Initial Decision Barring Matthew La Madrid Declared Final
The Commission has declared final the initial decision of an administrative law judge barring Matthew La Madrid from association with any investment adviser. On March 3, 2009, the federal district court for the Southern District of California permanently enjoined Matthew La Madrid from future violations of Sections 206(a), 206(2), and 206(4) of the Advisers Act. The law judge found that over a four-year period, La Madrid provided false and misleading information to investors and failed to make adequate disclosure to them, and used investor funds for his own benefit. (Rel. IA-2915; File No. 3-13415)
Commission Sustains FINRA Disciplinary Action Against North Woodward Financial Corp. and Douglas A. Troszak
The Commission has sustained FINRA disciplinary action against North Woodward Financial Corp., a registered broker-dealer, and Douglas A. Troszak, its principal owner, president, and financial and operations principal, for violating Securities Exchange Act of 1934 and FINRA recordkeeping rules. FINRA fined North Woodward and Troszak $2,500, jointly and severally. The Commission agreed with FINRA's finding that North Woodward, through Troszak, violated the recordkeeping rules by failing to prepare and maintain a current general ledger and trial balance for February and March 2005. The Commission noted that the recordkeeping rules involve fundamental safeguards imposed for the protection of the investing public and aid regulatory authorities in conducting effective examinations of broker-dealers. (Rel. 34-60505; File No. 3-13324)
Commission Sustains Disciplinary Action Taken by NASD Against Andrew P. Gonchar and Polyvios T. Polyviou
The Commission sustained NASD disciplinary action against Andrew P. Gonchar and Polyvios T. Polyviou, formerly general securities representatives associated with CIBC World Markets Corp. (CIBC), a FINRA member firm. The Commission found that Applicants, in 142 sales to seventy one customers over one and one half years, fraudulently interposed a third party between CIBC and their customers and charged their customers undisclosed and fraudulently excessive markups in violation of Section 10(b) of the Securities Exchange Act of 1934, Rule 10b 5 thereunder, and NASD Conduct Rules 2110, 2120, 2320, and 2440. The Commission also sustained NASD's imposition of a bar against Applicants in all capacities and a fine of $114,022 each. (Rel. 34-60506; File No. 3-13243)
In the Matter of iWorld Projects & Systems, Inc.
An Administrative Law Judge has issued an Order Making Findings and Revoking Registration by Default (Default Order) in the Matter of iWorld Projects & Systems, Inc. The Order Instituting Proceedings alleged that iWorld Projects & Systems, Inc., failed repeatedly to file required annual and quarterly reports while its securities were registered with the Securities and Exchange Commission. The Default Order finds this allegation to be true and revokes the registration of each class of registered securities of iWorld Projects & Systems, Inc., pursuant to Section 12(j) of the Securities Exchange Act of 1934. (Rel. 34-60502; File No. 3-13536)
INVESTMENT COMPANY ACT RELEASES
Old Mutual Global Shares Trust, et al.
A notice has been issued giving interested persons until Sept. 8, 2009, to request a hearing on an application filed by Old Mutual Global Shares Trust, Old Mutual Global Index Trackers (Pty) Ltd., and Foreside Fund Services, LLC for an order to permit (a) the series of certain open-end management investment companies to issue shares that can be redeemed only in large aggregations, (b) secondary market transactions in shares of the series to occur at negotiated prices, (c) certain affiliated persons of the series to deposit securities into, and receive securities from, the series, (d) the series to pay redemption proceeds more than seven days after the tender of shares for redemption under certain circumstances, and (e) certain registered management investment companies and unit investment trusts outside of the same group of investment companies as the series to acquire shares of the series. (Rel. IC-28847 - August 13)
Compagnie De Financement Foncier
An order has been issued on an application filed by Compagnie de Financement Foncier under Section 6(c) of the Investment Company Act granting an exemption from all provisions of the Act in connection with the offer and sale of its securities in the United States. (Rel. IC-28848 - August 13)
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