will disgorge the higher management fees it received due to the inflated fund asset value, plus interest — an amount totaling $70,633.69 — and receive a Commission censure. Toney also has agreed to a bar from association with any investment adviser with the right to reapply after one year, and to pay a $100,000 penalty.
# # #
For more information, contact:
Marc J. Fagel
Regional Director, SEC's San Francisco Regional Office
(415) 705-2449
Michael S. Dicke
Associate Regional Director, SEC's San Francisco Regional Office
(415) 705-2458
http://www.sec.gov/news/press/2008/2008-251.htm
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Home | Previous Page Modified: 10/16/2008
Who is editing my posts??? I need to learn to type with more than just two fingers...
lol Generic-- hope so But I figure-- at least for today -- we've been given a free pass to the amusement park. So I'm headed to the roller coasters
Emergency Order, Release No. 34-58592.pdf
http://www.sec.gov/rules/other/2008/34-58592.pdf
UNITED STATES OF AMERICA before the SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934 RELEASE NO. 34-58592 / September 18, 2008
EMERGENCY ORDER PURSUANT TO SECTION 12(k)(2) OF THE SECURITIES EXCHANGE ACT OF 1934 TAKING TEMPORARY ACTION TO RESPOND TO MARKET DEVELOPMENTS
The Commission is aware of the continued potential of sudden and excessive fluctuations of securities prices and disruption in the functioning of the securities markets that could threaten fair and orderly markets. In our recent publication of an emergency order under Section 12(k) of the Exchange Act (the “Act”),1 for example, we were concerned about the possible unnecessary or artificial price movements based on unfounded rumors regarding the stability of financial institutions and other issuers exacerbated by “naked” short selling. Our concerns, however, are no longer limited to just the financial institutions that were the subject of the July Emergency Order. Recent market conditions have made us concerned that short selling in the securities of a wider range of financial institutions may be causing sudden and excessive fluctuations of the prices of such securities in such a manner so as to threaten fair and orderly markets.
Given the importance of confidence in our financial markets as a whole, we have become concerned about recent sudden declines in the prices of a wide range of securities. Such price declines can give rise to questions about the underlying financial condition of an issuer, which in turn can create a crisis of confidence, without a fundamental underlying basis. This crisis of confidence can impair the liquidity and
---------------------------------
1 See Exchange Act Release No. 58166 (July 15, 2008). See also Exchange Act Release No. 58190 (July 18, 2008) (“Amended July Emergency Order”). See also Exchange Act Release No. 58572 (September 17, 2008).
1
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ultimate viability of an issuer, with potentially broad market consequences. Our concerns are no longer limited to the financial institutions that were the subject of the July Emergency Order.
As a result of these recent developments, the Commission has concluded that there continues to exist the potential of sudden and excessive fluctuations of securities prices generally and disruption in the functioning of the securities markets that could threaten fair and orderly markets. Based on this conclusion, the Commission is exercising its powers under Section 12(k)(2) of the Act.2 Pursuant to Section 12(k)(2), in appropriate circumstances the Commission may issue summarily an order to alter, supplement, suspend, or impose requirements or restrictions with respect to matters or actions subject to regulation by the Commission if the Commission determines such an order is necessary in the public interest and for the protection of investors to maintain or restore fair and orderly securities markets.
In these unusual and extraordinary circumstances, we have concluded that, to prevent substantial disruption in the securities markets, temporarily prohibiting any person from effecting a short sale in the publicly traded securities of certain financial firms, which entities are identified in Appendix A (“Included Financial Firms”), is in the public interest and for the protection of investors to maintain or restore fair and orderly securities markets.
2 This finding of an “emergency” is solely for purposes of Section 12(k)(2) of the Exchange Act and is not intended to have any other effect or meaning or to confer any right or impose any obligation other than set forth in this Order.
2
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This emergency action should prevent short selling from being used to drive down the share prices of issuers even where there is no fundamental basis for a price decline other than general market conditions.
IT IS ORDERED that, pursuant to our Section 12(k)(2) powers, all persons are prohibited from short selling3 any publicly traded securities of any Included Financial Firm.
Similar to the Amended July Emergency Order, we are providing a limited exception for certain bona fide market makers. We believe this narrow exception is necessary because such market makers may need to facilitate customer orders in a fast moving market without possible delays associated with complying with the requirements of this Order.
IT IS THEREFORE ORDERED that, pursuant to our Section 12(k)(2) powers, the following entities are excepted from the requirements of the Order: registered market makers, block positioners, or other market makers obligated to quote in the over-the-counter market, in each case that are selling short a publicly traded security of an Included Financial Firm as part of bona fide market making in such security.
In addition, we are providing an exception to allow short sales that occur as a result of automatic exercise or assignment of an equity option held prior to effectiveness of this Order due to expiration of the option.
IT IS THEREFORE ORDERED that, pursuant to our Section 12(k)(2) powers, the requirements of this Order shall not apply to any person that effects a short sale in any
---------------------------------
3 The definition of “short sale” shall be the same definition used in Rule 200(a) of Regulation SHO and the requirements for marking orders “long” or “short” shall be the same as provided in Regulation SHO.
