SEC Charges N.Y.-Based Brokerage Firm With Layering
The Securities and Exchange Commission today charged a New York-based brokerage firm and three executives for allowing traders outside the U.S. to access the markets and conduct manipulative trading through accounts the firm controlled.
The SEC’s investigation found that Hold Brothers On-Line Investment Services ignored red flags indicating that overseas traders were accessing the markets through the firm’s customer accounts and repeatedly manipulating publicly-traded stocks through an illegal practice known as “layering” or “spoofing.” In layering, the trader places orders with no intention of having them executed but rather to trick others into buying or selling a stock at an artificial price driven by the orders that the trader later cancels. Hold Brothers’ president and co-founder Steve Hold, former chief compliance officer and chief financial officer Robert Vallone, and a third executive William Tobias were aware of several e-mails and other indications that manipulative trading was occurring through Hold Brothers accounts, yet they failed to properly investigate the warning signs and recklessly continued to provide overseas traders with buying power and access to the U.S. markets.
The SEC also charged two Hold Brothers customers whose accounts were used for the manipulative trading. The two foreign companies – Trade Alpha Corporate Ltd. and Demostrate LLC – were created and partially owned by Steve Hold, so essentially Hold provided the capital for the manipulative trading by the overseas traders. The six individuals and entities charged in the SEC’s case agreed to pay a total of $4 million in disgorgement and penalties to settle the charges.
“Manipulation, whether executed by e-mail, instant message, or multiple phantom orders, is still manipulation,” said Robert Khuzami, Director of the SEC’s Division of Enforcement. “Traders and the firms that provide them market access should not labor under the illusion that illegally layering orders amidst voluminous trading data will somehow allow them to evade detection by the SEC.”
Daniel M. Hawke, Chief of the SEC Enforcement Division’s Market Abuse Unit, added, “The fairness principle that underlies the foundation of our markets demands that prices of securities accurately reflect a genuine supply of and demand for those securities. The SEC will not tolerate any abusive practice that is designed to distort these natural forces.”
According to the SEC’s order instituting settled administrative proceedings, the manipulative trading occurred from at least January 2009 to September 2010. Hold Brothers’ primary business was to provide market access to its customers’ traders, a majority of whom were located overseas. The vast majority of these overseas traders traded for Trade Alpha and Demostrate.
According to the SEC’s order, the layering strategy used by the overseas traders typically followed the same pattern. Traders placed a bona fide order that was intended to be executed on one side of the market (buy or sell). The traders then immediately entered numerous non-bona fide orders on the opposite side of the market for the purpose of attracting interest to the bona fide order and artificially improving or depressing the bid or ask price of the security. The nature of these non-bona fide orders was to induce other traders to execute against the initial, bona fide order. Immediately after the execution against the bona fide order, the overseas traders canceled the open non-bona fide orders, and repeated this strategy on the opposite side of the market to close out the position.
The SEC’s order finds that Hold Brothers willfully violated Sections 9(a)(2) and 17(a) of the Securities Exchange Act of 1934 and Rules 17a-4 and 17a-8, and failed reasonably to supervise its associated persons, the overseas traders, with a view to preventing and detecting their violations. The order also finds that Demostrate and Trade Alpha violated Section 9(a)(2) of the Exchange Act. The order finds that each of the individual respondents willfully aided and abetted and caused each entity’s violations of Section 9(a)(2) of the Exchange Act, and that Steve Hold failed reasonably to supervise Vallone.
The SEC’s charges were settled without admitting or denying the findings:
Hold Brothers agreed to pay $635,000 in disgorgement and interest and nearly $1.9 million in penalties. The firm also agreed to a censure and to cease and desist from committing or causing any violations of Sections 9(a)(2) and 17(a) of the Exchange Act and Rules 17a-4 and 17a-8. Hold Brothers also settled to a finding that it failed reasonably to supervise the overseas traders.
