-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CTBr1g/X1WB+fgoyMCjDrgx2ey6NGsp16T3AmjIF+JikhXqgaePWvpyRdwhwc2Dm ys15NHzSApGGdopgCGsKdg== 0001144204-05-024305.txt : 20050809 0001144204-05-024305.hdr.sgml : 20050809 20050809163906 ACCESSION NUMBER: 0001144204-05-024305 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050804 ITEM INFORMATION: Other Events FILED AS OF DATE: 20050809 DATE AS OF CHANGE: 20050809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AB WATLEY GROUP INC CENTRAL INDEX KEY: 0001035632 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 133911867 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14897 FILM NUMBER: 051010463 BUSINESS ADDRESS: STREET 1: 40 WALL STREET CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 2127537500 MAIL ADDRESS: STREET 1: 40 WALL STREET CITY: NEW YORK STATE: NY ZIP: 10005 FORMER COMPANY: FORMER CONFORMED NAME: WATLEY A B GROUP INC DATE OF NAME CHANGE: 20000215 FORMER COMPANY: FORMER CONFORMED NAME: INTERNET FINANCIAL SERVICES INC DATE OF NAME CHANGE: 19990120 8-K 1 v023275_8-k.htm
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
FORM 8-K
CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

August 4, 2005
Date of Report (Date of earliest event reported)

A.B. WATLEY GROUP INC.
(Exact name of registrant as specified in its charter)

Delaware
1-14897
13-3911867
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)

50 Broad Street, Suite 1411
New York, New York 10004
(Address of principal executive offices, including zip code)
 
(646) 292-2960
(Registrant's telephone number, including area code)

90 Park Avenue, New York, New York 10016
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
 
 
 
On August 4, 2005, A.B. Watley Group Inc. (the “Company”) and A.B. Watley Inc. (“ABWI”), a former operating subsidiary of the Company, received a “Wells Letter” from the staff of the Securities and Exchange Commission (“SEC”). The Wells Letter stated that the staff of the SEC is considering recommending that the SEC authorize the institution of civil actions against the Company and ABWI. The civil actions which may be brought against ABWI would be based on alleged violations of Section 17(a) of the Securities Act of 1933, as amended (“Securities Act”); Section 10(b) of the Securities Exchange Act of 1934, as amended (“Exchange Act”); Rule 10(b)(5) of the Exchange Act; Section 15(c) of the Exchange Act; Rule 10(b)(3) of the Exchange Act; and Section 15(f) of the Exchange Act. The civil actions which may be brought against the Company would be based on alleged violations of Section 17(a) of the Securities Act; Section 10(b) of the Exchange Act; Rule 10(b)(5) of the Exchange Act; Section 13(a) of the Exchange Act and Rule 12b-20, 13a-1, and 13a-13 thereunder; and as a control person pursuant to Section 20(a) of the Exchange Act for violations by ABWI as set forth above. In connection with the civil actions under consideration, the staff may recommend that the SEC seek permanent injunctive relief, disgorgement and pre-judgment interest thereon, and civil penalties among other remedies. Under the Wells procedure, the Company and ABWI have an opportunity to respond to the SEC before any actions are brought against them. The Company and ABWI intend to respond promptly and in all events no later than the August 19, 2005 response deadline. The Company will seek a resolution of this matter although there can be no assurance given that such resolution can or will be reached or that the ultimate impact on the Company will not be material.
 
 
 
 
 
 
 
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
     
 
A.B. WATLEY GROUP INC.
 
 		  
 		  
 
Date:  August 8, 2005 By:   /s/ Robert Malin
 
 
Name:  Robert Malin
Title:    President
 
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