3
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publicly traded security of any Included Financial Firm as a result of automatic exercise or assignment of an equity option held prior to effectiveness of this Order due to expiration of the option.
Finally, to facilitate the expiration of options on September 20th, options market makers are excepted from the requirements of this Order until 11:59 p.m. on September 19th when selling short as part of bona fide market making and hedging activities related directly to bona fide market making in derivatives on the publicly traded securities of any Included Financial Firm.
IT IS THEREFORE ORDERED that, pursuant to our Section 12(k)(2) powers, the requirements of this Order shall not apply, until 11:59 p.m. on September 19, 2008, to any person that is a market maker that effects a short sale as part of a bona fide market making and hedging activity related directly to bona fide market making in derivatives on the publicly traded securities of any Included Financial Firm.
This Order shall be effective immediately and shall terminate at 11:59 p.m. EDT on October 2, 2008, unless further extended by the Commission.
By the Commission.
Florence E. Harmon Acting Secretary
4
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Appendix A
This list, prepared on a best efforts basis, includes banks, insurance companies, and securities firms identified by SICs 6000, 6011, 6020-22, 6025, 6030, 6035-36, 6111, 6140, 6144, 6200, 6210-11, 6231, 6282, 6305, 6310-11, 6320-21, 6324, 6330-31, 6350-51, 6360-61, 6712, and 6719.
AAME
ATLANTIC AMERICAN CORP
AANB
ABIGAIL ADAMS NATL BANCORP INC
ABBC
ABINGTON BANCORP INC PA
ABCB
AMERIS BANCORP
ABCW
ANCHOR BANCORP WISCONSIN INC
ABK
AMBAC FINANCIAL GROUP INC
ABNJ
AMERICAN BANCORP OF NJ INC
ABVA
ALLIANCE BANKSHARES CORP
ACAP
AMERICAN PHYSICIANS CAPITAL INC
ACBA
AMERICAN COMMUNITY BNCSHRS INC
ACE
ACE LTD
ACFC
ATLANTIC COAST FED CORP
ACGL
ARCH CAPITAL GROUP LTD NEW
ADVNA
ADVANTA CORP
ADVNB
ADVANTA CORP
AEG
AEGON N V
AEL
AMERICAN EQUITY INVT LIFE HLDG C
AET
AETNA INC NEW
AF
ASTORIA FINANCIAL CORP
AFFM
AFFIRMATIVE INSURANCE HLDGS INC
AFG
AMERICAN FINANCIAL GROUP INC NEW
AFL
A F L A C INC
AGII
ARGO GROUP INTL HLDGS LTD
AGO
ASSURED GUARANTY LTD
AGP
AMERIGROUP CORP
AGX
ARGAN INC
AHD
ATLAS PIPELINE HOLDINGS L P
AHL
ASPEN INSURANCE HOLDINGS LTD
AIB
ALLIED IRISH BANKS PLC
AIG
AMERICAN INTERNATIONAL GROUP
INC
AINV
APOLLO INVESTMENT CORP
AIZ
ASSURANT INC
ALL
ALLSTATE CORP
ALLB
ALLIANCE BANCORP INC PA
ALNC
ALLIANCE FINANCIAL CORP NY
AMCP
AMCOMP INC NEW
AMFI
AMCORE FINANCIAL INC
AMG
AFFILIATED MANAGERS GROUP INC
AMIC
AMERICAN INDEPENDENCE CORP
AMNB
AMERICAN NATIONAL BANKSHARES INC
AMP
AMERIPRISE FINANCIAL INC
AMPH
AMERICAN PHYSICIANS SVC GROUP
AMRB
AMERICAN RIVER BANKSHARES
AMSF
AMERISAFE INC
AMTD
T D AMERITRADE HOLDING CORP
ANAT
AMERICAN NATIONAL INS CO
ANNB
ANNAPOLIS BANCORP INC
AOC
AON CORP
APAB
APPALACHIAN BANCSHARES INC
AROW
ARROW FINANCIAL CORP
ASBI
AMERIANA BANCORP
ASFI
ASTA FUNDING INC
ASFN
ATLANTIC SOUTHERN FINL GROUP INC
ASRV
AMERISERV FINANCIAL INC
ATBC
ATLANTIC BANCGROUP INC
ATLO
AMES NATL CORP
AUBN
AUBURN NATIONAL BANCORP
AWBC
AMERICAN WEST BANCORPORATION
AWH
ALLIED WORLD ASSUR CO HLDGS LTD
AXA
A X A UAP
AXG
