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Exchange Delistings - March 22, 2007
Form Formats Description Accepted Filing Date File/Film No
CAREMARK RX INC (0001000736) (Subject)
25-NSE [html][text]
Accession Number: 0000876661-07-000310 Act: 34 Size: 4 KB 2007-03-22
15:38:27 2007-03-22 001-14200
07711924
MORGAN STANLEY (0000895421) (Subject)
25-NSE [html][text]
Accession Number: 0001143313-07-000044 Act: 34 Size: 4 KB 2007-03-22
11:58:37 2007-03-22 001-11758
MORGAN STANLEY (0000895421) (Subject)
25-NSE [html][text]
Accession Number: 0001143313-07-000043 Act: 34 Size: 4 KB 2007-03-22
11:58:03 2007-03-22 001-11758
MORGAN STANLEY (0000895421) (Subject)
25-NSE [html][text]
Accession Number: 0001143313-07-000042 Act: 34 Size: 4 KB 2007-03-22
11:57:22 2007-03-22 001-11758
read the entire article and you'll find it to be right "on topic"
that's off topic
In Oklahoma, a man faces up to 20 years in prison and $250,000 in fines after pleading guilty to selling $21,000 worth of concert and sporting event tickets on the internet, but never delivering them. In another case, a man and a woman are charged with selling computer software to customers on Ebay, and face felony charges for not delivering the products. In that case, Oklahoma Attorney General Drew Edmondson said that “We allege that customers paid for items they never received. The internet should not be a safe harbor for criminals.”
Yet every day, six billion dollars worth of shares are purchased in companies in the US stock market, and not delivered. Someone signs on to their brokerage account, or more accurately, millions of someones sign on, and pay for shares in companies that their broker doesn’t deliver. In some cases, those shares are never delivered, creating what is essentially a flood of counterfeit shares in publicly traded companies, harming both investors and the companies themselves.
In the next few weeks, the Oklahoma Legislature will vote on a landmark bill that could serve as the model for stock market reform efforts nationwide. It has been written to withstand the legal assault that Wall Street has unleashed on other legislation introduced in other states. The measure, SB979, has already passed the Senate and will come up for a vote in the House sometime in the next few weeks.
This issue is NOT as much about Wall Street screwing investors as it is about the loss of potential jobs, local and state tax revenue lost, citizens’ investment funds stolen, and retirement funds decimated. It’s about hedge fund managers building hockey rinks in their backyards while the rest of the country struggles just to make ends meet.
To read the rest of this article and find out how you can help go to:
http://www.faulkingtruth.com/Articles/Investing101/1073.html
Invest in Your Career at the SEC
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Work that is exciting, challenging and meaningful.
Experience working on cutting edge issues and an opportunity to make a difference for investors in America.
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See our new video, Make a Difference: Work for the SEC -- http://www.sec.gov/about/media.htm
http://www.sec.gov/jobs.shtml
NASAA “Protecting Investors and the Integrity of Financial Markets"
http://www.nasaa.org/NASAA_Newsroom/Current_NASAA_Headlines/6397.cfm
To listen to the webcast live:
http://www.visualwebcaster.com/nationalpressclub/NASAA/event.html
March 19, 2007
NASAA Announces Panelists for March 22 Symposium
Program to be Webcast; Registration Still Open
WASHINGTON--The North American Securities Administrators Association, Inc. (NASAA) today announced panelists for its public symposium, “Protecting Investors and the Integrity of Financial Markets,” and also set plans to broadcast the event live on the Internet.
The Symposium, which is free and open to the public on a first come, first serve basis, will be held on Thursday, March 22 in the Holeman Lounge of the National Press Club, 529 14th Street NW, in Washington, DC. To reserve a seat, please contact Lonnie Martin, at 202-737-0900 or lm@nasaa.org, by 11 a.m. March 20. Onsite registration begins at noon, followed by a light luncheon. The program begins at 12:30 p.m.
To listen to the audio-only webcast, please visit the NASAA website (www.nasaa.org) or click here. The webcast will begin at 12:30 p.m. (EDT) on March 22 and will be archived on NASAA’s website for later listening.
The Symposium will be moderated by Mercer Bullard, a leader in the fight for shareholder rights, and will feature a diverse panel of experts to respond to recent suggestions that U.S. capital markets are losing their competitive edge because of burdensome regulations and regulators who are aggressively protecting investors. Panelists include:
. James D. Cox, Professor, Duke University School of Law;
. Tanya Solov, Illinois Director of Securities;
. Willis Riccio, Partner, Adler, Pollock & Sheehan;
. Nancy Smith, Vice President, Investment Services, AARP Financial; and
. Charles Prestwood, former Enron employee.
.
NASAA is the oldest international organization devoted to investor protection. Its membership consists of the securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada, and Mexico.
SEC v. Gary L. McNaughton, Individually and d/b/a The Haven Equity Company, and Andrew K. Lech, Civil Action No. 1:03cv1249 (U.S.D.C. N.D. OH., filed June 23, 2003) (Judge Dan A. Polster)
Litigation Release No. 20050 / March 21, 2007
The Securities and Exchange Commission announced that on March 5, 2007, Gary L. McNaughton pled guilty to 10 counts of securities fraud, unlawful sale of unregistered securities, mail fraud and attempted tax evasion. McNaughton is scheduled to be sentenced on these charges on May 22, 2007. The charges stemmed from McNaughton's role in a Ponzi scheme in which he fraudulently raised at least $17 million from approximately 200 investors and which was the subject of a prior Commission action.
In the criminal case, filed by the United States Attorney's Office for the Northern District of Ohio, the indictment charged that McNaughton raised at least $17 million from approximately 200 investors through the sale of unregistered securities in the form of notes under the name of The Haven Equity Company. The indictment further charged that McNaughton fraudulently guaranteed an annual return of 10% to 35% on the investment and told investors that they would receive their returns in the form of monthly interest payments. According to the indictment, McNaughton also told investors that he would send their money to a trader and friend in Ontario, Canada, who would use a trading strategy to generate the guaranteed returns. However, rather than investing the funds, McNaughton used investor funds to, among other things, pay purported interest and principal to existing investors and pay his personal expenses.
On June 23, 2004, the Commission filed a Complaint against McNaughton and obtained a temporary restraining order and asset freeze against him. On December 4, 2003, the Commission obtained an order of permanent injunction against McNaughton, pursuant to his consent, enjoining him from further violations of Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. On August 23, 2004, the Commission obtained a Final Judgment and Order of Disgorgement against McNaughton.
For additional information, see Litigation Release Nos. 18202 (June 26, 2003), 18875 (September 9, 2004), 19365 (September 7, 2005), and 19922 (November 21, 2006).
http://www.sec.gov/litigation/litreleases/2007/lr20050.htm
Litigation Release March 21, 2007
LR-20050 Mar. 21, 2007 Gary L. McNaughton, Individually and d/b/a The Haven Equity Company, and Andrew K. Lech
http://www.sec.gov/litigation/litreleases/2007/lr20050.htm
Exchange Delisting March 21, 2007
PD NYSE:PD
Form Formats Description Accepted Filing Date File/Film No
PHELPS DODGE CORP (0000078066) (Subject)
25-NSE [html][text]
Accession Number: 0000876661-07-000308 Act: 34 Size: 4 KB 2007-03-21
11:22:19 2007-03-21 001-00082
07708187
UNITED STATES OMB APPROVAL
OMB Number: 3235-0080
Expires: January 31, 2008
Estimated average burden
hours per response 1.7
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 25
NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION
UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.
Commission File Number 001-00082
Issuer: PHELPS DODGE CORP
Exchange: NEW YORK STOCK EXCHANGE INC
(Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered)
Address: One North Central Avenue
Phoenix ARIZONA 85004-3014
Telephone number: (602) 366-8100
(Address, including zip code, and telephone number, including area code, of Issuer's principal executive offices)
Common Shares
(Description of class of securities)
Please place an X in the box to designate the rule provision relied upon to strike the class of securities from listing and registration:
17 CFR 240.12d2-2(a)(1)
17 CFR 240.12d2-2(a)(2)
17 CFR 240.12d2-2(a)(3)
17 CFR 240.12d2-2(a)(4)
Pursuant to 17 CFR 240.12d2-2(b), the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange. 1
Pursuant to 17 CFR 240.12d2-2(c), the Issuer has complied with its rules of the Exchange and the requirements of 17 CFR 240.12d-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.
Pursuant to the requirements fo the Securities Exchange Act of 1934, NEW YORK STOCK EXCHANGE INC certifies that it has reasonable grounds to believe that it meets all of the requirements for filing the Form 25 and has caused this notification to be signed on its behalf by the undersigned duly authorized person.
2007-03-21 By Paras Madho Director
Date Name Title
1 Form 25 and attached Notice will be considered compliance with the provisions of 17 CFR 240.19d-1 as applicable. See General Instructions.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
http://www.sec.gov/Archives/edgar/data/78066/000087666107000308/0000876661-07-000308-index.htm
FCA: LR-20049 Mar. 20, 2007 Cyberkey Solutions, Inc. and James E. Plant
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 20049 / March 20, 2007
SEC v. Cyberkey Solutions, Inc. and James E. Plant, Civ. Action No. 07 1084 (CMR) (E.D. Pa)
SEC Charges That Company and CEO Promoted Stock With Phony Homeland Security Deal
The Securities and Exchange Commission ("Commission") today announced the filing of a civil injunctive action alleging that a Utah-based corporation and its Chief Executive Officer made at least $1.5 million selling shares while disseminating false claims of a lucrative purchase order from the Department of Homeland Security.
