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SEC Institutes Administrative Proceedings against Two Transfer Agents for Violations of Transfer Agent Rules and Regulations

Dec. 27, 2022


File No. 3-21263; 3-21264

December 27, 2022 – The Securities and Exchange Commission today instituted separate administrative proceedings against the Peter Joseph Polinski Trust (the “Polinski Trust”) and Onwuka Afame (the “Afame Trust,” collectively the “Transfer Agents”), alleging willful violations of multiple transfer agent rules and regulations.   

The Commission alleges that the Afame Trust failed to permit the examination of its books and records by Commission staff, failed to furnish upon request the records that it was statutorily required to make and keep, failed to file an annual report for the period ending December 31, 2021, and failed to amend its registration form.  The Commission alleges that the Polinski Trust had a deficient initial registration form, failed to file any required annual reports, and failed to amend its registration form.  According to the orders, the Transfer Agents also violated the prohibition against transfer agents engaging in any activity as a transfer agent in contravention of certain rules and regulations.

The orders charge that the Transfer Agents willfully violated Sections 17A(c)(2) and 17A(d)(1) of the Securities Exchange Act of 1934 (“Exchange Act”), and Rules 17Ac2-1(c) and 17Ac2-2 thereunder; that the Polinski Trust willfully violated Rule 17Ac2-1(a) under the Exchange Act; and that the Afame Trust willfully violated Sections 17(a)(1) and 17(b)(1) of the Exchange Act. 

The investigation was conducted by Senior Advisor Andrew Sporkin in the Division of Enforcement’s Retail Strategy Task Force (“RSTF”), with assistance from Mika M. Donlon. It was supervised by Chief of the RSTF and Assistant Regional Director, Hane L. Kim, and Associate Regional Director of the New York Regional Office, Sheldon L. Pollock. The administrative proceedings will be litigated by Assistant Chief Litigation Counsel, Gregory N. Miller. Examinations of the transfer agents were conducted by Kenneth Liebl, Glen Riddle, Paul Pocress, and Steven Vitulano of the New York Regional Office, Broker-Dealer and Exchange Examination Program.

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