ATLAS ACQUISITION HOLDINGS CORP
AXS
AXIS CAPITAL HOLDINGS LTD
BAC
BANK OF AMERICA CORP
BANF
BANCFIRST CORP
BANR
BANNER CORP
BARI
BANCORP RHODE ISLAND INC
BAYN
BAY NATIONAL CORP
BBNK
BRIDGE CAPITAL HOLDINGS
BBT
B B & T CORP
BBX
BANKATLANTIC BANCORP INC
BCA
CORPBANCA
BCAR
BANK OF THE CAROLINAS CORP
BCBP
B C B BANCORP INC
BCP
BROOKE CAPITAL CORP
BCS
BARCLAYS PLC
BCSB
B C S B BANCORP INC
BDGE
BRIDGE BANCORP INC
BEN
FRANKLIN RESOURCES INC
BERK
BERKSHIRE BANCORP INC DEL
BFF
B F C FINANCIAL CORP
BFIN
BANKFINACIAL CORP
BFNB
BEACH FIRST NATL BANCSHARES INC
BHB
BAR HARBOR BANKSHARES
BHBC
BEVERLY HILLS BANCORP INC
BHLB
BERKSHIRE HILLS BANCORP INC
BK
BANK OF NEW YORK MELLON CORP
BKBK
BRITTON & KOONTZ CAPITAL CORP
BKMU
BANK MUTUAL CORP NEW
BKOR
OAK RIDGE FINANCIAL SERVICES INC
BKSC
BANK SOUTH CAROLINA CORP
BKUNA
BANKUNITED FINANCIAL CORP
BLX
BANCO LATINOAMERICANO DE EXP SA
BMRC
BANK OF MARIN BANCORP
BMTC
BRYN MAWR BANK CORP
BNCL
BENEFICIAL MUTUAL BANCORP INC
BNCN
B N C BANCORP
BNS
BANK OF NOVA SCOTIA
BNV
BEVERLY NATIONAL CORP
BOCH
BANK OF COMMERCE HOLDINGS
BOFI
B OF I HOLDING INC
BOFL
BANK OF FLORIDA CORP NAPLES
BOH
BANK OF HAWAII CORP
BOKF
B O K FINANCIAL CORP
BOMK
BANK MCKENNEY VA
BOVA
BANK OF VIRGINIA
BPFH
BOSTON PRIVATE FINL HLDS INC
BPSG
BROADPOINT SECURITIES GROUP INC
BRK
BERKSHIRE HATHAWAY INC DEL
BRK
BERKSHIRE HATHAWAY INC DEL
BRKL
BROOKLINE BANCORP INC
BSRR
SIERRA BANCORP
BTFG
BANCTRUST FINANCIAL GROUP INC
BUSE
FIRST BUSEY CORP
BWINA
BALDWIN & LYONS INC
BWINB
BALDWIN & LYONS INC
BX
BLACKSTONE GROUP L P
BXS
BANCORPSOUTH INC
BYFC
BROADWAY FINANCIAL CORP DEL
C
CITIGROUP INC
CAC
CAMDEN NATIONAL CORP
CACB
CASCADE BANCORP
CADE
CADENCE FINANCIAL CORP
CAFI
CAMCO FINANCIAL CORP
CAPB
CAPITALSOUTH BANCORP
CAPE
CAPE FEAR BANK CORP
CART
CAROLINA TRUST BANK
CARV
CARVER BANCORP INC
CASB
CASCADE FINANCIAL CORP
CASH
META FINANCIAL GROUP INC
CATY
CATHAY GENERAL BANCORP
CB
CHUBB CORP
CBAN
COLONY BANKCORP INC
CBBO
COLUMBIA BANCORP ORE
CBC
CAPITOL BANCORP LTD
CBIN
COMMUNITY BANK SHRS INDIANA INC
CBKN
CAPITAL BANK CORP NEW
CBNK
CHICOPEE BANCORP INC
CBON
COMMUNITY BANCORP
CBU
COMMUNITY BANK SYSTEM INC
CCBD
COMMUNITY CENTRAL BANK CORP
CCBG
CAPITAL CITY BANK GROUP
CCBP
COMM BANCORP INC
CCFH
C C F HOLDING COMPANY
CCNE
C N B FINANCIAL CORP PA
CCOW
CAPITAL CORP OF THE WEST
CEBK
CENTRAL BANCORP INC
CFBK
CENTRAL FEDERAL CORP
CFFC
COMMUNITY FINANCIAL CORP
CFFI
C & F FINANCIAL CORP
CFFN
CAPITOL FEDERAL FINANCIAL
CFNL
CARDINAL FINANCIAL CORP
CFR
CULLEN FROST BANKERS INC
CHCO
CITY HOLDING CO
CHEV
CHEVIOT FINANCIAL CORP
CHFC
CHEMICAL FINANCIAL CORP
CI
C I G N A CORP
CIA
CITIZENS INC
CINF
CINCINNATI FINANCIAL CORP
CITZ
C F S BANCORP INC
CIZN
CITIZENS HOLDING CO
CJBK
CENTRAL JERSEY BANCORP
CLBH
CAROLINA BANK HOLDINGS INC
CLFC
CENTER FINANCIAL CORP
CLMS
CALAMOS ASSET MANAGEMENT INC
CMA
COMERICA INC
CME
C M E GROUP INC
CMFB
COMMERCEFIRST BANCORP INC
CMGI
C M G I INC
CMSB
C M S BANCORP INC
CNA
C N A FINANCIAL CORP
CNAF
COMMERCIAL NATIONAL FINL CORP
CNB
COLONIAL BANCGROUP INC
CNBC
CENTER BANCORP INC
CNBKA
CENTURY BANCORP INC
CNC
CENTENE CORP DEL
CNLA
COMMUNITY NATL BANK LAKEWAY AREA
CNO
CONSECO INC
CNS
COHEN & STEERS INC
COBH
PENNSYLVANIA COMMERCE BANCORP IN
COBZ
COBIZ FINANCIAL INC
COLB
COLUMBIA BANKING SYSTEM INC
COOP