In its complaint, filed today in the United States District Court for the Eastern District of Pennsylvania, the Commission alleged that CyberKey Solutions, Inc. of St. George, Utah ("CyberKey") and its CEO James E. Plant ("Plant," collectively, the "Defendants"), between November 2005 and the present, have engaged in an ongoing unregistered offering of Cyberkey shares, promoted with a series of false press releases describing a putative purchase order worth in excess of $24 million from the U.S. Department of Homeland Security ("DHS") to buy CyberKey's flash memory drives. In fact, the Commission's complaint alleges, CyberKey had no business relationship at all, either directly or indirectly, with DHS. Additionally, according to the complaint, CyberKey and Plant made other false statements to unsuspecting investors, including statements claiming CyberKey had shipped products to DHS and received payments pursuant to the phony purchase order, and that CyberKey was in the process of preparing and releasing audited financials.
The Commission's complaint further alleges, that, as a result of their scheme, the Defendants violated Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and seeks as relief permanent injunctions against future violations of these provisions by the Defendants, and disgorgement of all the Defendants' ill-gotten gains, including prejudgment interest and civil penalties.
In a related criminal action, Plant was arrested on March 13, 2006, in St. George, Utah, by agents of the Federal Bureau of Investigation's Philadelphia Economic Crimes Squad on charges of securities fraud and aiding and abetting securities fraud.
The Commission acknowledges the assistance and cooperation of the Federal Bureau of Investigation, the United States Attorney's Office for the Eastern District of Pennsylvania and the National Association of Securities Dealers in the investigation of this matter.
http://www.sec.gov/litigation/litreleases/2007/lr20049.htm
SEC v. Archie Paul Reynolds a/k/a Dr. A. Paul Reynolds, and Success Trust and Holding LLC, Civil Action No. 1:06-CV-1801-RWS (NDGA)
Litigation Release No. 20048 / March 19, 2007
Commission Moves that Defendant Archie Paul Reynolds be Held In Civil Contempt for Violating Asset Freeze
On March 16, 2007 the Commission filed a motion for an order to show cause and order holding Archie Paul Reynolds in civil contempt for violating the preliminary injunction and asset freeze entered by the Court on August 24, 2006. According to the Commission's motion, Reynolds sold a Mercedes-Benz automobile for $37,000 in December 2006. The car had originally been purchased in February 2006 using $57,000 in investor funds from a bank account in the name of Success Trust and Holding LLC. However, the car was titled in Reynolds' name. The application seeks to have Reynolds held in civil contempt for his violation of the order freezing his assets; an order requiring him to pay the $37,000 proceeds from the sale of the car to the Receiver; and an order requiring him to pay the $5,980 difference between the proceeds from the sale of the car and its fair market value at the time of the sale to the Receiver.
Previously, the Commission filed a complaint against Reynolds and Success Trust and Holding LLC (Success Trust) on August 2, 2006. The complaint alleged that, from as early as May 2005 through the present, Reynolds and Success Trust have raised millions of dollars from at least 500 investors by fraudulently offering and selling interests in three investment programs. The complaint alleged that the investment scheme is comprised of three separate Programs: a Real Estate Program, a Best Efforts 480% Annual Return Program, and a Private Party Loan Agreement. The largest program, the Real Estate Program, in which more than $2 million was invested, projected exorbitant returns from investments in vaguely described "banking processes" which do not in fact exist. In addition, the complaint alleged that Success Trust's Programs resemble "Prime Bank" frauds.
The complaint charged the defendants with violations of Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The complaint sought, among other relief, injunctions against future violations, disgorgement of all ill-gotten gains with prejudgment interest, and the imposition of civil penalties against defendants.
For further information, please see Litigation Release No. 19793 (August 3, 2006).
http://www.sec.gov/litigation/litreleases/2007/lr20048.htm
Federal Court Actions - March 19, 2007
LR-20048 Mar. 19, 2007 Archie Paul Reynolds a/k/a Dr. A. Paul Reynolds, and Success Trust and Holding LLC
http://www.sec.gov/litigation/litreleases.shtml
Exchange Delistings - March 19, 2007
COMERICA CAPITAL TRUST I (0001142603) (Subject)
25-NSE [html][text]
Accession Number: 0000876661-07-000306 Act: 34 Size: 3 KB 2007-03-19
15:40:36 2007-03-19 001-16627
07703292
SAFEWAY INC (0000086144) (Subject)
25-NSE [html][text]
Accession Number: 0000876661-07-000304 Act: 34 Size: 3 KB 2007-03-19
13:25:03 2007-03-19 001-00041
07702661
http://www.sec.gov/cgi-bin/browse-edgar?company=&CIK=&type=25-nse&owner=include&coun...
AP 34-55487 Mar. 19,2007 Interchange Medical, Inc.
Administrative Proceeding:
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 55487 / March 19, 2007
ADMINISTRATIVE PROCEEDING
File No. 3-12553
In the Matter of
Auto Wholesale Specialists, Inc..,
Globalbot Corp.,
Gsociety, Inc.,
Icon International Holdings, Inc. (f/k/a
Marketing Systems USA, Inc.),
Intelliworxx, Inc.,
Interchange Medical, Inc.,
Outsource International, Inc., and
Smart Choice Automotive Group, Inc.,
Respondents.
ORDER MAKING FINDINGS AND REVOKING
REGISTRATION OF SECURITIES PURSUANT
TO SECTION 12(j) OF THE SECURITIES
EXCHANGE ACT OF 1934 AS TO
INTERCHANGE MEDICAL, INC.
I.
The Securities and Exchange Commission (“Commission”) deems it necessary and
appropriate for the protection of investors to accept the Offer of Settlement submitted by
Interchange Medical, Inc. (“Interchange” or “Respondent”) pursuant to Rule 240(a) of the Rules of
Practice of the Commission, 17 C.F.R. § 201.240(a), for the purpose of settlement of these
proceedings initiated against Respondent on January 31, 2007, pursuant to Section 12(j) of the
Securities Exchange Act of 1934 (“Exchange Act”).
II.
Solely for the purpose of these proceedings and any other proceedings brought by or on
behalf of the Commission, or to which the Commission is a party, and without admitting or
denying the findings herein, except as to the Commission’s jurisdiction over it and the subject
matter of these proceedings, Respondent consents to the entry of this Order Making Findings and
Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of
1934 (“Order”), as set forth below.
2
III.
On the basis of this Order and Respondent’s Offer, the Commission finds that1:
1. Interchange (CIK No. 1086218) is a Florida corporation located in Fort
Lauderdale, Florida. At all times relevant to this proceeding, the securities of Interchange
have been registered under Exchange Act Section 12(g).
2. Interchange has failed to comply with Exchange Act Section 13(a) and
Rules 13a-1 and 13a-13 thereunder because it has not filed any periodic reports with the
Commission since it filed a Form 10-QSB for the period ended September 30, 2002, which
reported no revenue and net losses of $203,742.
IV.
In view of the foregoing, the Commission deems it necessary and appropriate for the
protection of investors to impose the sanctions specified in Respondent’s Offer.
Accordingly, it is hereby ORDERED that:
Pursuant to Exchange Act Section 12(j), registration of each class of Respondent’s
securities registered pursuant to Exchange Act Section 12 be, and hereby is, revoked.
For the Commission, by its Secretary, pursuant to delegated authority.
Nancy M. Morris
Secretary
1The findings herein are made pursuant to Respondent’s Offer of Settlement and are not
binding on any other person or entity in this or any other proceeding.
http://www.sec.gov/litigation/admin/2007/34-55487.pdf
I see that.
Patch has repeatedly commented with charts and graphs and lots of "stuff."
I will refrain here from making any editorial comment and just point that out as a fact.
That type of information should probably be on one of the "SEC Conspiracy" threads like
#board-4887
#board-8319
#board-791
#board-194
This thread is a repository for enforcement and litigation actions.
Suspension: 34-55091 Jan. 12, 2007 Pathways Group, Inc. (n/k/a Bicoastal Communications, Inc.)
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
SECURITIES EXCHANGE ACT OF 1934 Release No. 55091 / January 12, 2007
SECURITIES AND EXCHANGE COMMISSION SUSPENDS TRADING IN PATHWAYS GROUP, INC. FOR FAILURE TO MAKE REQUIRED PERIODIC FILINGS
The U.S. Securities and Exchange Commission announced the temporary suspension of trading of the securities of the following issuer, commencing at 9:30 a.m. EST on January 12, 2007 and terminating at 11:59 p.m. EST on January 26, 2007:
• Pathways Group, Inc. (n/k/a Bicoastal Communications, Inc.) (BCLC)
The Commission temporarily suspended trading in the securities of BCLC due to a lack of current and accurate information about the company because it has not filed periodic reports with the Commission since the period ended September 30, 2000. 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 this company.