Trade Alpha and Demostrate have agreed to pay more than $1.25 million in disgorgement and to cease and desist from committing or causing any violations of Section 9(a)(2) and 17(a) of the Exchange Act.
Hold, Vallone, and Tobias each agreed to pay $75,000 penalties and accept industry bars (three years for Vallone and Tobias and two years for Hold). They also agreed to cease and desist from committing or causing any violations of Section 9(a)(2) of the Exchange Act. Hold additionally agreed to be barred from acting in a supervisory capacity for a period of three years, which will run concurrently with his two-year industry bar.
The SEC’s investigation was conducted by Jason Burt and Thomas Smith of the Enforcement Division’s Market Abuse Unit, and supervised by the unit’s chief Daniel M. Hawke and deputy chief Sanjay Wadhwa.
The Securities and Exchange Commission today charged three former bank executives in Nebraska for participating in a scheme to understate millions of dollars in losses and mislead investors and federal regulators at the height of the financial crisis. One of the executives and his son also are charged with insider trading.
The SEC alleges that Gilbert G. Lundstrom, who was the CEO and chairman of the board at Lincoln, Neb.-based TierOne Bank, along with president and chief operating officer James A. Laphen and chief credit officer Don A. Langford played a role in TierOne understating its loan-related losses as well as losses on real estate repossessed by the bank. TierOne had expanded into riskier types of lending in Las Vegas and other high-growth geographic areas in Arizona and Florida, and the bank was experiencing a significant rise in high-risk problem loans. TierOne’s primary banking regulator, the Office of Thrift Supervision (OTS), directed TierOne to maintain higher capital ratios as a result of the bank’s increase in high-risk problem loans. To appear to comply with the heightened capital requirements, Lundstrom, Laphen, and Langford disregarded information showing that the collateral securing certain TierOne loans and real estate repossessed by the bank was overvalued due to the bank’s reliance on stale and inadequately discounted appraisals. The losses were understated by millions of dollars in multiple SEC filings.
Lundstrom and Laphen agreed to settle the SEC’s charges as did Lundstrom’s son Trevor A. Lundstrom, who is charged with illegally trading on nonpublic information from his father about an anticipated asset sale. The Lundstroms and Laphen agreed to collectively pay nearly $1.2 million in the settlements, which are subject to court approval. The SEC’s case continues against Langford.
“A fundamental test of management integrity is whether executives make full and honest disclosure in times of company stress, the exact point when shareholders have the greatest need for accurate information,” said Robert Khuzami, Director of the SEC’s Division of Enforcement. “The SEC’s complaints allege that as Tier One’s financial condition worsened, these executives utterly failed that test by understating losses on the bank’s troubled loans and concealing the bank’s deterioration from shareholders and regulators alike.”
According to the SEC’s complaints filed in U.S. District Court for Nebraska, the truth about TierOne’s losses did not become publicly known until late 2009 after OTS required TierOne to obtain new appraisals for its impaired loans. TierOne, in turn, disclosed more than $130 million in loan losses. Had these loss provisions been booked in the proper quarters, the bank would have missed its required capital ratios as far back as the fourth quarter of 2008. Following the announcement of these loss provisions, TierOne’s stock price dropped more than 70 percent, and the bank filed for bankruptcy shortly after it was shut down by OTS in June 2010.
With regard to the insider trading charges against the Lundstroms, the SEC alleges that Gilbert Lundstrom tipped his son in 2009 with confidential details about a proposed asset sale between TierOne and Great Western Bank. Based on this material, nonpublic information, Trevor Lundstrom bought nearly 210,000 TierOne shares between June and September 2009 in anticipation of the asset sale. Following a September 4 public announcement about the transaction, Lundstrom sold his TierOne holdings for $225,921 in illicit profits.