COOPERATIVE BANCSHARES INC
CORS
CORUS BANKSHARES INC
COWN
COWEN GROUP INC
CPBC
COMMUNITY PARTNERS BANCORP
CPBK
COMMUNITY CAPITAL CORP
CPF
CENTRAL PACIFIC FINANCIAL CORP
CPHL
CASTLEPOINT HOLDINGS LTD
CRBC
CITIZENS REPUBLIC BANCORP INC
CRFN
CRESCENT FINANCIAL CORP
CRMH
C R M HOLDINGS LTD
CRRB
CARROLLTON BANCORP
CRVL
CORVEL CORP
CSBC
CITIZENS SOUTH BANKING CORP DEL
CSBK
CLIFTON SAVINGS BANCORP INC
CSFL
CENTERSTATE BANKS OF FLORIDA INC
CSHB
COMMUNITY SHORES BANK CORP
CSNT
CRESCENT BANKING CO
CTBC
CONNECTICUT BANK & TRUST CO
CTBI
COMMUNITY TRUST BANCORP INC
CTBK
CITYBANK LYNNWOOD WASHINGTON
CTZN
CITIZENS FIRST BANCORP INC
CVBF
C V B FINANCIAL CORP
CVBK
CENTRAL VIRGINIA BANKSHARES INC
CVCY
CENTRAL VALLEY COMM BANCORP
CVH
COVENTRY HEALTH CARE INC
CVLL
COMMUNITY VALLEY BANCORP
CVLY
CODORUS VALLEY BANCORP INC
CWBC
COMMUNITY WEST BANCSHARES
CWBS
COMMONWEALTH BANKSHARES INC
CWLZ
COWLITZ BANCORPORATION
CZFC
CITIZENS FIRST CORP
CZWI
CITIZENS CMNTY BANCORP INC MD
DB
DEUTSCHE BANK AG
DCOM
DIME COMMUNITY BANCSHARES
DEAR
DEARBORN BANCORP INC
DFG
DELPHI FINANCIAL GROUP INC
DGICA
DONEGAL GROUP INC
DGICB
DONEGAL GROUP INC
DHIL
DIAMOND HILL INVESTMENT GRP INC
DLLR
DOLLAR FINANCIAL CORP
DR
DARWIN PROFESSIONAL UNDERWRITERS
DSL
DOWNEY FINANCIAL CORP
DUF
DUFF & PHELPS CORP NEW
EBSB
MERIDIAN INTERSTATE BANCORP INC
EBTX
ENCORE BANCSHRES INC
ECBE
E C B BANCORP INC
EGBN
EAGLE BANCORP INC
EIHI
EASTERN INSURANCE HOLDINGS INC
EII
ENERGY INFRASTRUCTURE ACQUI CORP
EMCI
E M C INSURANCE GROUP INC
EMITF
ELBIT IMAGING LTD
ENH
ENDURANCE SPECIALTY HOLDINGS LTD
ESBF
E S B FINANCIAL CORP
ESBK
ELMIRA SAVINGS BANK FSB NY
ESGR
ENSTAR GROUP LTD
ETFC
E TRADE FINANCIAL CORP
EV
EATON VANCE CORP
EVBN
EVANS BANCORP INC
EVBS
EASTERN VIRGINIA BANKSHARES INC
EVR
EVERCORE PARTNERS INC
EWBC
EAST WEST BANCORP INC
FABK
FIRST ADVANTAGE BANCORP
FAC
FIRST ACCEPTANCE CORP
FAF
FIRST AMERICAN CORP CALIF
FBC
FLAGSTAR BANCORP INC
FBCM
F B R CAPITAL MARKETS CORP
FBIZ
FIRST BUSINESS FINL SVCS INC
FBMI
FIRSTBANK CORP
FBMS
FIRST BANCSHARES INC MS
FBNC
FIRST BANCORP NC
FBP
FIRST BANCORP P R
FBSI
FIRST BANCSHARES INC MO
FBSS
FAUQUIER BANKSHARES INC
FBTC
FIRST BANCTRUST
FCAL
FIRST CALIFORNIA FINL GROUP INC
FCAP
FIRST CAPITAL INC
FCBC
FIRST COMMUNITY BANCSHARES INC
FCCO
FIRST COMMUNITY CORP SC
FCCY
1ST CONSTITUTION BANCORP
FCFL
FIRST COMMUNITY BANK CORP AMER
FCNCA
FIRST CITIZENS BANCSHARES INC NC
FCVA
FIRST CAPITAL BANCORP INC VA
FCZA
FIRST CITIZENS BANC CORP
FDEF
FIRST DEFIANCE FINANCIAL CORP
FDT
FEDERAL TRUST CORP
FED
FIRSTFED FINANCIAL CORP
FFBC
FIRST FINANCIAL BANCORP OHIO
FFBH
FIRST FEDERAL BANCSHARES ARK INC
FFCH
FIRST FINANCIAL HOLDINGS INC
FFCO
FEDFIRST FINANCIAL CORP
FFDF
F F D FINANCIAL CORP
FFFD
NORTH CENTRAL BANCSHARES INC
FFG
F B L FINANCIAL GROUP INC
FFH
FAIRFAX FINL HOLDINGS LTD
FFHS
FIRST FRANKLIN CORP
FFIC
FLUSHING FINANCIAL CORP
FFIN
FIRST FINANCIAL BANKSHARES INC
FFKT
FARMERS CAPITAL BANK CORP
FFKY
FIRST FINANCIAL SERVICE CORP
FFNM
FIRST FED NORTHN MI BANCORP INC
FFNW
FIRST FINANCIAL NORTHWEST INC
FFSX
FIRST FEDERAL BANKSHARES INC DEL
FHN
FIRST HORIZON NATIONAL CORP
FIFG
1ST INDEPENDENCE FNL GROUP INC
FIG
FORTRESS INVESTMENT GROUP L L C
FII
FEDERATED INVESTORS INC PA
FISI
FINANCIAL INSTITUTIONS INC
FKFS
FIRST KEYSTONE FINANCIAL INC
FLIC