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 company 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 this company that has 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.
http://www.sec.gov/litigation/suspensions/2007/34-55091.pdf
===========================================================
See also Order http://www.sec.gov/litigation/suspensions/2007/34-55091-o.pdf
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
January 12, 2007
In the Matter of Pathways Group, Inc. (n/k/a ORDER OF SUSPENSION OF TRADING
Bicoastal Communications, Inc.) File No. 500-1
It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Pathways Group, Inc. (n/k/a Bicoastal Communications, Inc.) because it has not filed any periodic reports since the period ended September 30, 2000.
The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company.
Therefore, IT IS ORDERED, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in securities of the above-listed company is suspended for the period from 9:30 a.m. EST on January 12, 2007, through 11:59 p.m. EST on January 26, 2007.
By the Commission.
Nancy M. Morris Secretary
34-55112 Jan. 17, 2007 Forest Resources Management Corp.
SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
SECURITIES EXCHANGE ACT OF 1934 RELEASE NO. 55112 / January 17, 2007
The Securities and Exchange Commission today announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the Exchange Act), of trading in the securities of Forest Resources Management Corp. (Forest) (stock symbol FTRM), at 9:30 a.m. EST on January 17, 2007, and terminating at 11:59 p.m. EST on January 30, 2007.
The Commission temporarily suspended trading in the securities of Forest because of questions raised regarding the accuracy and adequacy of publicly disseminated information concerning, among other things, Forest’s assets and Forest’s announced contracts and agreements.
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 Forest.
Further, brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker or dealer has any questions as to whether or not he has complied with the rule, he should not enter any quotation but immediately contact the staff in the Division of Market Regulation, Office of Interpretation and Guidance, at (202) 551-5760. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he should refrain from entering quotations relating to Forest’s securities until such time as he has familiarized himself with the rule and is certain that all of its provisions have been met. 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 are invited to call Gerald A. Gross, Assistant Regional Director, in the Northeast Regional Office of the Securities and Exchange Commission at (212) 336-0085 or by e-mail at grossg@sec.gov.
http://www.sec.gov/litigation/suspensions/2007/34-55112.pdf
===========================================================
See also Order http://www.sec.gov/litigation/suspensions/2007/34-55112-o.pdf
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
January 17, 2007
IN THE MATTER OF
:
FOREST RESOURCES MANAGEMENT
:
CORP.
:
ORDER OF SUSPENSION
:
OF TRADING
File No. 500-1
:
:
It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Forest Resources Management Corp. (“Forest”) because of questions raised regarding the accuracy and adequacy of publicly disseminated information concerning, among other things, Forest’s assets and Forest’s announced contracts and agreements.
The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company.
Therefore, it is ORDERED, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the above-listed company is suspended for the period from
9:30 a.m. EST, January 17, 2007, through 11:59 p.m. EST, on January 30, 2007.
By the Commission.
Nancy M. Morris Secretary
Suspensions: 34-55203 Jan. 31, 2007 Icon International Holdings, Inc., Interchange Medical, Inc., Outsource International, Inc., and Smart Choice Automotive Group, Inc.
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
SECURITIES EXCHANGE ACT OF 1934 Release No. 55203 / January 31, 2007
SECURITIES AND EXCHANGE COMMISSION SUSPENDS TRADING IN FOUR ISSUERS BASED ON A LACK OF CURRENT AND ACCURATE INFORMATION
The U.S. Securities and Exchange Commission announced the temporary suspension of trading of the securities of the following four issuers, commencing at 9:30 a.m. EST on January 31, 2007 and terminating at 11:59 p.m. EST on February 13, 2007:
•
Icon International Holdings, Inc. (INIH)
•
Interchange Medical, Inc. (ICGM)
•
Outsource International, Inc. (OSIXQ)
•
Smart Choice Automotive Group, Inc. (SCHA)
The Commission temporarily suspended trading in the securities of these issuers due to a lack of current and accurate information about the companies because they have failed to file certain periodic reports with the Commission. 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 15c211, 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.
http://www.sec.gov/litigation/suspensions/2007/34-55203.pdf
===========================================================
See also Order http://www.sec.gov/litigation/suspensions/2007/34-55203-o.pdf
____________________________________
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
January 31, 2007
:
IN THE MATTER OF
:
:
Icon International Holdings, Inc.,
:
Interchange Medical, Inc.,
:
ORDER OF SUSPENSION
Outsource International, Inc., and
:
OF TRADING
Smart Choice Automotive Group, Inc.,
:
:
File No. 500-1
:
____________________________________:
It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Icon International Holdings, Inc. because it has not filed any periodic reports since the period ended March 31, 2001.
It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Interchange Medical, Inc. because it has not filed any periodic reports since the period ended September 30, 2002.
It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Outsource International, Inc. because it has not filed any periodic reports since the period ended April 1, 2001.
It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Smart Choice Automotive Group, Inc. because it has not filed any periodic reports since the period ended January 31, 2002.
The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed companies.
Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the above-listed companies is suspended for the period from 9:30
a.m. EST on January 31, 2007, through 11:59 p.m. EST on February 13, 2007.
By the Commission.
Nancy M. Morris Secretary
2
Suspension: 34-55237 Feb. 5, 2007 CyberKey Solutions, Inc.
SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
SECURITIES EXCHANGE ACT OF 1934 RELEASE NO. 55237 / February 5, 2007
The Securities and Exchange Commission announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the "Exchange Act"), of trading of the securities of CyberKey Solutions, Inc. ("CyberKey”), of St. George, Utah at 9:30
a.m. EST on February 5, 2007 and terminating at 11:59 p.m. EST on February 16, 2007.
The Commission temporarily suspended trading in the securities of CyberKey because of questions that have been raised concerning the accuracy and adequacy of publicly disseminated information concerning, among other things, (1) the company’s purported contracts with the Department of Homeland Security and/or other government agencies,
(2) revenues received pursuant to those contracts, and (3) accounts receivable generated by those contracts.
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 the company.
Further, brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule, including Rule 15c2-11(a)(5). If a broker or dealer has any questions as to whether or not he has complied with the rule, he should not enter any quotation but immediately contact the staff of the Securities and Exchange Commission in Washington, D.C. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he should refrain from entering quotations relating to CyberKey's securities until such time as he has familiarized himself with the rule and is certain that all of its provisions have been met. 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 contact John Reed Stark in the Office of Internet Enforcement of the Securities and Exchange Commission at (202) 551-4892 or by email at starkj@sec.gov.
http://www.sec.gov/litigation/suspensions/2007/34-55237.pdf
===========================================================
See also Order http://www.sec.gov/litigation/suspensions/2007/34-55237-o.pdf
____________________________________
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
February 5, 2007
IN THE MATTER OF
:
CYBERKEY SOLUTIONS, INC.
:
:
ORDER OF SUSPENSION
:
OF TRADING
:
File No. 500-1
:
____________________________________:
It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of CyberKey Solutions, Inc. ("CyberKey") because of questions regarding the accuracy of assertions made by CyberKey, and others, in press releases and other public statements to investors, concerning among other things: (1) contracts with the Department of Homeland Security and/or other government agencies, (2) revenues received pursuant to those contracts, and
(3) accounts receivable generated by those contracts.
The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company.
Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the above-listed company is suspended for the period from 9:30
a.m. EST February 5, 2007 through 11:59 p.m. EST, on February 16, 2007.
By the Commission.
Nancy M. Morris Secretary
Suspension: 34-55270 Feb. 12, 2007 One Price Clothing Stores, Inc.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
SECURITIES EXCHANGE ACT OF 1934 RELEASE NO. 55270 / February 12, 2007
The Securities and Exchange Commission announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the "Exchange Act"), of trading of the securities of One Price Clothing Stores, Inc. (“One Price”) (symbol “ONPRQ”), of Duncan, South Carolina at 9:30 a.m. on February 12, 2007, and terminating at 11:59 p.m. on February 26, 2007.
The Commission temporarily suspended trading in the securities of One Price due to the lack of current and accurate information about the company because it has not filed public reports since the period ended November 1, 2003.
The Commission cautions broker 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 the company.
Further, brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker or dealer has any questions as to whether or not he has complied with the rule, he should not enter any quotation but immediately contact the staff in the Division of Market Regulation, Office of Interpretation and Guidance, at (202) 551-5760. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he should refrain from entering quotations relating to One Price’s securities until such time as he has familiarized himself with the rule and is certain that all of its provisions have been met. 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, the Atlanta District Office of the Securities and Exchange Commission should be telephoned at 404 842-7616.
http://www.sec.gov/litigation/suspensions/2007/34-55270.pdf
===========================================================
See also Order http://www.sec.gov/litigation/suspensions/2007/34-55270-o.pdf
____________________________________
____________________________________
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
February 12, 2007
IN THE MATTER OF
:
ONE PRICE CLOTHING
:
ORDER OF SUSPENSION
STORES, INC.
:
OF TRADING
:
File No. 500-1
:
It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of One Price Clothing Stores, Inc. ("One Price”), a Delaware Corporation formerly headquartered in Duncan, South Carolina, which trades in the Pink Sheets under the symbol “ONPRQ,” because it has not filed any periodic reports since the period ended November 1, 2003.