The SEC’s complaints charge Gilbert Lundstrom, Laphen, and Langford with violations of the antifraud, deceit of auditors, reporting, recordkeeping, and internal controls provisions of the federal securities laws. In settling the SEC’s charges without admitting or denying the allegations, Gilbert Lundstrom, who lives in Lincoln, agreed to pay a $500,921 penalty and Laphen, who resides in Omaha, agreed to pay a $225,000 penalty. They also consented to permanent officer and director bars. Trevor Lundstrom, who lives in Birmingham, Ala., settled his insider trading charges without admitting or denying the SEC’s allegations. He agreed to pay disgorgement of $225,921 plus prejudgment interest and a $225,921 penalty. Langford, who lives in Gibsonia, Pa., has not settled the charges.
The SEC’s investigation was conducted by Ian Karpel, Julian Robinson, Rebecca Franciscus, and Michael D’Angelo in the Denver Regional Office. The SEC’s litigation will be led by Barbara Wells and Nicholas Heinke. The SEC appreciates the cooperation of the Office of the Comptroller of the Currency in this matter. (Press Rel. 2012-198)
Northern Trust Investments, Inc., et al.
A notice has been issued giving interested persons until October 22, 2012, to request a hearing on an application filed by Northern Trust Investments, Inc., et al., for an order to amend an existing order to permit an open-end management investment company (Trust) to offer exchange-traded funds based on equity and/or fixed income securities indexes for which the Northern Trust Investments, Inc. (Adviser) or an affiliated person, as defined in section 2(a)(3) of the Investment Company Act of 1940, of the Trust, the Adviser, any sub-adviser, distributor or promoter of a fund, is an index provider. In addition, the application modifies various other terms of the Prior Order. (Rel. IC-30211 - September 24)
Immediate Effectiveness of Proposed Rule Changes
A proposed rule change filed by The NASDAQ Stock Market LLC to offer members the ability to pay a regulatory fine pursuant to an installment plan (SR-NASDAQ-2012-106) 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 September 24. (Rel. 34-67904)
The Chicago Mercantile Exchange Inc. (“CME”) filed a proposed rule change (SR-CME-2012-36) under Section 19(b)(1) of the Securities Exchange Act of 1934 to add additional series of credit default index swaps available for clearing. Publication is expected in the Federal Register during the week of September 24. (Rel. 34-67916)
Proposed Rule Changes
The Options Clearing Corporation (OCC) filed an advanced notice (SR-OCC-2012-14) under Section 19(b)(1) of the Securities Exchange Act of 1934 relating to the clearance and settlement of over-the-counter options. Publication is expected in the Federal Register during the week of September 24. (Rel. 34-67906)
The Options Clearing Corporation (“OCC”) filed a proposed rule change (SR-OCC-2012-16) under Section 19(b)(1) of the Securities Exchange Act of 1934 to accommodate recently proposed equity options that have a unit of trading of 10 shares. Publication is expected in the Federal Register during the week of September 24. (Rel. 34-67917)
The following registration statements have been filed with the SEC under the Securities Act of 1933. The reported information appears as follows: Form, Name, Address and Phone Number (if available) of the issuer of the security; Title and the number and/or face amount of the securities being offered; Name of the managing underwriter or depositor (if applicable); File number and date filed; Assigned Branch; and a designation if the statement is a New Issue.
Registration statements may be viewed in person in the Commission's Public Reference Branch at 100 F Street, N.E., Washington, D.C. To obtain paper copies, please refer to information on the Commission's Web site at /answers/publicdocs.htm. In most cases, you can view and download this information by using the search function located at http://www.sec.gov/edgar/searchedgar/companysearch.html.
