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U.S. Securities and Exchange Commission

SEC News Digest

Issue 2008-198
October 10, 2008

COMMISSION ANNOUNCEMENTS

Amy Edwards Named SEC Assistant Chief Economist

The Securities and Exchange Commission today announced the selection of Dr. Amy Edwards as Assistant Chief Economist for Markets and Intermediaries in the agency's Office of Economic Analysis.

Dr. Edwards joined the SEC staff in 1997 as a Financial Economist. In her new capacity, Dr. Edwards will lead a group that provides economic analysis and support for the SEC's Division of Investment Management, Division of Trading and Markets, and Office of Compliance Inspections and Examinations.

"I look forward to working with Amy in her new role," said SEC Chief Economist James Overdahl. "Amy's considerable experience in applying rigorous economic analysis to market issues makes her ideally suited for this new position."

Dr. Edwards said, "I look forward to leading the Markets and Intermediaries team and continuing its tradition of high quality and creative work."

During her time at the SEC, Dr. Edwards has conducted empirical studies in the area of market microstructure on issues related to decimalization, fragmentation, short selling, limit order display, specialist participation, and transparency.

Dr. Edwards earned a Ph.D. in finance from the Ohio State University and a BA in economics from the University of Michigan. She has published articles in The Journal of Finance, Financial Management, and Journal of Financial Markets.

Her promotion to Assistant Chief Economist is effective October 12. (Press Rel. 2008-249)


ENFORCEMENT PROCEEDINGS

Delinquent Filers' Stock Registrations Revoked

The registrations of the securities of Respondents Omni Nutraceuticals, Inc., Omnipower, Inc., Ontro, Inc., Onvantage, Inc., Opal Technologies, Inc., and Optical Specialties, Inc., have been revoked. Each had repeatedly failed to file required annual and quarterly reports with the Securities and Exchange Commission. Thus, each violated a crucial provision of the federal securities laws that requires public corporations to publicly disclose current, accurate financial information so that investors may make informed decisions. The revocations were ordered in an administrative proceeding before an administrative law judge. (Rel. 34-58764; File No. 3-13183)


Commission Revokes Registration of Securities of Value Holdings, Inc. (n/k/a Galea Life Sciences, Inc.) for Failure to Make Required Periodic Filings

On October 10, the Commission revoked the registration of each class of registered securities of Value Holdings, Inc. (n/k/a Galea Life Sciences, Inc.) (GLSN) for failure to make required periodic filings with the Commission.

Without admitting or denying the findings in the Order, except as to jurisdiction, which it admitted, GLSN consented to the entry of an Order Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934 as to Value Holdings, Inc. (n/k/a Galea Life Sciences, Inc.) finding that it had failed to comply with Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Rules 13a-1 and 13a-13 thereunder and revoking the registration of each class of GLSN's securities pursuant to Section 12(j) of the Exchange Act. This order settled the charges brought against GLSN in the Matter of Benguet Corp., et al., Administrative Proceeding File No. 3-13079.

Brokers and dealers should be alert to the fact that Exchange Act Section 12(j) provides, in pertinent part, as follows:

No member of a national securities exchange, broker, or dealer shall make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce the purchase or sale of, any security the registration of which has been and is suspended or revoked . . . .

For further information see Order Instituting Administrative Proceedings and Notice of Hearing Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Benguet Corp., et al., Administrative Proceeding File No. 3-13079, Exchange Act Release No. 57999 (June 23, 2008). (Rel. 34-58766; File No. 3-13079)


Delinquent Filers' Stock Registrations Revoked

The registrations of the securities of Respondents Caddo Enterprises, Inc., California Properties Fund, Cambridge Creek Companies, Ltd., Canadian Hemp Corp., Cannon Pictures, Inc., Capital Preferred Yield Fund-II, L.P., Caprock Corp., Carbite Golf, Inc., and Cardinal Technologies, Inc., have been revoked. Each had repeatedly failed to file required annual and quarterly reports with the Securities and Exchange Commission. Thus, each violated a crucial provision of the federal securities laws that requires public corporations to publicly disclose current, accurate financial information so that investors may make informed decisions. The revocations were ordered in an administrative proceeding before an administrative law judge. (Rel. 34-58767; File No. 3-13208)


Joseph Yurkin Sanctioned

Joseph Yurkin (Yurkin), of Boca Raton, Florida, has been barred from association with any broker or dealer. The sanction was ordered in an administrative proceeding before an administrative law judge, following a court-ordered injunction against him. In November 2007, Yurkin was enjoined from violating the antifraud and registration provisions of the federal securities laws based on his involvement as a telemarketer in a fraudulent scheme selling unregistered securities of Homeland Communications Corp. (Homeland), a purported wireless telecommunications company.

Acting as an unregistered broker-dealer, Yurkin offered and sold Homeland's unregistered securities to the public and received at least $345,000 in commissions based on his sales. The offering materials that Yurkin distributed to investors contained false or misleading statements about Homeland's assets and licenses, its acquisition of another company, and its future profitability, and omitted information about Homeland's regulatory history. Yurkin also falsely told prospective investors that a public offering of Homeland's stock was imminent, at a higher price than he was offering. (Rel. 34-58768; File No. 3-13159)


SECURITIES ACT REGISTRATIONS


RECENT 8K FILINGS

 

http://www.sec.gov/news/digest/2008/dig101008.htm


Modified: 10/10/2008