The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above listed company.
Therefore, IT IS ORDERED, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the above listed company is suspended for the period from 9:30 a.m. EST, February 12, 2007 through 11:59 p.m. EST, on February 26, 2007.
By the Commission.
Nancy M. Morris Secretary
Suspensions: 34-55420 Mar. 8, 2007 AKA: "Operation Spamalot"
Advanced Powerline Technologies Inc., America Asia Petroleum Corp., Amerossi Int’l Group, Inc., Apparel Manufacturing Associates, Inc., Asgard Holdings Inc., Biogenerics Ltd., China Gold Corp., CTR Investments & Consulting, Inc., DC Brands International, Inc., Equal Trading, Inc., Equitable Mining Corp., Espion International, Inc., Goldmark Industries, Inc., GroFeed Inc., Healtheuniverse, Inc., Interlink Global Corp., Investigative Services Agencies, Inc., iPackets International, Inc., Koko Petroleum Inc., Leatt Corporation, LOM Logistics, Inc., Modern Energy Corp., National Healthcare Logistics, Inc., Presidents Financial Corp., Red Truck Entertainment Inc., Relay Capital Corp., Rodedawg International Industries, Inc., Rouchon Industries, Inc., Software Effective Solutions Corp., Solucorp Industries Ltd., Sports-stuff.com Inc., UBA Technology, Inc., Wataire Industries Inc., WayPoint Biomedical Holdings, Inc., Wineco Productions Inc.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
SECURITIES EXCHANGE ACT OF 1934 RELEASE NO. 55420 / March 8, 2007
SEC SUSPENDS TRADING IN COMMON STOCK OF
THIRTY-FIVE COMPANIES QUOTED ON THE PINK SHEETS
The Securities and Exchange Commission (“Commission” or “SEC”) today announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the "Exchange Act"), of trading in the securities of the following issuers, commencing at 9:30 a.m. EST on March 8, 2007, and terminating at 11:59 p.m. EDT on March 21, 2007:
Advanced Powerline Technologies Inc. (APWL)
America Asia Petroleum Corp. (AAPM)
Amerossi Int’l Group, Inc. (AMSN)
Apparel Manufacturing Associates, Inc. (APPM)
Asgard Holdings Inc. (AGHG)
Biogenerics Ltd. (BIGN)
China Gold Corp. (CGDC)
CTR Investments & Consulting, Inc. (CIVX)
DC Brands International, Inc. (DCBI)
Equal Trading, Inc. (EQTD)
Equitable Mining Corp. (EQBM)
Espion International, Inc. (EPLJ)
Goldmark Industries, Inc. (GDKI)
GroFeed Inc. (GFDI)
Healtheuniverse, Inc. (HLUN)
Interlink Global Corp. (ILKG)
Investigative Services Agencies, Inc. (IVAY)
iPackets International, Inc. (IPKL)
Koko Petroleum Inc. (KKPT)
Leatt Corporation (LEAT)
LOM Logistics, Inc. (LOMJ)
Modern Energy Corp. (MODR)
National Healthcare Logistics, Inc. (NHLG)
Presidents Financial Corp. (PZFC)
Red Truck Entertainment Inc. (RTRK)
Relay Capital Corp. (RLYC)
Rodedawg International Industries, Inc. (RWGI)
Rouchon Industries, Inc. (RCHN)
Software Effective Solutions Corp. (SFWJ)
Solucorp Industries Ltd. (SLUP)
Sports-stuff.com Inc. (SSUF)
UBA Technology, Inc. (UBTG)
Wataire Industries Inc. (WTAF)
WayPoint Biomedical Holdings, Inc. (WYPH)
Wineco Productions Inc. (WNCP)
The Commission ordered these trading suspensions because of questions that have arisen regarding the adequacy and accuracy of publicly disseminated information concerning among other things: (1) the companies’ assets, (2) the companies’ business operations,
(3) the companies’ current financial condition, and/or (4) financing arrangements involving the issuance of the companies’ shares.
The Commission cautions broker-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 the companies.
Further, brokers-dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker-dealer has any questions as to whether or not it has complied with the rule, it should not enter any quotation but immediately contact the staff in the Division of Market Regulation, Office of Interpretation and Guidance, at (202) 551-5760. If any broker-dealer is uncertain as to what is required by Rule 15c2-11, it should refrain from entering quotations relating to the securities of the companies listed above until such time as it has familiarized itself with the rule and is certain that all of its provisions have been met. If any broker-dealer enters any quotation that is in violation of the rule, the Commission will consider the need for prompt enforcement action.
The SEC’s Office of Investor Education and Assistance has information for investors and members of the general public on topics directly related to this action by the SEC. See http://www.sec.gov/investor/35tradingsuspensions.htm.
Any broker-dealer or other person with information relating to this matter is invited to e-mail the Securities and Exchange Commission at 35suspensions@sec.gov.
http://www.sec.gov/litigation/suspensions/2007/34-55420.pdf
===========================================================
See also Order http://www.sec.gov/litigation/suspensions/2007/34-55420-o.pdf
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
March 8, 2007
_____________________________________
IN THE MATTER OF CERTAIN :
COMPANIES QUOTED ON THE : ORDER OF SUSPENSION
PINK SHEETS: : OF TRADING
:
Advanced Powerline Technologies Inc. :
America Asia Petroleum Corp. :
Amerossi Int’l Group, Inc. :
Apparel Manufacturing Associates, Inc. :
Asgard Holdings Inc. :
Biogenerics Ltd. :
China Gold Corp. :
CTR Investments & Consulting, Inc. :
DC Brands International, Inc. :
Equal Trading, Inc. :
Equitable Mining Corp. :
Espion International, Inc. :
Goldmark Industries, Inc. :
GroFeed Inc. :
Healtheuniverse, Inc. :
Interlink Global Corp. :
Investigative Services Agencies, Inc. :
iPackets International, Inc. :
Koko Petroleum Inc. :
Leatt Corporation :
LOM Logistics, Inc. :
Modern Energy Corp. :
National Healthcare Logistics, Inc. :
Presidents Financial Corp. :
Red Truck Entertainment Inc. :
Relay Capital Corp. :
Rodedawg International Industries, Inc. :
Rouchon Industries, Inc. :
Software Effective Solutions Corp. :
Solucorp Industries Ltd. :
Sports-stuff.com Inc. :
UBA Technology, Inc. :
Wataire Industries Inc. :
WayPoint Biomedical Holdings, Inc. :
Wineco Productions Inc. :
:
File No. 500-1 :
_____________________________________:
2
It appears to the Securities and Exchange Commission that there is a lack of current and
accurate information concerning the securities of the issuers listed below. As set forth below for
each issuer, questions have arisen regarding the adequacy and accuracy of publicly disseminated
information concerning, among other things: (1) the companies’ assets, (2) the companies’
business operations, (3) the companies’ current financial condition, and/or (4) financing
arrangements involving the issuance of the companies’ shares.
1. Advanced Powerline Technologies Inc. is a Nevada company based in
Oklahoma. Questions have arisen regarding the adequacy and accuracy of press
releases concerning the company’s operations and performance.
2. America Asia Petroleum Corp. is a Nevada company with offices in Nevada
and China. Questions have arisen regarding the adequacy and accuracy of press
releases concerning the company’s assets and operations.
3. Amerossi Int’l Group, Inc., is a Wyoming company with offices in Bangkok,
Thailand. Questions have arisen regarding the adequacy and accuracy of press
releases concerning the company’s assets.
4. Apparel Manufacturing Associates, Inc., is a Delaware company with offices in
Bloomfield, Connecticut. Questions have arisen regarding the adequacy and
accuracy of press releases concerning the company’s management and operations.
5. Asgard Holdings Inc. is a Nevada company based in California. Questions have
arisen regarding the adequacy and accuracy of press releases concerning the
company’s operations and concerning stock promoting activity by the company.
6. Biogenerics Ltd. is a Nevada company with offices in Texas. Questions have
arisen regarding the adequacy and accuracy of press releases concerning the
company’s operations and assets.
7. China Gold Corp. is a Nevada company with offices in China. Questions have
arisen regarding the adequacy and accuracy of press releases concerning the
company’s operations and assets.
8. CTR Investments & Consulting, Inc., is a Nevada company based in Maryland.
Questions have arisen regarding the adequacy and accuracy of press releases
concerning the company’s operations.
9. DC Brands International, Inc., is a company incorporated and based in
Colorado. Questions have arisen regarding the adequacy and accuracy of press
releases concerning the company’s operations.
10. Equal Trading, Inc., is a Nevada company with offices in Illinois. Questions
have arisen regarding the adequacy and accuracy of press releases concerning the
company’s operations and financial condition.
3
11. Equitable Mining Corp. is a Wyoming company with offices in Toronto,
Ontario. Questions have arisen regarding the adequacy and accuracy of press
releases concerning the company’s assets.
12. Espion International, Inc., is a Nevada company based in California. Questions
have arisen regarding the adequacy and accuracy of press releases concerning the
company’s operations and financing arrangements.