F-1 SRG International Inc., 211 BOULEVARD BRIEN #8, SUITE 131, REPENTIGNY, A8, J6A A04, 5148868274 - 0 ($5,000,000.00) Equity, (File 333-184043 - Sep. 24) (BR. 03) S-8 PINNACLE ENTERTAINMENT INC., 8918 SPANISH RIDGE AVENUE, LAS VEGAS, NV, 89148, 702-541-7777 - 0 ($15,899,000.00) Equity, (File 333-184044 - Sep. 24) (BR. 08B) S-3ASR GT Advanced Technologies Inc., 243 DANIEL WEBSTER HIGHWAY, MERRIMACK, NH, 03054, (603)883-5200 - 0 ($0.00) Other, (File 333-184045 - Sep. 24) (BR. 10A) S-1 Ceres Ventures, Inc., 430 PARK AVENUE, NEW YORK, NY, 10022, (800) 611-3388 - 7,882,500 ($887,275.00) Equity, (File 333-184053 - Sep. 24) (BR. 01B) S-1 National Bank Holdings Corp, 5570 DTC PARKWAY, GREENWOOD VILLAGE, CO, 80111, 720-529-3336 - 43,508,820 ($853,643,048.40) Equity, (File 333-184054 - Sep. 24) (BR. 07) S-8 SPIRIT REALTY CAPITAL, INC., 14631 N. SCOTTSDALE ROAD, SUITE 200, SCOTTSDALE, AZ, 85254, 4806060820 - 3,117,649 ($46,764,735.00) Equity, (File 333-184057 - Sep. 24) (BR. 08C) S-8 EXPONENT INC, EXPONENT INC, 149 COMMONWEALTH DRIVE, MENLO PARK, CA, 94025, 650-326-9400 - 1,214,075 ($67,745,385.00) Equity, (File 333-184058 - Sep. 24) (BR. 08C) S-8 AMP Holding Inc., 4540 ALPINE AVENUE, BLUE ASH, OH, 45242, 312-454-0015 - 3,000,000 ($450,000.00) Equity, (File 333-184059 - Sep. 24) (BR. 05A) S-1 FREEDOM PETROLEUM INC., 8580 E. BELLEWOOD PLACE, DENVER, CO, 80237, 18004930740 - 35,000,000 ($52,500.00) Equity, (File 333-184061 - Sep. 24) (BR. ) S-8 ORACLE CORP, 500 ORACLE PARKWAY, MAIL STOP 5 OP 7, REDWOOD CITY, CA, 94065, 6505067000 - 1,331,151 ($10,415,567.17) Equity, (File 333-184062 - Sep. 24) (BR. 03B) S-1 Fairway Group Holdings Corp, 2284 12TH Avenue, New York, NY, 10027, (646)616-8000 - 0 ($150,000,000.00) Other, (File 333-184063 - Sep. 24) (BR. 02) S-1 ICEWEB INC, 22900 SHAW ROAD, SUITE 111, STERLING, VA, 20166, 571-287-2400 - 50,025,620 ($4,772,990.00) Equity, (File 333-184064 - Sep. 24) (BR. 03B) S-3ASR HORTON D R INC /DE/, D.R. HORTON TOWER, 301 COMMERCE STREET, SUITE 500, FORT WORTH, TX, 76102, 8173908200 - 0 ($0.00) Unallocated (Universal) Shelf, (File 333-184065 - Sep. 24) (BR. 06C) S-1 InspireMD, Inc., 3 MENORAT HAMOR ST., TEL AVIV, L3, 67448, 972-3-6917691 - 0 ($46,000,000.00) Equity, (File 333-184066 - Sep. 24) (BR. 10A) S-1 Bullfrog Gold Corp., 897 QUAIL RUN DRIVE, GRAND JUNCTION, CO, 81505, (970) 270-8306 - 13,690,875 ($3,148,901.25) Equity, (File 333-184071 - Sep. 24) (BR. 09B)
Form 8-K is used by companies to file current reports on the following events:
8-K reports may be viewed in person in the Commission's Public Reference Branch at 100 F Street, N.E., Washington, D.C. To obtain paper copies, please refer to information on the Commission's Web site at /answers/publicdocs.htm. In most cases, you can view and download this information by using the search function located at http://www.sec.gov/edgar/searchedgar/companysearch.html.
