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U.S. Securities and Exchange Commission

SEC News Digest

Issue 2008-64
April 2, 2008

COMMISSION ANNOUNCEMENTS

SEC Suspends Trading in the Securities of The Alternative Energy Technology Center, Inc.

The Commission today announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 of trading in the securities of The Alternative Energy Technology Center, Inc., at 9:30 a.m. EDT, April 2, 2008, through 11:59 p.m. EDT, on April 15, 2008.

The Commission temporarily suspended trading in these securities because questions have arisen concerning the company's reliance on Rule 504 of Regulation D of the Securities Act of 1933 in conducting a distribution of its securities, and the accuracy and adequacy of statements in the company's press releases regarding its rights to certain technology. The Alternative Energy Technology Center, Inc., a company that has made no public filings with the Commission, is quoted on the Pink Sheets under the ticker symbol AETE, and has recently been the subject of spam e-mail touting the company's shares. See In the Matter of The Alternative Energy Technology Center, Inc. (Rel. 34-57600)


ENFORCEMENT PROCEEDINGS

Court Orders Schmidt and Gelnette to Pay $11 Million in Disgorgement and Enters Permanent Injunction against Violations of the Registration and Anti-fraud Provisions of the Securities Act of 1933 and the Anti-fraud Provisions of the Securities Exchange Act of 1934

On March 27, 2008, United States District Judge Marilyn Hall Patel signed Orders of Final Judgment against Defendants Jeffrey B. Schmidt and Gary L. Gelnette (Final Judgments), in which the Court issued permanent injunctions against future violations by Schmidt and Gelnette of Section 5 of the Securities Act of 1933 (Securities Act), Section 17(a) of the Securities Act, and Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and rule 10b-5 promulgated thereunder, and Section 15(a) of the Exchange Act (against Schmidt only). The Court ordered Schmidt and Gelnette to pay within 10 days disgorgement plus prejudgment interest of $11,061,855. The Court also ordered Schmidt to pay $1,000,000 and Gelnette to pay $500,000 in civil penalties. The Court's Final Judgments follow its Order entered on July 16, 2007, granting the Securities and Exchange Commission's motion for summary judgment against Schmidt and Gelnette. [SEC v. Jeffrey B. Schmidt, et al., United States District Court for the Northern District of California, Civil Action No. C 05-05171 MHP] (LR-20514)


INVESTMENT COMPANY ACT RELEASES

JPMorgan Trust I, et al.

An order has been issued on an application filed by JPMorgan Trust I, et al. under Section 6(c) of the Investment Company Act for an exemption from Rule 12d1-2(a) under the Act. The order would permit funds of funds relying on Rule 12d1-2 under the Act to invest in certain financial instruments. (Rel. IC-28230 - April 1)


SELF-REGULATORY ORGANIZATIONS

Proposed Rule Change

The American Stock Exchange filed a proposed rule change (SR-Amex-2008-34) to give retroactive effect to its revenue sharing program for ETF quoting participants. Publication is expected in the Federal Register during the week of March 31, 2008. (Rel. 34-57578)


Immediate Effectiveness of Proposed Rule Changes

A proposed rule change filed by the American Stock Exchange to amend the Quarterly Option Series Pilot Program to permit the listing of additional series (SR Amex-2008-31) has become immediately effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of April 7. (Rel. 34-57581)

A proposed rule change (SR-CBOE-2008-34) filed by the Chicago Board Options Exchange to increase the class quoting limit in certain option classes has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of April 7. (Rel. 34-57582)

The Options Clearing Corporation filed a proposed rule change (SR-OCC-2007-16) under Section 19(b)(1) of the Securities Exchange Act. The proposed rule change would amend OCC's rules relating to the submission of late items and the fees associated with filing exercise notices after the start of critical processing. Publication is expected in the Federal Register during the week of April 7. (Rel. 34-57584)

A proposed rule change (SR-NYSEArca-2008-36) filed by NYSE Arca amending certain transaction fees and to establish a new fee, the Market Maker Post Liquidity Incentive Credit has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of April 7. (Rel. 34-57585)

A proposed rule change filed by the New York Stock Exchange (SR-NYSE-2008-21) relating to Exchange Rule 103A (Specialist Stock Reallocation and Member Education and Performance) and Exchange Rule 103B (Specialist Stock Allocation) has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of April 7. (Rel. 34-57591)

A proposed rule change (SR-NYSE-2008-23) filed by the New York Stock Exchange relating to NYSE Rule 104.10 to extend the duration of the pilot program applicable to Conditional Transactions in all securities to June 30, 2008 has become effective under Section 19(b)(3)(A) under the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of April 7. (Rel. 34-57592)

A proposed rule change filed by the Chicago Board Options Exchange regarding fees for the CBOE Stock Exchange (SR CBOE-2008-38) has become immediately effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934 and Rule 19b-4(f)(2) thereunder. Publication is expected in the Federal Register during the week of April 7. (Rel. 34-57593)

A proposed rule change filed by the Boston Stock Exchange to amend the Quarterly Option Series Pilot Program to permit the listing of additional series (SR BSE-2008-17) has become immediately effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of April 7. (Rel. 34-57594)

The Fixed Income Clearing Corporation filed a proposed rule change (SR-FICC-2007-11) under Section 19(b)(1) of the Exchange Act, which proposed rule change became effective upon filing, to modify the fee structure of the Government Securities Division rules regarding GCF repo transactions and the fee structure of the Mortgage-Backed Securities Division rule regarding Trade-for-Trade and Settlement Balance Order processing fees. Publication is expected in the Federal Register during the week of April 7. (Rel. 34-57596)

A proposed rule change filed by the Philadelphia Stock Exchange relating to position and exercise limits on IWM options (SR-Phlx-2008-24) has become immediately effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of April 7. (Rel. 34-57597)


Approval of Proposed Rule Changes

The Commission granted approval to a proposed rule change (SR-CHX-2007-21), as modified by Amendment No. 1, submitted by the Chicago Stock Exchange to amend rules relating to registration requirements. Publication is expected in the Federal Register during the week of April 7. (Rel. 34-57587)

The Commission approved a proposed rule change (SR-Amex-2008-09), as modified by Amendment No. 1 thereto, submitted by the American Stock Exchange relating to options linkage fees. Publication is expected in the Federal Register during the week of April 7. (Rel. 34-57589)


Accelerated Approval of Proposed Rule Change

The Commission has approved, on an accelerated basis, a proposed rule change (SR-NYSEArca-2008-37), as modified by Amendment No. 1, filed by NYSE Arca amending the Linkage Fees portion of the Schedule of Fees and Charges for Exchange Services. Publication is expected in the Federal Register during the week of April 7. (Rel. 34-57588)


SECURITIES ACT REGISTRATIONS


RECENT 8K FILINGS

 

http://www.sec.gov/news/digest/2008/dig040208.htm


Modified: 04/02/2008