13. Goldmark Industries, Inc., is a Nevada company based in Vancouver, British
Columbia, Canada. Questions have arisen regarding the adequacy and accuracy
of press releases concerning the company’s operations and financing
arrangements and the adequacy of publicly available information concerning the
company’s management.
14. GroFeed Inc. is a Nevada company with offices in Toronto, Ontario, Canada.
Questions have arisen regarding the adequacy and accuracy of press releases
concerning the company’s operations and assets.
15. Healtheuniverse, Inc., is a company incorporated and based in California.
Questions have arisen regarding the adequacy and accuracy of press releases
concerning the company’s operations and concerning stock promoting activity.
16. Interlink Global Corp. is a company incorporated and based in Florida.
Questions have arisen regarding the adequacy and accuracy of press releases
concerning the company’s operations and concerning stock promoting activity by
the company.
17. Investigative Services Agencies, Inc., is a company incorporated and based in
Illinois. Questions have arisen regarding the adequacy and accuracy of press
releases concerning the company’s operations and financial performance.
18. iPackets International, Inc., is a Nevada company with offices in Vancouver,
British Columbia, Canada. Questions have arisen regarding the adequacy and
accuracy of press releases concerning the company’s operations and assets.
19. Koko Petroleum Inc. is a Nevada company with offices in British Columbia,
Canada. Questions have arisen regarding the adequacy and accuracy of press
releases concerning the company’s assets.
20. Leatt Corporation is a Nevada company with offices in Las Vegas, Nevada.
Questions have arisen regarding the adequacy and accuracy of press releases
concerning the company’s assets and operations.
21. LOM Logistics, Inc., is a Louisiana company. Questions have arisen regarding
the adequacy and accuracy of press releases concerning the company’s
operations.
4
22. Modern Energy Corp. is a Wyoming company with offices in California.
Questions have arisen regarding the adequacy and accuracy of press releases
concerning the company’s operations and financial condition.
23. National Healthcare Logistics, Inc., is a Nevada company with offices in
Tennessee. Questions have arisen regarding the adequacy and accuracy of press
releases concerning the company’s operations.
24. Presidents Financial Corp. is a Nevada company with offices in Vancouver,
British Columbia, Canada. Questions have arisen regarding the adequacy and
accuracy of press releases concerning the company’s management and operations.
25. Red Truck Entertainment Inc. is a Nevada company with offices in Scottsdale,
Arizona. Questions have arisen regarding the adequacy and accuracy of press
releases concerning the company’s operations and financial performance and the
adequacy of publicly available information concerning the company’s stock
issuances.
26. Relay Capital Corp. is a Nevada company with offices in Scottsdale, Arizona.
Questions have arisen regarding the adequacy and accuracy of press releases
concerning the company’s operations.
27. Rodedawg International Industries, Inc., is a Nevada company with offices in
California. Questions have arisen regarding the adequacy and accuracy of press
releases concerning the company’s operations.
28. Rouchon Industries, Inc., is a company incorporated and based in California.
Questions have arisen regarding the adequacy and accuracy of press releases
concerning the company’s financing arrangements and financial performance.
29. Software Effective Solutions Corp. is a Louisiana company located in the
Philippines. Questions have arisen regarding the adequacy and accuracy of press
releases concerning the company’s operations.
30. Solucorp Industries Ltd. is a Canadian company with offices in Florida.
Questions have arisen regarding the adequacy and accuracy of press releases
concerning the company’s financial performance and the adequacy of publicly
available information concerning insider stock holdings and transactions.
31. Sports-stuff.com Inc. is a Nevada company. Questions have arisen regarding the
adequacy and accuracy of press releases concerning the company’s operations.
32. UBA Technology, Inc., is a Nevada company. Questions have arisen regarding
the adequacy and accuracy of press releases concerning the company’s
operations.
5
33. Wataire Industries Inc. is a Nevada company with offices in Surrey, British
Columbia, Canada. Questions have arisen regarding the adequacy and accuracy
of press releases concerning the company’s operations and assets.
34. WayPoint Biomedical Holdings, Inc., is a Nevada company with offices in
California. Questions have arisen regarding the adequacy and accuracy of press
releases concerning the company’s operations and financing arrangements.
35. Wineco Productions Inc. is a Nevada company with offices in Florida.
Questions have arisen regarding the adequacy and accuracy of press releases
concerning the company’s operations.
The Commission is of the opinion that the public interest and the protection of investors
require a suspension of trading in the securities of the companies listed above.
Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of
1934, that trading in the companies listed above is suspended for the period from 9:30 a.m. EST,
March 8, 2007, through 11:59 p.m. EDT, on March 21, 2007.
By the Commission.
Nancy M. Morris
Secretary
First Quarter Trading Suspensions
34-55420 http://www.sec.gov/litigation/suspensions/2007/34-55420.pdf
Mar. 8, 2007 Advanced Powerline Technologies Inc., America Asia Petroleum Corp., Amerossi Int’l Group, Inc., Apparel Manufacturing Associates, Inc., Asgard Holdings Inc., Biogenerics Ltd., China Gold Corp., CTR Investments & Consulting, Inc., DC Brands International, Inc., Equal Trading, Inc., Equitable Mining Corp., Espion International, Inc., Goldmark Industries, Inc., GroFeed Inc., Healtheuniverse, Inc., Interlink Global Corp., Investigative Services Agencies, Inc., iPackets International, Inc., Koko Petroleum Inc., Leatt Corporation, LOM Logistics, Inc., Modern Energy Corp., National Healthcare Logistics, Inc., Presidents Financial Corp., Red Truck Entertainment Inc., Relay Capital Corp., Rodedawg International Industries, Inc., Rouchon Industries, Inc., Software Effective Solutions Corp., Solucorp Industries Ltd., Sports-stuff.com Inc., UBA Technology, Inc., Wataire Industries Inc., WayPoint Biomedical Holdings, Inc., Wineco Productions Inc. See also Order http://www.sec.gov/litigation/suspensions/2007/34-55420-o.pdf
34-55270 http://www.sec.gov/litigation/suspensions/2007/34-55270.pdf
Feb. 12, 2007 One Price Clothing Stores, Inc. See also Order http://www.sec.gov/litigation/suspensions/2007/34-55270-o.pdf
34-55237 http://www.sec.gov/litigation/suspensions/2007/34-55237.pdf
Feb. 5, 2007 CyberKey Solutions, Inc. See also Order http://www.sec.gov/litigation/suspensions/2007/34-55237-o.pdf
34-55203 http://www.sec.gov/litigation/suspensions/2007/34-55203.pdf
Jan. 31, 2007 Icon International Holdings, Inc., Interchange Medical, Inc., Outsource International, Inc., and Smart Choice Automotive Group, Inc. See also Order http://www.sec.gov/litigation/suspensions/2007/34-55203-o.pdf
34-55112 http://www.sec.gov/litigation/suspensions/2007/34-55112.pdf
Jan. 17, 2007 Forest Resources Management Corp. See also Order http://www.sec.gov/litigation/suspensions/2007/34-55112-o.pdf
34-55091 http://www.sec.gov/litigation/suspensions/2007/34-55091.pdf
Jan. 12, 2007 Pathways Group, Inc. (n/k/a Bicoastal Communications, Inc.) See also Order http://www.sec.gov/litigation/suspensions/2007/34-55091-o.pdf
.<font color=navy>Trading Suspensions: 2007
This page lists recent SEC trading suspensions. The federal securities laws allow the SEC to suspend trading in any stock for up to ten trading days when the SEC determines that a trading suspension is required in the public interest and for the protection of investors. You'll find answers to many of your questions about trading suspensions — including how they differ from trading halts — in Fast Answers.
As of February 20, 2007, the staff of the Commission will send copies of a Commission Order of Suspension of Trading pursuant to Section 12(k) of the Securities Exchange Act of 1934 solely to parties (the issuer), the Depository Trust Corporation, and National Securities Clearing Corporation.
http://www.sec.gov/litigation/suspensions.shtml#firstq
http://www.sec.gov/litigation/suspensions.shtml
Thanks. I am intending that this be viewed as a searchable repository in the spirit of these two threads:
Breaking Stock-Related News #board-1508
Post S-8 Companies #board-1605
Interesting readinf. Comments SEC treceived on proposed Reg SHO
http://www.sec.gov/comments/s7-12-06/s71206.shtml
gotcha boardmarked, nice work.
Discussion welcome. Want to build another reference tool for all iHub members.
U.S. Securities and Exchange Commission v. Conrad M. Black, F. David Radler and Hollinger Inc., Civil Action No. 04C7377 (N.D. Ill. 2004)
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 20043 / March 16, 2007
The Securities and Exchange Commission announced that on March 16, 2007, it settled its enforcement action against F. David Radler, the former Deputy Chairman and COO of Hollinger International, Inc., pending in the U.S. District Court, Northern District of Illinois. Under the terms of the settlement, Radler is
- ordered to pay approximately $23.7 million in disgorgement and prejudgment interest;
- ordered to pay a $5 million civil penalty;
- barred from serving as an officer or director of a public company; and
- enjoined from violations of the antifraud, proxy, books and records, reporting, and internal control provisions of the federal securities laws.