NAME OF ISSUER CODE 8K ITEM NO. DATE COMMENT
22nd Century Group, Inc. NV 5.07 09/20/12 ABRAXAS PETROLEUM CORP NV 7.01,9.01 09/24/12 ACCELERATED ACQUISITIONS XX DE 1.01,5.01,5.02,9.01 09/24/12 AccelPath, Inc. DE 1.01,2.01,2.03,3.02, 09/18/12 5.03 Activision Blizzard, Inc. DE 5.02 09/18/12 ADAMS RESOURCES & ENERGY, INC. DE 5.02 09/24/12 ADVOCAT INC DE 8.01 09/24/12 AF OCEAN INVESTMENT MANAGEMENT Co FL 1.01,2.01,9.01 07/06/12 AMEND AG Mortgage Investment Trust, Inc. MD 3.03,5.03,8.01,9.01 09/20/12 AgFeed Industries, Inc. NV 5.02,9.01 09/18/12 Alexza Pharmaceuticals Inc. DE 8.01,9.01 09/24/12 All American Gold Corp. WY 5.02,9.01 08/30/12 Allied World Assurance Co Holdings, A 5.03,9.01 09/18/12 Allison Transmission Holdings Inc DE 7.01 09/24/12 AMBIENT CORP /NY DE 2.02,9.01 09/24/12 AMERIANA BANCORP IN 5.02 09/24/12 ANALOG DEVICES INC MA 5.02,9.01 09/19/12 ARBOR REALTY TRUST INC MD 1.01,2.03,8.01,9.01 09/24/12 Argo Group International Holdings, Lt 1.01,8.01,9.01 09/18/12 Astex Pharmaceuticals, Inc DE 8.01,9.01 09/21/12 ASTORIA FINANCIAL CORP DE 8.01,9.01 09/24/12 ASURE SOFTWARE INC DE 9.01 07/01/12 AMEND Augme Technologies, Inc. DE 1.01,2.03,3.02,9.01 09/18/12 AVAYA INC DE 7.01 09/24/12 BANCTRUST FINANCIAL GROUP INC AL 8.01 09/23/12 BLACKBAUD INC 5.02,9.01 09/18/12 BMB MUNAI INC NV 8.01 09/20/12 Bridgepoint Education Inc DE 8.01,9.01 09/24/12 CAMCO FINANCIAL CORP DE 8.01,9.01 09/24/12 CASELLA WASTE SYSTEMS INC DE 1.01,8.01,9.01 09/24/12 CATALYST PHARMACEUTICAL PARTNERS, INC DE 8.01,9.01 09/24/12 Celldex Therapeutics, Inc. DE 1.01,9.01 09/20/12 Charlie GPS Inc NV 5.02 09/18/12 China Environmental Protection Inc. NV 5.02,9.01 04/08/11 China Integrated Energy, Inc. DE 5.02 09/18/12 CHINA NORTH EAST PETROLEUM HOLDINGS L NV 8.01 09/12/12 Citigroup Commercial Mortgage Trust 2 DE 9.01 09/24/12 CLEAN DIESEL TECHNOLOGIES INC DE 4.01,9.01 09/18/12 CNH CAPITAL RECEIVABLES LLC DE 1.01,8.01,9.01 09/19/12 CNH CAPITAL RECEIVABLES LLC DE 8.01,9.01 09/19/12 Cobalt International Energy, Inc. 7.01 09/24/12 CYTOKINETICS INC 8.01 09/24/12 Delta Tucker Holdings, Inc. DE 5.02,9.01 09/21/12 Dewmar International BMC, Inc. NV 1.01,9.01 08/30/12 Digital Realty Trust, Inc. 1.01,8.01,9.01 09/24/12 DIGITAL RIVER