Securities and Exchange Commission Suspends Trading in the Securities of Hunt Gold Corporation Because of Questions Regarding the Accuracy of Statements Made to the Public
The U.S. 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 in Hunt Gold Corporation (Hunt Gold), of Bradenton, Florida at 9:30 a.m. EDT on June 15, 2009, and terminating at 11:59 p.m. EDT on June 26, 2009.
The Commission temporarily suspended trading in the securities of Hunt Gold because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things, Hunt Gold's gold mining exploration business.
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. 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 Trading and Markets, Office of Interpretation and Guidance, at (202) 551-5777. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he should refrain from entering quotations relating to Hunt Gold'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 immediately contact Chedly C. Dumornay, Assistant Regional Director, Miami Regional Office of the Securities and Exchange Commission at (305) 982-6377. (Rel. 34-60109)
Information for Investors in the Reserve Primary Fund
Securities and Exchange Commission today posted information on its Web site for investors in the Reserve Primary Fund, which "broke the buck" last September when its net asset value fell below $1 per share. Since then, the fund has withheld a significant amount of money from investors pending the outcome of numerous lawsuits filed against the fund, its trustees, and other officers and directors of Reserve entities.
The SEC filed suit on May 5, 2009, seeking, among other things, an order to distribute the fund's remaining assets to investors expeditiously on a pro rata basis.
On June 8, 2009, the Honorable Paul G. Gardephe of the U.S. District Court for the Southern District of New York issued an order that sets a schedule for its consideration of the SEC's proposed plan of distribution.
Under the court order, all interested parties can file objections to the proposed distribution plan by July 22, 2009. The court will hold a hearing to consider the proposed plan of distribution on Sept. 23, 2009.
Pursuant to the court order, the SEC is directing investors to additional information on its Web site, including the SEC's proposed distribution plan as well as the SEC's evidence in its case against the operators of the Primary Fund. The information is available at the following link: www.sec.gov/spotlight/reserve_primary_fund_investors.htm
Investors also can find additional information on the Reserve's Web site at: www.ther.com.
(Press Rel. 2009-136)
Commission Revokes Registration of Securities of New York Regional Rail Corp. for Failure to Make Required Periodic Filings
On June 15, the Commission revoked the registration of each class of registered securities of New York Regional Rail Corp. (New York Regional Rail) 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, New York Regional Rail 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 New York Regional Rail Corp. 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 New York Regional Rail's securities pursuant to Section 12(j) of the Exchange Act. This order settled the charges brought against New York Regional Rail in In the Matter of National Micronetics, Inc., et al., Administrative Proceeding File No. 3-13477.
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 National Micronetics, Inc., et al., Administrative Proceeding File No. 3-13477, Exchange Act Release No. 59953 (May 21, 2009). (Rel. 34-60110; File No. 3-13477)
In the Matter of Ravi Yanamadula
An Administrative Law Judge has issued an Order Making Findings and Imposing Remedial Sanction by Default (Default Order) in Administrative Proceeding No. 3-13434,. The Order Instituting Proceedings (OIP) alleged that, on Aug. 3, 2007, Ravi Yanamadula pleaded guilty to six Ravi Yanamadula counts of wire fraud in violation of 18 U.S.C. SS 1343 and 1346 before the U.S. District Court for the Northern District of Illinois. The OIP further alleges that, on June 2, 2008, the court sentenced Ravi Yanamadula to a term of imprisonment of forty-two months, ordered him to pay restitution in the amount of $3,695,032, and placed him on three years probation following his release from prison.
The Default Order finds the allegations to be true. It concludes that, pursuant to Section 15(b) of the Securities Exchange Act of 1934, it is in the public interest to bar Ravi Yanamadula from association with any broker or dealer. (Rel. 34-60111; File No. 3-13434)
Commission Issues Amended Administrative Order Against CIBC
The Securities and Exchange Commission has accepted an amended Offer of Settlement from CIBC Mellon Trust Company (Respondent), and issued an Amended Order amending its March 2, 2005 Order against Respondent to alter the terms of one of Respondent's undertakings. Under the 2005 Order, Respondent undertook to obtain an attorney opinion letter prior to issuing or transferring restricted securities on behalf of issuers with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 (Exchange Act).
The Amended Order requires Respondent to obtain an attorney opinion letter prior to issuing or transferring restricted securities to any person known by Respondent to be in the United States, and to obtain an attorney opinion letter authorizing the removal of any restrictive legends in connection with the transfer of securities registered pursuant to Section 12 of the Exchange Act for a period of one year after the certificate bearing the restrictive legend was issued. Those obligations will remain in effect through March 5, 2010. All other provisions of the 2005 Order remain in effect. (Rel. 34-51297; Lit Rel. No. 19081; File No. 3-11839). (Rel. 34-60114; File No. 3-11839)
INVESTMENT COMPANY ACT RELEASES
Nationwide Life Insurance Company, et al.
A notice has been issued giving interested persons until July 7, 2009, to request a hearing on an application filed by Nationwide Life Insurance Company, Nationwide Variable Account-II, Nationwide Variable Account-7, Nationwide Variable Account-9, Nationwide Variable Account-14, Nationwide Multi-Flex Variable Account, Nationwide VLI Separate Account-2, Nationwide VLI Separate Account-4, Nationwide VLI Separate Account-7, Nationwide Life and Annuity Insurance Company, Nationwide VL Separate Account-G, Nationwide Life Insurance Company of America, Nationwide Provident VLI Separate Account 1, Nationwide Life and Annuity Company of America, Nationwide Provident VA Separate Account A, and Nationwide Provident VLI Separate Account A (collectively, Section 26 Applicants), and Nationwide Variable Insurance Trust (together with Section 26 Applicants, Section 17 Applicants). Section 26 Applicants request an order under Section 26(c) of the Investment Company Act to permit the substitution of certain securities issued by certain registered investment companies for shares of certain other registered investment companies. Section 17 Applicants also request an order pursuant to Section 17(b) of the Act exempting them from the provisions of Section 17(a) of the Act to permit certain in-kind transactions in connection with the substitution. (Rel. IC-28767 - June 12)
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