On Nov. 15, 2004, the Commission filed its action against Radler, Conrad M. Black, Hollinger International's former Chairman and CEO, and Hollinger, Inc., Hollinger International's controlling shareholder, alleging that from approximately 1999 through 2003, the defendants engaged in a fraudulent and deceptive scheme to divert cash and assets from Hollinger International, Inc., through a series of related party transactions.
The Commission's complaint alleges, among other things, that Black and Radler diverted to themselves, other corporate insiders and Hollinger, Inc. approximately $85 million of the proceeds from Hollinger International's sale of newspaper publications through purported "non-competition" payments. The complaint also alleges that Black and Radler orchestrated the sale of certain of Hollinger International's newspaper publications at below-market prices to another privately-held company owned and controlled by Black and Radler, including the sale of one publication for $1.00. The complaint further alleges that in order to perpetrate their fraudulent scheme, Black and Radler misled Hollinger International's Audit Committee and Board of Directors concerning the related party transactions and also misrepresented and omitted to state material facts regarding these transactions in Hollinger International's filings with the Commission and during shareholder meetings.
Radler, without admitting or denying the allegations in the complaint, has consented to the entry of a final judgment which permanently enjoins him from violations of Sections 10(b), 13(b)(5) and 14(a) of the Securities Exchange Act of 1934 and Rules 10b-5, 13b2-1, 14a-3 and 14a-9 hereunder, and, as a control person, Sections 13(a) and 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-1, and 13a-13 hereunder. The Final Judgment also bars Radler from acting as an officer and director of a public company and orders Radler to pay a total of $23,695,227 in disgorgement and prejudgment interest and a $5,000,000 civil penalty. The $28,695,227 shall be distributed to The Sun-Times Media Group, Inc., formerly known as Hollinger International, Inc., pursuant to the Fair Funds provisions of Section 308 of the Sarbanes-Oxley Act of 2002. The settlement is subject to approval of U.S. District Judge William T. Hart.
The SEC acknowledges the assistance of the Ontario Securities Commission.
http://www.sec.gov/litigation/litreleases/2007/lr20043.htm
SEC v. Barry Hertz, Civil Action No. 05-2848 (E.D.N.Y.)(CBA)(KAM)
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 20044 / March 16, 2007
SEC Settles Civil Injunctive Action Against Barry Hertz, Chairman and CEO of Track Data Corporation
The Commission announced that a final judgment was entered today by the United States District Court for the Eastern District of New York against Barry Hertz, the chairman, chief executive officer, and majority shareholder of Track Data Corporation, a financial services company, in a previously-filed action alleging insider trading in the shares of Track Data. Hertz consented to the entry of final judgment, without admitting or denying the allegations of the Commission's complaint, except as to jurisdiction.
The Commission's Complaint
The complaint, which was filed June 14, 2005, alleges that Hertz, while in possession of material, nonpublic information concerning Track Data's earnings for the second and third quarters of 2003, sold Track Data stock through several accounts over which he had trading authority prior to the company's negative earnings announcements. At the time that he sold the shares, Hertz was also subject to Track Data's quarterly "black-out" periods prohibiting trading in Track Data stock prior to the company's public disclosure of its financial results. The complaint also alleges that Hertz tipped several of his relatives who sold small amounts of Track Data stock at or around the same time he did. Hertz also purchased shares of Track Data stock in one of the accounts prior to the positive news of a first time dividend issuance, about which he had prior knowledge. The Complaint further alleges that following the disclosure of Track Data's financial results for the 2003 second and third quarters, the price of Track Data stock dropped 21% and 14.2%, respectively. Following the news of the issuance of a company dividend, the price of the stock increased by 19%.
The Settlement
The final judgment against Hertz, age 57, of Brooklyn, permanently enjoins Hertz from violating antifraud provisions of the federal securities laws, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Section 17(a) of the Securities Act of 1933, orders him to disgorge $61,657.33, representing profits earned and losses avoided in trading Track Data shares, imposes a civil penalty in the amount of $61,657.33, and bars him from serving as an officer or director of a public corporation for a period of two years.
In connection with the settlement, Hertz has also consented to the institution of settled administrative proceedings pursuant to Section 15(b) of the Securities Exchange Act of 1934, which will bar Hertz from association with any broker or dealer for two years. The Order will be based on the permanent injunction contained in the final judgment.
For further information, see Litigation Release No. 19268 (June 14, 2005).
http://www.sec.gov/litigation/litreleases/2007/lr20044.htm
SEC v. Raymond Burghard and eSafetyWorld, Inc. (n/k/a EZ Auctions and Shipping Inc.), Civil Action No. CV-05-5851 (Eastern District of New York) (Judge Hurley)
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 20045 / March 16, 2007
Raymond Burghard Enjoined and Order to Pay Penalty, Default Judgment Ordered Against eSafetyworld, Inc. (n/k/a EZ Auctions and Shipping Inc.)
The United States Securities and Exchange Commission announced that the Honorable Denis R. Hurley, United States District Judge for the Eastern District of New York, entered final judgment as to defendant Raymond Burghard, a former stock broker and Managing Director of Harbor Ridge Communications, Inc., on May 18, 2006. Burghard, without admitting or denying the allegations of the Commission's complaint, consented to the entry of the judgment, which enjoins him from aiding and abetting violations of the antifraud, reporting, and recordkeeping provisions of the Securities Exchange Act of 1934 ("Exchange Act"). The judgment also orders Burghard to pay a civil penalty of $25,000.
The Commission commenced this action against Burghard on December 15, 2005, and filed its First Amended Complaint on February 22, 2006, alleging that Burghard aided and abetted financial fraud at eSafetyworld by signing a false loan agreement and a false loan confirmation that he knew would be provided to eSafetyworld's auditors. In so doing, the Commission alleged that Burghard aided and abetted violations of Sections 10(b), 13(a), 13(b)(2)(A) and 13(b)(5) of the Exchange Act and Rules 10b-5, 13a-1, 13b2-1 and 13b2-2 thereunder.
By a separate order, dated January 4, 2007, the Court issued a default judgment against eSafetyworld, enjoining eSafetyworld from violations of the antifraud, reporting, and recordkeeping provisions of the Exchange Act. The Commission's First Amended Complaint alleged that eSafety engaged in fraudulent schemes in 2001 involving financial fraud, false statements to eSafetyworld's auditors, issuance of a false press release, and market manipulation. The First Amended Complaint alleged that eSafetyworld violated Sections 10(b), 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Securities Exchange Act of 1934 (the "Exchange Act"), Rules 10b-5, 13a-1, 13a-13, 13b2-1, 12b-20, and 12b-25 thereunder, and Section 232.302 of Regulation S-T.
These judgments conclude this litigation.
For more information, see Litigation Release 19494, and Administrative Releases 34-53418, 34-53330, 34-53087, and 34-52959.
http://www.sec.gov/litigation/litreleases/2007/lr20045.htm
SEC v. Burton G. Friedlander, et al., Civil Action No. 01 Civ. 4683 (KMW) (S.D.N.Y.)
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 20046 / March 16, 2007
Burton Friedlander Consents To Permanent Injunction
On February 21, 2007, United States District Judge Kimba Wood entered final judgments by consent against Burton Friedlander and four entities he formerly controlled. These final judgments conclude the U.S. Securities and Exchange Commission's action, except for a final distribution by the court-appointed receiver.
The Commission filed its original complaint in May 2001, alleging fraud in connection with Friedlander's management of the assets of Friedlander International Limited, an overseas hedge fund. The Commission alleged that Friedlander inflated the hedge fund's net asset value by improperly and arbitrarily valuing certain unlisted securities of a company in which Friedlander and entities he controlled had heavily invested. The Commission's complaint also alleged that Friedlander engaged in "portfolio pumping" by purchasing a thinly-traded common stock as part of a manipulative scheme to inflate the value of that stock and to inflate the hedge fund's net asset value.
The Commission's amended complaint, filed in October 2003, additionally alleged that, in connection with a separate pooled investment fund he managed, Friedlander converted investors' proceeds to his own benefit. The amended complaint alleged that Friedlander provided pooled fund investors with false asset reports, portions of which were on the letterhead of an independent audit firm. However, the audit firm did not prepare or assist in preparing those asset reports. The audit firm also did not authorize the use of its letterhead, nor did it sign or approve any of these asset reports.
The Commission's case was stayed pending the resolution of a criminal indictment, U.S. v. Friedlander (03 Cr. 1173 (JGK)(S.D.N.Y.), against Friedlander based upon the same conduct alleged in the Commission's amended complaint. On May 25, 2005, Friedlander pleaded guilty to a felony count of fraud in violation of Section 206 of the Investment Advisers Act of 1940 (the "Advisers Act"). On March 9, 2006, Friedlander was sentenced to thirty months incarceration, two years of supervised release, and fined $50,000.
The consent judgments resolving the Commission's civil complaint permanently enjoin Friedlander, and the entities he formerly controlled, Friedlander Capital Management Corporation, Friedlander Limited Partnership, Friedlander International Limited, and Friedlander Management Limited, from violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder. In addition, the judgments permanently enjoin Friedlander, Friedlander Capital Management, and Friedlander Management from violating Sections 206(1) and (2) of the Advisers Act.