FIRST LONG ISLAND CORP
FMAR
FIRST MARINER BANCORP
FMBI
FIRST MIDWEST BANCORP DE
FMER
FIRSTMERIT CORP
FMFC
FIRST M & F CORP
FNB
F N B CORP PA
FNBN
F N B UNITED CORP
FNFG
FIRST NIAGARA FINL GROUP INC NEW
FNLC
FIRST BANCORP INC ME
FNM
FEDERAL NATIONAL MORTGAGE ASSN
FNSC
FIRST NATIONAL BANCSHARES INC SC
FPBI
F P B BANCORP INC
FPBN
1ST PACIFIC BANCORP CA
FPFC
FIRST PLACE FINANCIAL CORP NM
FPIC
F P I C INSURANCE GROUP INC
FPTB
FIRST PACTRUST BANCORP INC
FRBK
REPUBLIC FIRST BANCORP INC
FRE
FEDERAL HOME LOAN MORTGAGE CORP
FRGB
FIRST REGIONAL BANCORP
FRME
FIRST MERCHANTS CORP
FSBI
FIDELITY BANCORP INC
FSBK
FIRST SOUTH BANCORP INC
FSGI
FIRST SECURITY GROUP INC
FSNM
FIRST STATE BANCORPORATION
FTBK
FRONTIER FINANCIAL CORP
FULT
FULTON FINANCIAL CORP PA
FUNC
FIRST UNITED CORP
FWV
FIRST WEST VIRGINIA BANCORP INC
FXCB
FOX CHASE BANCORP INC
GABC
GERMAN AMERICAN BANCORP INC
GAN
GAINSCO INC
GBCI
GLACIER BANCORP INC NEW
GBH
GREEN BUILDERS INC
GBL
GAMCO INVESTORS INC
GBNK
GUARANTY BANCORP
GBTS
GATEWAY FINANCIAL HLDGS INC
GCA
GLOBAL CASH ACCESS HOLDINGS INC
GFED
GUARANTY FEDERAL BANCSHARES INC
GFIG
G F I GROUP INC
GFLB
GREAT FLORIDA BANK
GGAL
GRUPO FINANCIERO GALICIA S A
GHL
GREENHILL & CO INC
GIW
WILBER CORP
GLBZ
GLEN BURNIE BANCORP
GLRE
GREENLIGHT CAPITAL RE LTD
GNW
GENWORTH FINANCIAL INC
GOV
GOUVERNEUR BANCORP INC
GRAN
BANK GRANITE CORP
GRNB
GREEN BANKSHARES INC
GROW
U S GLOBAL INVESTORS INC
GS
GOLDMAN SACHS GROUP INC
GSBC
GREAT SOUTHERN BANCORP INC
GSLA
G S FINANCIAL CORP
GTS
TRIPLE S MANAGEMENT CORP
HABC
HABERSHAM BANCORP INC
HAFC
HANMI FINANCIAL CORP
HALL
HALLMARK FINANCIAL SERVICES INC
HARL
HARLEYSVILLE SAVINGS FINAN CORP
HAXS
HEALTHAXIS INC
HBAN
HUNTINGTON BANCSHARES INC
HBHC
HANCOCK HOLDING CO
HBNK
HAMPDEN BANCORP INC
HBOS
HERITAGE FINANCIAL GROUP
HCBK
HUDSON CITY BANCORP INC
HCC
H C C INSURANCE HOLDINGS INC
HEOP
HERITAGE OAKS BANCORP
HFBC
HOPFED BANCORP INC
HFFC
H F FINANCIAL CORP
HFWA
HERITAGE FINANCIAL CORP WA
HGIC
HARLEYSVILLE GROUP INC
HIFS
HINGHAM INSTITUTION FOR SVGS MA
HMN
HORACE MANN EDUCATORS CORP NEW
HMNF
H M N FINANCIAL INC
HMPR
HAMPTON ROADS BANKSHARES INC
HNBC
HARLEYSVILLE NATIONAL CORP PA
HNT
HEALTH NET INC
HOMB
HOME BANCSHARES INC
HOME
HOME FEDERAL BANCORP INC MD
HRZB
HORIZON FINANCIAL CORP WASH
HS
HEALTHSPRING INC
HTBK
HERITAGE COMMERCE CORP
HTH
HILLTOP HOLDINGS INC
HTLF
HEARTLAND FINANCIAL USA INC
HUM
HUMANA INC
HWBK
HAWTHORN BANCSHARES INC
HWFG
HARRINGTON WEST FINANCIAL GRP IN
IAAC
INTERNATIONAL ASSETS HLDG CORP
IBCA
INTERVEST BANCSHARES CORP
IBCP
INDEPENDENT BANK CORP MICH
IBKC
IBERIABANK CORP
IBKR
INTERACTIVE BROKERS GROUP INC
IBNK
INTEGRA BANK CORP
IBOC
INTERNATIONAL BANCSHARES CORP
ICE
INTERCONTINENTALEXCHANGE INC
ICH
INVESTORS CAPITAL HOLDINGS LTD
IFC
IRWIN FINANCIAL CORP
IFSB
INDEPENDENCE FEDERAL SAVINGS BK
IHC
INDEPENDENCE HOLDING CO NEW
IMP
IMPERIAL CAPITAL BANCORP INC
INCB
INDIANA COMMUNITY BANCORP
INDB
INDEPENDENT BANK CORP MA
ING
I N G GROEP N V
IPCC
INFINITY PROPERTY & CASUALTY COR
IPCR
I P C HOLDINGS LTD
IRE
IRELAND BANK
ITC
I T C HOLDINGS CORP
ITG
INVESTMENT TECHNOLOGY GP INC
NEW
ITIC
INVESTORS TITLE CO
JAXB
JACKSONVILLE BANCORP INC FL
JEF
JEFFERIES GROUP INC NEW
JFBC
JEFFERSONVILLE BANCORP
JFBI
JEFFERSON BANCSHARES INC TENN
JLI
JESUP & LAMONT INC
JMP
J M P GROUP INC
JNS
