Replies to post #126378 on Circa Pict. & Prod. Co. Intnl Inc. (fka CPPD)

[rhawkinss68]

Here ya go. From the SEC site.

The complaint alleges that, during the period CIBC Mellon acted as Pay Pop's transfer agent, one of its senior managers was bribed by two of Pay Pop's officers and directors to assist them in obtaining a ready supply of Pay Pop stock for these officers and directors to illegally distribute to investors. By its failure to have sufficient policies, procedures and internal controls in place, CIBC Mellon failed to detect the bribes, and the illegal conduct, thereby allowing the scheme to succeed.

The complaint further alleges that from 1998 through 2003, CIBC Mellon acted as a transfer agent for at least 113 companies whose securities were registered with the Commission and, from 1998 through the present, CIBC Mellon acted as a broker-dealer for at least 45 of those companies yet never registered with the Commission as a transfer agent, or as a broker-dealer as it was required to do. Subsequently, on February, 6, 2004, CIBC Mellon registered with the Commission as a transfer agent. CIBC Mellon Trust further requested that the Commission issue an order exempting it from the broker-dealer registration requirement of Section 15(a). The Commission has approved this request and will issue an order granting the exemption upon entry of the final judgment in these proceedings.