In light of Friedlander's payment, forfeiture, and surrender of sums and assets totaling $4,875,674 in the Commission's action, the criminal action, and Friedlander's bankruptcy proceedings, and in light of his criminal conviction, the consent judgments do not impose disgorgement or penalties upon Friedlander or the entities he formerly controlled.
For further information see Litigation Release No. 17021 (June 1, 2001), Litigation Release No. 17315 (January 15, 2002), Litigation Release No. 18426 (October 24, 2003), and Advisers Act Release No. 2397 (June 16, 2005).
http://www.sec.gov/litigation/litreleases/2007/lr20046.htm
SEC v. Blue Bottle Limited and Matthew C. Stokes, 07 Civ. 01-CV-1380 (CSH) (KNF) (S.D.N.Y.)
.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 20047 / March 16, 2007
Court Orders Preliminary Injunction and Asset Freeze in SEC Fraud Action Involving Trading in Advance of Press Releases of 12 U.S. Companies
On March 7, 2007, in a fraud action filed last month by the Securities and Exchange Commission, the United States District Court for the Southern District of New York entered a preliminary injunction order against defendants Blue Bottle Limited and Matthew Charles Stokes. In that order, the Honorable Charles S. Haight, Jr., among other things, enjoined Stokes, a citizen of Guernsey, and Blue Bottle, a Hong Kong chartered company, from violations of the antifraud provisions of the federal securities laws. In addition, the Court, which had previously entered a temporary restraining order and asset freeze on February 26, 2007, continued the freeze of the defendants' assets.
The Commission's complaint alleges that Blue Bottle and Stokes fraudulently gained access to material nonpublic information and, with that information, traded in the securities of 12 different U.S. public companies immediately prior to the publication of news releases concerning those companies, realizing profits of $2,707,177. The Commission also alleges that Blue Bottle and Stokes provided false information and used fake documents to open an account at the U.S. broker-dealer through which they executed the illegal trades. As a result of the illegal trading in the 12 companies, the Commission alleges that Blue Bottle and Stokes violated Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act), and Exchange Act Rule 10b-5.
The Commission acknowledges the assistance of the Options Regulatory Surveillance Authority.
For further information, please see Litigation Release No. 20018 (February 26, 2007
Federal Court Actions - March 16, 2007
LR-20047 Mar. 16, 2007 Blue Bottle Limited and Matthew C. Stokes
LR-20046 Mar. 16, 2007 Burton G. Friedlander, et al.
LR-20045 Mar. 16, 2007 Raymond Burghard and eSafetyWorld, Inc. (n/k/a EZ Auctions and Shipping Inc.)
LR-20044 Mar. 16, 2007 Barry Hertz
LR-20043 Mar. 16, 2007 Conrad M. Black, F. David Radler and Hollinger Inc.
Exchange Delistings - March 16, 2007:
Form Formats Description Accepted Filing Date File/Film No
ZEVEX INTERNATIONAL INC (0000827056) (Subject)
25-NSE [html][text]
Accession Number: 0001354457-07-000081 Act: 34 Size: 3 KB 2007-03-16
16:25:27 2007-03-16 001-12965
07700453
MANITOWOC CO INC (0000061986) (Subject)
25-NSE [html][text]
Accession Number: 0000876661-07-000302 Act: 34 Size: 3 KB 2007-03-16
16:23:57 2007-03-16 001-11978
07700440
PNC FINANCIAL SERVICES GROUP INC (0000713676) (Subject)
25-NSE [html][text]
Accession Number: 0000876661-07-000301 Act: 34 Size: 4 KB 2007-03-16
16:02:05 2007-03-16 001-09718
07700196
MS STRUCTURED SATURNS SERIES 2002-1 (0001166682) (Subject)
25-NSE [html][text]
Accession Number: 0000876661-07-000298 Act: 34 Size: 4 KB 2007-03-16
10:31:25 2007-03-16 333-64879-01
07698338
.<font color=navy>Trading Suspensions! When the SEC Suspends Trading in a Stock
The federal securities laws allow the SEC to suspend trading in any stock for up to ten trading days. This document answers some of the typical questions we receive from investors about trading suspensions.
When can the SEC suspend a stock from trading?
When it serves the public interest and will protect investors, the SEC may suspend trading. For instance, the SEC may act when public information about a company is not current, accurate, or adequate. The SEC has acted when serious questions arose about a company's assets, operations, or other financial information.
Why couldn't the SEC forewarn me that it was about to suspend trading before I bought the security in the first place?
The SEC cannot announce that it's working on a suspension. We conduct this work confidentially to maintain our effectiveness and to guard against the destruction of evidence if our work becomes widely known. Confidentiality also protects a company and its shareholders if the SEC ultimately decides not to issue a trading suspension. Mindful of the seriousness of suspensions, the SEC moves as quickly as possible when it considers a trading suspension.
What happens when the ten-day suspension period ends? Will the SEC issue a statement about the status of the company after the suspension has ended?
No. The SEC will not comment publicly on the status of a company when the ten-day suspension ends because the company may still have serious legal problems. For instance, the SEC may continue to investigate a company to determine whether it has defrauded investors. The public will not know if the SEC is continuing its investigation until the SEC publicly announces an enforcement action against the company.
Will trading automatically resume after ten days?
It depends on the market where the stock trades. Different rules apply in different markets.
For stocks that trade in the OTC or the over-the-counter market, trading does not automatically resume when a suspension ends. (The OTC market includes the Bulletin Board and the Pink Sheets.) Before trading can resume for OTC stocks, SEC regulations require a broker-dealer to review information about a company before publishing a quote. If a broker-dealer does not have confidence that a company's financial statements are current and accurate, especially in light of the questions raised by the SEC, then a broker-dealer may not publish a quote for the company's stock.
In contrast to OTC stocks, stocks that trade on an exchange or Nasdaq resume trading as soon as an SEC suspension ends.
If the suspended stock resumes trading, why is it trading at a much lower price?
The trading suspension may raise serious questions and cast doubts about the company in the minds of investors. While some investors may be willing to buy the company's stock, they will do so only at significantly lower prices.
Why would the SEC take such action when it knows it will hurt current shareholders?
Because a suspension often causes a dramatic decline in the price of the security, the SEC suspends trading only when it believes the public may be making investment decisions based on false or misleading information. Suspensions give notice to current and potential investors that we have serious concerns about a company. A suspension may prevent potential investors from being victimized by a fraud.
How can I find out if the stock will trade again after a suspension?
You can contact the broker-dealer who sold you the stock or a broker-dealer who quoted the stock before the suspension. Ask the broker-dealer if it intends to resume publishing a quote in the company's stock.
If there is no market to sell my security, what can I do with my shares?
If there is no market to trade the shares, they may be worthless. You may want to contact your financial or tax adviser to determine how to treat such a loss on your tax return.
What can I do if the company acted wrongfully and I have lost money?
To get your money back, you will need to consider taking legal action on your own. The SEC cannot act as your lawyer. You must continue to pursue all of your legal remedies. For more information about how to protect your legal rights, including finding a lawyer who specializes in securities laws, read our flyer, How the SEC Handles Your Complaint or Inquiry. >>> http://www.sec.gov/investor/pubs/howoiea.htm
To learn how to file an arbitration action against a broker-dealer, you can contact the Director of Arbitration at NASD or the New York Stock Exchange. NASD ( http://www.nasdadr.com ) and the NYSE ( http://www.nyse.com/regulation/disputeresolution/1124919617795.html ) also offer mediation as an option before going to arbitration.
Where can I get information about trading suspensions?
You can find a list of companies whose stocks have been suspended by the SEC since October 1995 on our Web site. >>> http://www.sec.gov/litigation/suspensions.shtml
How can I learn more?
We offer educational materials so that you can understand how the securities industry works and how you can avoid costly mistakes and fraud. Our educational materials also provide tips on how you can invest wisely. You can order our free publications by calling (800) SEC-0330, or read them on our Web site. For specific information about the risks of investing in low-priced stocks, see our publication, Microcap Stock: A Guide for Investors.
http://www.sec.gov/answers/tradingsuspension.htm
.<font color=navy>Enforcement Actions - Links:
Federal Court Actions - Litigation releases concerning civil lawsuits brought by the Commission in federal court >>> http://www.sec.gov/litigation/litreleases.shtml
Administrative Proceedings - Orders and related materials released by the Commission when administrative proceedings are instituted and/or settled >>> http://www.sec.gov/litigation/admin.shtml
ALJ Decisions - Opinions issued by Administrative Law Judges in contested administrative proceedings >>> http://www.sec.gov/litigation/aljdec.shtml
Commission Opinions - Opinions issued by the Commission on appeal of Initial Decisions or disciplinary decisions issued by self-regulatory organizations (e.g., NYSE or NASD) >>> http://www.sec.gov/litigation/opinions.shtml
Referring page: http://www.sec.gov/divisions/enforce/enforceactions.shtml
.<font color=navy>Exchange Delistings - Link:
As of April 24, 2006, Exchange Delistings are filed through EDGAR on Form 25-NSE. You can find these through a number of EDGAR searches:
1. Latest Filings Search — enter 25-NSE in the Form Type field. Note that each filing is indexed twice in this search display — once for the exchange and once for the issuer. >>> http://www.sec.gov/cgi-bin/browse-edgar?company=&CIK=&type=25-nse&owner=include&coun...