JANUS CAP GROUP INC
JPM
JPMORGAN CHASE & CO
JXSB
JACKSONVILLE BANCORP INC
KCLI
KANSAS CITY LIFE INS CO
KENT
KENT FINANCIAL SERVICES INC
KEY
KEYCORP NEW
KFED
K FED BANCORP
KFFB
KENTUCKY FIRST FEDERAL BANCORP
KFS
KINGSWAY FINANCIAL SERVICES INC
KRNY
KEARNY FINANCIAL CORP
L
LOEWS CORP
LAB
LABRANCHE & CO INC
LABC
LOUISIANA BANCORP INC
LARK
LANDMARK BANCORP INC
LAZ
LAZARD LTD
LBBB
LIBERTY BELL BK CHERRY HILL NJ
LBCP
LIBERTY BANCORP INC MO
LEGC
LEGACY BANCORP INC
LEH
LEHMAN BROTHERS HOLDINGS INC
LFC
CHINA LIFE INSURANCE CO LTD
LION
FIDELITY SOUTHERN CORP NEW
LKFN
LAKELAND FINANCIAL CORP
LNC
LINCOLN NATIONAL CORP IN
LNCB
LINCOLN BANCORP IND
LPSB
LAPORTE BANCORP INC
LSBI
L S B FINANCIAL CORP
LSBK
LAKE SHORE BANCORP INC
LSBX
L S B CORP
LTS
LADENBURG THALMANN FIN SVCS INC
LUK
LEUCADIA NATIONAL CORP
LYG
LLOYDS TSB GROUP PLC
MAIN
MAIN STREET CAPITAL CORP
MASB
MASSBANK CORP
MBFI
M B FINANCIAL INC NEW
MBHI
MIDWEST BANC HOLDINGS INC
MBI
M B I A INC
MBP
MID PENN BANCORP INC
MBR
MERCANTILE BANCORP INC
MBRG
MIDDLEBURG FINANCIAL CORP
MBTF
M B T FINANCIAL CORP
MBVA
MILLENNIUM BANKSHARES CORP
MBVT
MERCHANTS BANCSHARES INC
MBWM
MERCANTILE BANK CORP
MCBF
MONARCH COMMUNITY BANCORP INC
MCBI
METROCORP BANCSHARES INC
MCGC
M C G CAPITAL CORP
MCY
MERCURY GENERAL CORP NEW
MER
MERRILL LYNCH & CO INC
MERR
MERRIMAN CURHAN FORD GROUP INC
MF
M F GLOBAL LTD
MFC
MANULIFE FINANCIAL CORP
MFLR
MAYFLOWER BANCORP INC
MFNC
MACKINAC FINANCIAL CORP
MFSF
MUTUALFIRST FINL INC
MGYR
MAGYAR BANCORP INC
MHLD
MAIDEN HOLDNGS LTD
MI
MARSHALL & ILSLEY CORP NEW
MIG
MEADOWBROOK INSURANCE GROUP INC
MIGP
MERCER INSURANCE GROUP INC
MKL
MARKEL CORP
MKTX
MARKETAXESS HLDGS INC
MNRK
MONARCH FINANCIAL HOLDINGS INC
MOFG
MIDWESTONE FINANCIAL GRP INC NEW
MOH
MOLINA HEALTHCARE INC
MORN
MORNINGSTAR INC
MRH
MONTPELIER RES HOLDINGS LTD
MROE
MONROE BANCORP
MS
MORGAN STANLEY DEAN WITTER & CO
MSBF
M S B FINANCIAL CORP
MSFG
MAINSOURCE FINANCIAL GROUP INC
MSL
MIDSOUTH BANCORP INC
MTG
M G I C INVESTMENT CORP WIS
MTU
MITSUBISHI UFJ FINANCIAL GP INC
MXGL
MAX CAPITAL GROUP LTD
NAHC
NATIONAL ATLANTIC HOLDINGS CORP
NAL
NEWALLIANCE BANCSHARES INC
NARA
NARA BANCORP INC
NATL
NATIONAL INTERSTATE CORP
NAVG
NAVIGATORS GROUP INC
NBBC
NEWBRIDGE BANCORP
NBN
NORTHEAST BANCORP
NBTB
N B T BANCORP INC
NBTF
N B & T FINANCIAL GROUP INC
NCBC
NEW CENTURY BANCORP INC NC
NCC
NATIONAL CITY CORP
NDAQ
NASDAQ O M X GROUP INC
NEBS
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SEC Halts Short Selling of Financial Stocks to Protect Investors and Markets
FOR IMMEDIATE RELEASE
2008-211
Commission Also Takes Steps to Increase Market Transparency and Liquidity
Washington, D.C., Sept. 19, 2008 — The Securities and Exchange Commission, acting in concert with the U.K. Financial Services Authority, today took temporary emergency action to prohibit short selling in financial companies to protect the integrity and quality of the securities market and strengthen investor confidence. The U.K. FSA took similar action yesterday.
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Additional Materials
Emergency Order, Release No. 34-58592.pdf http://www.sec.gov/rules/other/2008/34-58592.pdf
Emergency Order, Release No. 34-58591.pdf http://www.sec.gov/rules/other/2008/34-58591.pdf