INC /DE DE 1.01,8.01,9.01 09/21/12 DIGITALGLOBE, INC. DE 8.01,9.01 09/21/12 Discover Financial Services DE 8.01,9.01 09/21/12 DORAL FINANCIAL CORP PR 5.02 09/20/12 DYNAMIC VENTURES CORP. 1.01,3.02,9.01 09/19/12 EASTGROUP PROPERTIES INC MD 1.01,9.01 09/20/12 ECB BANCORP INC NC 5.02 09/20/12 ECOTALITY, INC. NV 5.02 09/21/12 EDIETS COM INC DE 1.01,9.01 09/18/12 EDISON MISSION ENERGY DE 2.06 09/21/12 Electromed, Inc. 1.01,2.02,9.01 09/21/12 EMCORE CORP NJ 8.01 09/21/12 EME HOMER CITY GENERATION LP PA 1.01,2.06 09/21/12 EnviroStar, Inc. DE 2.02,9.01 09/24/12 EXELON CORP PA 7.01,9.01 09/24/12 EXIDE TECHNOLOGIES DE 5.07 09/20/12 EXTREME NETWORKS INC DE 5.02,9.01 09/24/12 FARMER BROTHERS CO CA 5.02,9.01 09/18/12 Federal Home Loan Bank of Dallas 2.03,9.01 09/18/12 Fifth Street Finance Corp DE 8.01,9.01 09/24/12 FIRSTENERGY CORP OH 5.02 09/18/12 FIRSTFED FINANCIAL CORP DE 8.01,9.01 09/18/12 FNB BANCORP/CA/ 2.01,8.01,9.01 09/21/12 FNB CORP/FL/ FL 5.02,9.01 09/19/12 FORWARD AIR CORP TN 8.01,9.01 09/24/12 FRANKLIN RESOURCES INC DE 1.01,8.01,9.01 09/19/12 GAYLORD ENTERTAINMENT CO /DE DE 8.01,9.01 09/24/12 GeoEye, Inc. DE 8.01,9.01 09/21/12 Gevo, Inc. DE 8.01,9.01 09/24/12 GLATFELTER P H CO PA 8.01,9.01 09/19/12 GLOBAL PAYMENTS INC GA 5.07 09/24/12 GlobalOptions Group, Inc. 5.02 09/20/12 GP STRATEGIES CORP DE 5.07 09/12/12 GRAY TELEVISION INC GA 8.01,9.01 09/24/12 GREENTECH MINING INTERNATIONAL, INC. DE 1.01,9.01 09/14/12 GRIFFIN LAND & NURSERIES INC DE 8.01,9.01 09/21/12 GROWLIFE, INC. DE 4.01 09/14/12 AMEND HAMPTON ROADS BANKSHARES INC VA 5.02,9.01 09/19/12 HAMPTON ROADS BANKSHARES INC VA 7.01,9.01 09/21/12 HEALTHCARE REALTY TRUST INC MD 8.01,9.01 09/20/12 HealthWarehouse.com, Inc. DE 5.02 09/24/12 HERCULES TECHNOLOGY GROWTH CAPITAL IN MD 1.01,2.03,9.01 09/24/12 ICF International, Inc. DE 7.01,9.01 09/24/12 INLAND REAL ESTATE CORP MD 8.01,9.01 09/24/12 INSTITUTIONAL FINANCIAL MARKETS, INC. MD 5.02 09/18/12 INTEGRATED DEVICE TECHNOLOGY INC DE 5.02 09/19/12 JACOBS ENTERTAINMENT INC DE 7.01,9.01 09/24/12 Jones Lang LaSalle Income Property Tr MD 5.02 09/18/12 JPMORGAN CHASE & CO DE 8.01,9.01 09/24/12 Kallo Inc. NV 3.02 09/24/12 Kraft Foods Group, Inc. 1.02 09/18/12 KRAFT FOODS INC VA 1.02,8.01,9.01 