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COMMISSION ANNOUNCEMENTSSEC Extends New Short Sale Rule Compliance DateThe Securities and Exchange Commission has extended the date for compliance with the Commission's new short sale rule to Feb. 28, 2011. The extension was granted to give certain exchanges additional time to modify their market opening, reopening, and closing procedures for individual securities covered by the rule, and in order to provide additional time to market participants for programming and testing of systems for implementation. The Commission's new short sale rule will restrict the prices at which a stock can be sold short if the stock's price drops 10 percent or more in one day. The Commission's extension of the compliance date from Nov. 10, 2010, to Feb. 28, 2011, is available on the SEC website (www.sec.gov). (Press Rel. 2010-215) ENFORCEMENT PROCEEDINGSSecurities and Exchange Commission Orders Hearing on Registration Revocation Against Eight Public Companies for Failure to Make Required Periodic FilingsOn November 4, the Commission instituted public administrative proceedings to determine whether to revoke or suspend for a period not exceeding twelve months the registrations of each class of the securities of eight companies for failure to make required periodic filings with the Commission:
In this Order, the Division of Enforcement (Division) alleges that the eight issuers are delinquent in their required periodic filings with the Commission. In this proceeding, instituted pursuant to Exchange Act Section 12(j), a hearing will be scheduled before an Administrative Law Judge. At the hearing, the Administrative Law Judge will hear evidence from the Division and the Respondents to determine whether the allegations of the Division contained in the Order, which the Division alleges constitute failures to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 or 13a-16 thereunder, are true. The Administrative Law Judge in the proceeding will then determine whether the registrations pursuant to Exchange Act Section 12 of each class of the securities of these Respondents should be revoked or suspended for a period not exceeding twelve months. The Commission ordered that the Administrative Law Judge in this proceeding issue an initial decision not later than 120 days from the date of service of the order instituting proceedings. (Rel. 34-63248; File No. 3-14108) Securities and Exchange Commission Orders Hearing on Registration Suspension or Revocation Against Seven Public Companies for Failure to Make Required Periodic FilingsOn November 4, the Commission instituted public administrative proceedings to determine whether to revoke or suspend for a period not exceeding twelve months the registrations of each class of the securities of seven companies for failure to make required periodic filings with the Commission:
In this Order, the Division of Enforcement (Division) alleges that the seven issuers are delinquent in their required periodic filings with the Commission. In this proceeding, instituted pursuant to Exchange Act Section 12(j), a hearing will be scheduled before an Administrative Law Judge. At the hearing, the Administrative Law Judge will hear evidence from the Division and the Respondents to determine whether the allegations of the Division contained in the Order, which the Division alleges constitute failures to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 thereunder, are true. The Administrative Law Judge in the proceeding will then determine whether the registrations pursuant to Exchange Act Section 12 of each class of the securities of these Respondents should be revoked or suspended for a period not exceeding twelve months. The Commission ordered that the Administrative Law Judge in this proceeding issue an initial decision not later than 120 days from the date of service of the order instituting proceedings. (Rel. 34-63249; File No. 3-14109) SEC Charges Los Angeles-Based Hedge Fund Managers With Fraud and Misappropriation of Investor AssetsOn November 4, the Securities and Exchange Commission filed a complaint in the United States District Court for the Central District of California against Alero Odell Mack, Jr., Steven Enrico Lopez, Sr., Easy Equity Asset Management, Inc., Easy Equity Management, L.P., Easy Equity Partners, L.P., Alero Equities The Real Estate Company LLC, and Alero I.X. Corp. The SEC alleges that the defendants perpetrated a $4 million hedge fund investment fraud. The SEC alleges that Mack and Lopez made various false and misleading statements when offering or selling the investments, including touting double-digit past performance and future returns. They also represented that investor money would be used to trade securities, that Mack's entities had unique access to the NYSE trading floor, and that Mack was a "funding partner" with a major Wall Street investment bank. However, the SEC's complaint alleges that the performance claims were inflated and a large amount of investor money was used for purposes other than trading. The complaint also alleges that Mack's entities did not have unique access to the NYSE trading floor and Mack was not a "funding partner" of any Wall Street investment bank. According to the SEC's complaint, Mack and Lopez used no more than $1.3 million of the $4 million of investor funds raised to trade securities. Mack and Lopez misappropriated the remaining investor funds for undisclosed personal purposes, and to pay referral fees to investors for bringing in new investors. The SEC's complaint charges Mack, Lopez, Easy Equity Asset Management, Inc., Easy Equity Management, L.P., Easy Equity Partners, L.P., Alero Equities The Real Estate Company LLC, and Alero I.X. Corp. with violations of Section 17(a) of the Securities Act of 1933, and all of these defendants except Alero I.X. Corp. with violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. In addition, the SEC's complaint charges Mack, Lopez and Easy Equity Management, L.P. with violations of Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder. The SEC seeks permanent injunctions, disgorgement of profits, and financial penalties against all defendants. [SEC v. Alero Odell Mack, Jr., et al., United States District Court for the Central District of California, Civil Action No. CV 10-8383 DSF (PJWx)] (LR-21731) SELF-REGULATORY ORGANIZATIONSImmediate Effectiveness of Proposed Rule ChangesThe Chicago Board Options Exchange filed a proposed rule change under Rule 19b-4 (SR-CBOE-2010-099) related to its short sell order handling. Publication is expected in the Federal Register during the week of November 8. (Rel. 34-63235) A proposed rule change (SR-C2-2010-008), filed by C2 Options Exchange to update rules based on Chicago Board Options Exchange rules and recent Chicago Board Options Exchange, Inc. rule filings 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 November 8. (Rel. 34-63238) A proposed rule change (SR-CBOE-2010-100) filed by the Chicago Board Options Exchange relating to PULSe fees 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 November 8. (Rel. 34-63244) Approval of Proposed Rule ChangeThe Commission approved a proposed rule change (SR-DTC-2010-12) filed by The Depository Trust Company under Section 19(b)(1) of the Exchange Act to replace the manual approval process whereby trustees of an issue receive access to DTC's Security Position Report (SPR) service with an automated approval process. Publication is expected in the Federal Register during the week of November 8. (Rel. 34-63245) Proposed Rule ChangeThe NASDAQ Stock Market filed a proposed rule change (SR-NASDAQ-2010-137) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 to provide acquisition companies the option to hold a tender offer in lieu of a shareholder vote on a proposed acquisition. Publication is expected in the Federal Register during the week of November 8. (Rel. 34-63239) SECURITIES ACT REGISTRATIONSRECENT 8K FILINGS
http://www.sec.gov/news/digest/2010/dig110510.htm
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