Emergency Order, Release No. 34-58588.pdf http://www.sec.gov/rules/other/2008/34-58588.pdf
Form SH http://www.sec.gov/about/forms/formsh.pdf
Form SH Instructions http://www.sec.gov/about/forms/formsh_instructions.pdf
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The Commission’s action will apply to the securities of 799 financial companies. The action is immediately effective.
SEC Chairman Christopher Cox said, “The Commission is committed to using every weapon in its arsenal to combat market manipulation that threatens investors and capital markets. The emergency order temporarily banning short selling of financial stocks will restore equilibrium to markets. This action, which would not be necessary in a well-functioning market, is temporary in nature and part of the comprehensive set of steps being taken by the Federal Reserve, the Treasury, and the Congress.”
Today’s decisive SEC action calls a time-out to aggressive short selling in financial institution stocks, because of the essential link between their stock price and confidence in the institution. The Commission will continue to consider measures to address short selling concerns in other publicly traded companies.
Under normal market conditions, short selling contributes to price efficiency and adds liquidity to the markets. At present, it appears that unbridled short selling is contributing to the recent, sudden price declines in the securities of financial institutions unrelated to true price valuation. Financial institutions are particularly vulnerable to this crisis of confidence and panic selling because they depend on the confidence of their trading counterparties in the conduct of their core business.
Given the importance of confidence in financial markets, today’s action halts short selling in 799 financial institutions. The SEC’s emergency order, pursuant to its authority in Section 12(k)(2) of the Securities Exchange Act of 1934, will be immediately effective and will terminate at 11:59 p.m. ET on October 2, 2008. The Commission may extend the order beyond 10 days if it deems an extension necessary in the public interest and for the protection of investors, but will not extend the order for more than 30 calendar days in total duration.
The Commission notes today’s similar announcement by the U.K. FSA. The SEC and FSA are consulting on an ongoing basis with regard to short selling matters and will continue to cooperate in carrying out regulatory actions.
The Commission also has taken the following steps to address the recent market conditions:
Temporarily requiring that institutional money managers report their new short sales of certain publicly traded securities. These money managers are already required to report their long positions in these securities.
Temporarily easing restrictions on the ability of securities issuers to re-purchase their securities. This change will give issuers more flexibility to buy back their securities, and help restore liquidity during this period of unusual and extraordinary market volatility.
http://www.sec.gov/news/press/2008/2008-211.htm
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Home | Previous Page Modified: 09/19/2008
where do we start today? i think Cox's job is history.