09/18/12 LENNAR CORP /NEW/ DE 2.02 09/24/12 LEUCADIA NATIONAL CORP NY 1.01,9.01 09/23/12 LIN TV CORP. DE 5.02 09/24/12 LINN ENERGY, LLC DE 8.01,9.01 09/24/12 LIXTE BIOTECHNOLOGY HOLDINGS, INC. DE 5.02 09/17/12 LML PAYMENT SYSTEMS INC A1 1.01,7.01,9.01 09/21/12 LRR Energy, L.P. DE 7.01,9.01 09/19/12 MAGELLAN PETROLEUM CORP /DE/ DE 7.01 09/24/12 MARSH & MCLENNAN COMPANIES, INC. DE 5.02 09/04/12 AMEND MCDONALDS CORP DE 7.01,9.01 09/20/12 McEwen Mining Inc. CO 7.01,9.01 09/24/12 MDC HOLDINGS INC DE 1.01,2.03,9.01 09/21/12 MEDIVATION, INC. DE 5.03,8.01,9.01 09/20/12 METHODE ELECTRONICS INC DE 1.01,9.01 09/21/12 Mexus Gold US NV 1.02 09/18/12 Mid-Con Energy Partners, LP DE 7.01,9.01 09/21/12 MIDDLEBY CORP DE 8.01 09/14/12 MILAGRO OIL & GAS, INC. DE 5.02 09/18/12 MILLER ENERGY RESOURCES, INC. TN 3.02,7.01,9.01 09/24/12 MONARCH COMMUNITY BANCORP INC MD 3.01,9.01 09/19/12 MUELLER INDUSTRIES INC DE 1.01,1.02,5.02,8.01, 09/23/12 9.01 MUELLER INDUSTRIES INC DE 5.02,8.01 09/24/12 MULTIMEDIA GAMES HOLDING COMPANY, INC TX 1.01,2.03,9.01 09/21/12 NACCO INDUSTRIES INC DE 2.02,7.01,9.01 09/24/12 NAKED BRAND GROUP INC. NV 2.01,3.02,4.01,5.01, 07/30/12 AMEND 5.02,5.03,5.06,9.01 National American University Holdings DE 3.01 09/18/12 Nationstar Mortgage Holdings Inc. DE 1.01,2.03,9.01 09/19/12 New Mountain Finance Corp DE 2.02 09/24/12 NEWS CORP 8.01,9.01 09/24/12 NORTEL NETWORKS CORP 5.02 09/21/12 NORTHERN MINERALS INC. NV 8.01 08/20/12 NRG ENERGY, INC. DE 1.01,2.03,3.02,8.01, 09/24/12 9.01 NTS, INC. NV 8.01 09/24/12 Nuveen Diversified Commodity Fund DE 8.01 09/20/12 OLD REPUBLIC INTERNATIONAL CORP DE 8.01,9.01 09/24/12 Omagine, Inc. DE 8.01,9.01 09/24/12 ONEOK INC /NEW/ OK 7.01,9.01 09/24/12 ONEOK Partners LP DE 7.01,9.01 09/24/12 Palo Alto Networks Inc DE 1.01,2.03 09/20/12 PARKER DRILLING CO /DE/ DE 5.02,8.01,9.01 09/17/12 PATAPSCO BANCORP INC MD 4.01 09/18/12 PATTERSON UTI ENERGY INC DE 5.02,9.01 09/19/12 PAYCHEX INC DE 2.02,9.01 09/24/12 PC TEL INC DE 9.01 07/09/12 AMEND PENSKE AUTOMOTIVE GROUP, INC. DE 1.01 09/20/12 PENTAIR INC MN 1.01,2.03,9.01 09/21/12 Pentair Ltd. V8 1.01,2.03,9.01 09/24/12 PIZZA INN HOLDINGS, INC /MO/ MO 2.02,9.01 09/24/12 PLY GEM HOLDINGS INC DE 7.01 09/24/12 PLY