On September 27, 2021, the Securities and Exchange Commission charged Michael James Ferguson Jr. Foreign Private Trust (Ferguson Trust) and its Chief Executive Officer Noble Mikhail Jabal Mohommet Firdaus El with violating statutory and regulatory obligations that apply to transfer agents-entities that perform shareholder administration functions for corporations that issue securities-under the Securities Exchange Act of 1934.

According the SEC's complaint, filed in the United States District Court for the Southern District of New York, Ferguson Trust registered with the SEC in June 2019, but subsequently has failed to file required annual reports or amend its registration form to update inaccurate information. Ferguson Trust allegedly also failed to provide the SEC's Division of Examinations and the Division of Enforcement with a single record relating to its transfer agent activities and permit Commission staff to inspect its books and records. The SEC's complaint further alleges that Firdaus El signed each of Ferguson Trust's filings in question and, despite being repeatedly informed of the trust's legal obligations by the Division of Examinations and the Division of Enforcement, chose not to have Ferguson Trust comply with such legal obligations.

The SEC's complaint charges Ferguson Trust with violating, and Firdaus El with aiding and abetting Ferguson Trust's violations of, Sections 17(a)(1), 17(a)(3), 17(b)(1), 17A(c)(2), and 17A(d)(1) of the Exchange Act and Rules 17Ac2-1 and 17Ac2-2 promulgated thereunder. The SEC seeks permanent injunctive relief and civil monetary penalties against both defendants.

The SEC's investigation was conducted by Theresa Gue and Sheldon L. Pollock of the SEC's New York Regional Office. The SEC's litigation will be conducted by Ms. Gue and Preethi Krishnamurthy. The case is being supervised by Sanjay Wadhwa. The SEC's examination that led to the investigation was conducted by Steven Vitulano, Kenneth Liebl, Donna Gallagher, and David Jaffe.