3. Historical Archives Search — use form-type=25-nse as the search string. Note that each filing in this search is indexed twice in this search display, once for the exchange and once for the issuer. >>> http://www.sec.gov/cgi-bin/srch-edgar?text=form-type%3D25-nse
Source Link: http://www.sec.gov/rules/delist.shtml
The FALL Of The SEC
http://www.faulkingtruth.com/Articles/Investing101/1071.html
Wall Street's Lobbies for more Profit Protection - January 4, 2007
David Patch
In today's Traders Magazine columnist Peter Chapman discussed the most recent Wall Street debate over Regulation SHO and the now infamous grandfather clause imbedded in the law. In reading between the lines of the article, Wall Street appears to be looking for more party favors from the SEC to keep the 2006 jamboree rolling into 2007.
Recall, in 2004 the SEC released the final version of Regulation SHO to the public and with this release they presented, for the first time, this otherwise unheard of hall pass called the "grandfather clause". After succumbing to the lobbying of the Securities Industry Association (SIA) the SEC incorporated this controversial clause into law without the benefit of public comment or even public awareness. The clause, intended to protect the industry members from their responsibility (liability) in settling what were considered to be excessive and sometimes illegal short positions, was quietly added to the fine print of the released at the 12th hour against the wishes and recommendations of Congressional oversight.
Today, after reconsidering such rule making, the SEC has proposed eliminating this controversial clause identifying it as a loophole that needs to be closed. One SEC Commissioner has called the revision under consideration a mere fine-tuning of the newly created law.
"In fine-tuning Reg SHO," SEC Commissioner Roel Campos remarked in a speech this summer, "our efforts are targeted at protecting a small universe of thinly-capitalized securities from abusive trading wherein the level of fails to deliver can harm the market for the security."
Consider that the difference between today and June 2004 is merely 18-months of opportunity for Wall Street to slowly cover potentially abusive trade liabilities profitably.
As for that "small universe of thinly-capitalized securities" referenced by Campos, to date more than 25% of all NYSE and 30% of all NASDAQ listed securities have held a position on the SEC's threshold security list for excessive failures with neither market rarely considered as being loaded with thinly capitalized companies. In total over, 4000 of the near 13,000 publicly traded companies have seen time on the list.
No small universe by my standards.
The 18-month delay by the regulators in enforcing the laws still may not satisfy Wall Street as the Securities Industry and Financial Markets Association (SIFMA), formerly SIA, apparently continues to lobby the SEC on behalf of the members of Wall Street.
SIFMA contends that the elimination of the grandfather clause would lead to a rash of short squeezes as presented in an industry sponsored comment memo to the SEC by the lobbyist organization. Preventing short squeezes was why the SEC created the grandfather exemption in the first place, SIFMA contends.
A short squeeze occurs when shorts are forced to buy in their positions. In this case, Industry concern is over being responsible to cover shorts sold to investors but never delivered beyond a 13-day trading period.
But short squeezes are not illegal and certainly not illegal if they are the result of simply making the seller deliver what he/she sold. Manipulating the market by flooding the market with stock that does not exist to deliver, and gaining the leverage by upsetting the true balance of supply and demand, is.
By law, any short that is executed on behalf of an investor must settle within 3 business days. Rules 15c3-3 and 15c6-1 of the Exchange Act of 1934 spell that out very clearly. Any failure thereafter becomes the liability of he industry members who executed such orders without fully performing the duties of execution.
Wall Street broker dealers will charge the short seller the fee to borrow the security making the liability of the fail for not borrowing the shares the firms. It is this liability that SIFMA seeks to eliminate from the financial service operations and pass on to the investing public.
The only exempted short from the 3-day settlement period are those shorts created by market makers and specialists who are exempted from the 3-day settlement while making a bona-fide market in a security; creating liquidity. However, bona-fide market making laws also maintain that such transactions must be done to address temporary volatility in the market and can not be claimed exempt if it is for a house account under a trading strategy.
Trading into indefinite deliveries is a trading strategy and not a temporary adjustment for market volume volatility.
But Knight Securities, UBS, and other market making firms like Bernard L. Madoff Investment Securities look at this differently. "This [eliminating grandfather clause] is going to have a serious impact on our ability to make markets," Mark Madoff, co-director of trading at the family-owned Bernard L. Madoff Investment Securities, said of the SEC's planned elimination of the grandfather clause.
There is only one problem with Madoff's assertions.
Making markets is about matching legitimate buyers and sellers and about only creating temporary liquidity when they two can't be matched. Using a naked shorting exemption to sell off securities to unsuspecting buyers, and then failing to make good on delivery of these securities for long indefinite periods in time, is not considered temporary market making. Such a trading strategy is no longer making a bona-fide market but executing a trading strategy. When involved in this type of trading strategy market makers then fall under the same trading guidelines as every other market investor and carry the equivalent risk an investor would carry.
In law, there should never be any legal exemption for market makers in any security to execute a trading strategy that insures risk is only passed on to the investor. Such a legal exemption would be the first step to creating a rigged marketplace and would be the cornerstone to possible market manipulation. To make such concessions into law would disrupt investor confidence in the system and the regulators and have an overall negative impact on our markets.
But to a Wall Street Industry where $57 Million bonuses are being handed out to top executives that produce record earnings, this is exactly what is being expected of industry laws and exactly what the industries top lobbyist is preaching in the very halls of the SEC.
Total Wall Street bonuses, using trading profits as a catalyst, peaked at over $27 Billion for 2006 and still that is not enough. SIFMA, representing the industry, wants more and wants it at investor risk.
Protect us from any possible losses is what the SIFMA is requesting and until now how the SEC has responded favorably. Ultimately what SIFMA really wants is for Wall Street to continue to grow and thus continue to invest heavily in SIFMA's high-powered lobbying efforts.
SIFMA, who claims to represent the interests of nearly 93 Million investors, is actually representing none. SIFMA speaks for the industry interests at the expense of 93 Million investors financial safety.
How the SEC will finally conclude this saga is anyone's guess. They have shown little backbone in standing up to industry lobbyists in the past and may very well cower under industry pressures again. One thing is for sure however, Congress is watching this time and Congress, unlike Commissioner Campos, are seeing the results of the data and have concluded one in three companies is not a small universe of companies after all.
If applied equally, one in three investors would equal more than 30 million people who may have been impacted by this reportedly small problem.
For more on this issue please visit the Host site at www.investigatethesec. com .
I can't post this information to the boards anymore too much is coming in ...... tons of New and old stuff
http://www.investorshub.com/boards/board.asp?board_id=1556
look Spitzer in this post I am keeping up with his other investigations
http://www.investorshub.com/boards/read_msg.asp?message_id=4807220
Merry Christmas
We're the Cops of the World
--Phil Ochs, 1965
Come, get out of the way, boys
Quick, get out of the way
You'd better watch what you say, boys
Better watch what you say
We've rammed in your harbor and tied to your port
And our pistols are hungry and our tempers are short
So bring your daughters around to the port
'Cause we're the Cops of the World, boys
We're the Cops of the World
We pick and choose as please, boys
Pick and choose as please
You'd best get down on your knees, boys
Best get down on your knees
We're hairy and horny and ready to shack
And we don't care if you're yellow or black
Just take off your clothes and lay down on your back
'Cause we're the Cops of the World, boys
We're the Cops of the World
Our boots are needing a shine, boys
Boots are needing a shine
But our Coca-Cola is fine, boys
Coca-Cola is fine
We've got to protect all our citizens fair
So we'll send a battalion for everyone there
And maybe we'll leave in a couple of years
'Cause we're the Cops of the World, boys
We're the Cops of the World
And dump the reds in a pile, boys
Dump the reds in a pile
You'd better wipe off that smile, boys
Better wipe off that smile
We'll spit through the streets of the cities we wreck
And we'll find you a leader that you can't elect
Those treaties we signed were a pain in the neck
'Cause we're the Cops of the World, boys
We're the Cops of the World
And clean the johns with a rag, boys
Clean the johns with a rag
If you like you can use your flag, boys
If you like you can use your flag
We've got too much money we're looking for toys
And guns will be guns and boys will be boys
But we'll gladly pay for all we destroy
'Cause we're the Cops of the World, boys
We're the Cops of the World
Please stay off of the grass, boys
Please stay off of the grass
Here's a kick in the ass, boys
Here's a kick in the ass
We'll smash down your doors, we don't bother to knock
We've done it before, so why all the shock
We're the biggest and the toughest kids on the block
And we're the Cops of the World, boys
We're the Cops of the World
And when we butchered your sons, boys
When we butchered your sons
Have a stick of our gum, boys
Have a stick of our bubble gum
We own half the world, oh say can you see
And the name for our profits is democracy
So, like it or not, you will have to be free
'Cause we're the Cops of the World, boys
We're the Cops of the World
agreed..
why are we there?
Right. Ask an Iraqi about recent alterations to their state.
dd..
to alter one's state..
means different things..
to different people..
Tell that to PK, who is usually PUI (Posting Under the Influence). I don't use 'em.
dilly..drugs aren't good for ya anyway..
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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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