GEM HOLDINGS INC DE 1.01,7.01 09/24/12 PRICE T ROWE GROUP INC MD 5.02,9.01 09/24/12 PRIME GLOBAL CAPITAL GROUP Inc NV 1.01,3.02,9.01 09/24/12 pSivida Corp. DE 2.02,9.01 09/24/12 Psychic Friends Network Inc. NV 5.02,8.01,9.01 09/17/12 PURE BIOSCIENCE, INC. DE 8.01 09/21/12 QLT INC/BC A1 8.01,9.01 09/24/12 QUALSTAR CORP CA 5.02,9.01 09/18/12 QUESTCOR PHARMACEUTICALS INC CA 8.01 09/21/12 QUICKSILVER RESOURCES INC DE 1.01,8.01,9.01 09/21/12 RAMCO GERSHENSON PROPERTIES TRUST MD 1.01,5.03,9.01 09/21/12 RED HAT INC DE 2.02,9.01 09/24/12 REDWOOD TRUST INC MD 5.02,7.01,9.01 09/18/12 Resolute Forest Products Inc. DE 8.01 09/21/12 Rexnord Corp DE 5.07 09/20/12 S&W Seed Co NV 1.01,3.01 09/24/12 Santander Holdings USA, Inc. VA 8.01,9.01 09/19/12 SEMPRA ENERGY CA 8.01,9.01 09/19/12 Sequoia Mortgage Trust 2012-4 8.01,9.01 09/01/12 SERVOTRONICS INC /DE/ DE 1.01,2.01,9.01 09/18/12 SHERWIN WILLIAMS CO OH 1.01,1.02,2.03,9.01 09/19/12 Silver Falcon Mining, Inc. DE 8.01 09/24/12 SINOHUB, INC. DE 3.01,9.01 09/24/12 SKYLINE CORP IN 5.07,7.01 09/24/12 SOLAZYME INC DE 5.07 09/19/12 Solera National Bancorp, Inc. DE 5.02,9.01 09/20/12 SOMERSET HILLS BANCORP NJ 5.02 09/18/12 SPRINGLEAF FINANCE CORP IN 5.02 09/24/12 SYNERGY RESOURCES CORP CO 3.02,5.02 09/24/12 TAKE TWO INTERACTIVE SOFTWARE INC DE 5.02,5.03,5.07,9.01 09/20/12 TESORO CORP /NEW/ DE 8.01,9.01 09/24/12 TEXAS INSTRUMENTS INC DE 8.01,9.01 09/20/12 TIVO INC DE 1.01,7.01,9.01 09/21/12 TORCHMARK CORP DE 1.01,2.03,8.01,9.01 09/24/12 TREDEGAR CORP VA 1.01,8.01,9.01 09/18/12 TRUSTMARK CORP MS 8.01,9.01 09/24/12 TUESDAY MORNING CORP/DE DE 5.02 09/19/12 UNITED COMMUNITY FINANCIAL CORP OH 1.01,2.06,9.01 09/19/12 US ENERGY CORP WY 7.01,9.01 09/21/12 VALUECLICK INC/CA DE 8.01,9.01 09/20/12 VERSANT CORP CA 1.01,2.03 09/21/12 VIAD CORP DE 7.01,9.01 09/24/12 VICON INDUSTRIES INC /NY/ NY 8.01,9.01 09/24/12 VISUALANT INC NV 5.02,9.01 09/20/12 VLOV INC. NV 5.03,8.01,9.01 09/24/12 WAGEWORKS, INC. DE 1.01,2.03,9.01 09/20/12 WELLCARE HEALTH PLANS, INC. DE 1.01,9.01 09/19/12 WELLS CORE OFFICE INCOME REIT INC 1.01,8.01 09/19/12 WILEY JOHN & SONS, INC. NY 5.07 09/24/12 WOLVERINE WORLD WIDE INC /DE/ MI 7.01,8.01,9.01 09/24/12 Xun Energy, Inc. NV 7.01,8.01,9.01 09/19/12