UPDATE: NY AG Begins 'Wide-Ranging' Probe Into Short Selling
Last update: 9/18/2008 3:26:42 PM
(Adds additional information from Cuomo call, details of SEC actions on short selling and moves by New York comptroller, US Attorney offices' comments, beginning in sixth paragraph.)
By Chad Bray
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--New York Attorney General Andrew Cuomo said Thursday he's launching a "wide-ranging" investigation into short-selling on Wall Street, particularly in financial stocks, amid an unprecedented upheaval in the U.S. markets.
On a conference call with reporters, Cuomo said he intends to use New York's Martin Act to prosecute short sellers who spread false rumors and engage in other improper conduct. The attorney general said he's looking into short selling in the stocks of a number of financial firms, including Lehman Brothers Holdings Inc., American International Group (AIG), Goldman Sachs Group (GS) and Morgan Stanley Inc. (MS).
Cuomo also called upon the U.S. Securities and Exchange Commission to temporarily suspend all short-selling on financial stocks, preferably for 30 days.
"The markets need to be stabilized," Cuomo said. "One way is to root out short sellers who spread false information."
In a short-sale transaction, the seller essentially borrows stock and sells it, on the bet the shares will decline in value and then can be repurchased at a profit. Naked short selling is engaging in short selling without having located shares to borrow for delivery at settlement, three days after a trade takes place.
Cuomo's announcement comes during a period of extreme uncertainty for many financial companies, brought on by a crisis in the credit markets.
Lehman, the 158-year-old investment bank, sought bankruptcy protection on Monday and insurance giant AIG is essentially being taken over by the U.S. government in an $85 billion bailout.
Merrill Lynch & Co. (MER) agreed to sell itself to Bank of America Corp. (BAC) and investment banks Morgan Stanley and Goldman Sachs have seen their stocks severely pressured in recent days.
Morgan Stanley is reportedly in merger talks with Wachovia Corp. (WB).
On Wednesday, the SEC announced measures designed to make it harder to engage in abusive short selling. Under the new rules, short sellers and brokers must deliver securities borrowed for short sales on the trade settlement date or face penalties.
The SEC also eliminated an exception from the close-out requirements for option market makers and approved a new anti-fraud rule that targets short sellers who lie about the ability to deliver borrowed shares.
SEC Chairman Christopher Cox also is seeking commission approval for an emergency rule requiring hedge funds and other large investors to disclose their short positions daily.
The SEC has reportedly subpoenaed more than 50 hedge funds as it looks into market manipulation of financial stocks.
The US Attorney's offices in Manhattan and Brooklyn, which would likely investigate any improper activities related to short selling of financial stocks, declined comment on whether a criminal investigation is ongoing.
Cuomo said he would like to see more action by the SEC and other federal regulators, including the temporary freeze on shorting financial stocks.
Cuomo said he believes the federal government has been "ineffective" in regulating the financial markets and said much of the troubles in the markets today are tied to mortgage fraud and problems in subprime lending.
"The federal regulatory structure has failed this country," Cuomo said.
Cuomo stressed that short selling is legal, but said he will pursue civil and possibly criminal charges against those who engage in improper behavior.
"You can't spread false information," Cuomo said. "You can't conspire to spread false information to manipulate the price of a stock."
Meanwhile, New York State Comptroller Thomas P. DiNapoli said Thursday that the New York Common Retirement Fund will remove the shares of 19 bank and brokerage firms, including Goldman Sachs and Morgan Stanley, from those available in its Securities Lending Program. As a result, more than 105 million shares will be temporarily removed from the pool of available securities for lending, which help short sellers engage in transactions.
"The financial-services industry has experienced declines in public equity values that in some cases are unconnected to the long-term financial health of the industry," DiNapoli said in a statement. "This speculative selling has put downward pressure on the entire stock market and threatens to drive our national economy deeper into decline. By removing some of the fuel that is feeding this speculative fire, my action is intended to bring stability and rationality back to our equity markets."
-By Chad Bray, Dow Jones Newswires; 212-227-2017; chad.bray@dowjones.com
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•._.•´¯`•._.•´¯`• PURPOSE OF THIS THREAD •._.•´¯`•._.•´¯`•._.•
Regulatory Actions
This page provides links to releases concerning SEC rulemaking activity, including concept releases, proposed rules, final rules, interpretive releases, and policy statements. It also links to announcements concerning SRO rulemaking, PCAOB rulemaking, instructions for Exchange Act Exemptive Applications, other Commission notices, and public petitions for rulemaking submitted to the SEC. http://www.sec.gov/rules.shtml
Division of Enforcement
The Division of Enforcement investigates possible violations of securities laws, recommends Commission action when appropriate, either in a federal court or before an administrative law judge, and negotiates settlements http://www.sec.gov/divisions/enforce.shtml
Enforcement Actions #msg-17969541
Trading Suspensions 2008: #msg-17980493 ---> Trading Suspensions! When the SEC Suspends Trading in a Stock #msg-17969590
Recent Press Releases #msg-18794230
Information of Interest
What does it mean when an "E" is added to a stock's ticker (courtesy of Generic): #msg-31755048
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