Closed Meeting - Thursday, April 30, 2009 - 2:00 p.m.
The subject matter of the Closed Meeting scheduled for Thursday, April 30, will be: institution and settlement of injunctive actions; institution and settlement of administrative proceedings of an enforcement nature; and other matters relating to enforcement proceedings.
At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 551-5400.
SEC to Hold Roundtable on May 5 to Examine Short Sale Price Test and Circuit Breaker Restrictions
The Securities and Exchange Commission will hold a roundtable on May 5 beginning at 10 a.m. ET to further discuss whether short sale price test restrictions or short sale circuit breakers should be adopted.
The Commission voted unanimously on April 8 to propose two approaches to restrictions on short selling. If adopted, the price test approach would apply on a permanent market-wide basis, and the circuit breaker approach would apply to a particular security during severe market declines in the price of that security.
"This roundtable will help ensure that any policy decisions going forward in the area of short selling regulation are the product of a highly deliberate review process," said SEC Chairman Mary L. Schapiro.
Roundtable participants will include leaders from self-regulatory organizations, trading venues, the financial services industry, investment firms, and the academic community. The final agenda and list of panelists will be announced at a later date.
The roundtable will be held in the auditorium at the SEC's headquarters at 100 F Street, N.E., in Washington, D.C. The roundtable will be open to the public with seating on a first-come, first-served basis. The roundtable also will be webcast on the SEC Web site.
For additional information about the roundtable, contact the SEC's Division of Trading and Markets at (202) 551-5720. Preliminary Agenda for Short Sale Restrictions Roundtable (Press Rel. 2009-88)
Bryan E. Palbaum, CPA, Reinstated to Appear and Practice before the Commission as an Accountant
Pursuant to Rule 102(e)(5)(i) of the Commission's Rules of Practice, Bryan E. Palbaum, CPA, has applied for and been granted reinstatement of his privilege to appear and practice before the Commission as an accountant. Mr. Palbaum was denied the privilege of appearing or practicing before the Commission on Oct. 20, 2004. His reinstatement is effective immediately. (Rel. 34-59817; AAE Rel. 2966; File No. 3-11714)
Delinquent Filers' Stock Registrations Revoked
The registrations of the stock of Yes! Entertainment Corp. and Yifan Communications, Inc. have been revoked. Each had repeatedly failed to file required annual and quarterly reports with the Securities and Exchange Commission. Thus, each violated a crucial provision of the federal securities laws that requires public corporations to publicly disclose current, accurate financial information so that investors may make informed decisions. The revocations were ordered in an administrative proceeding before an administrative law judge. (Rel. 34-59820; File No. 3-13428)
SEC Sues Promoters of High Yield Investment Programs for Fraud and Seeks Disgorgement of Investor Funds
On April 22, the Securities and Exchange Commission filed securities fraud charges against four individuals for a high-yield investment, or prime bank, scheme against four individuals for defrauding investors of $14.7 million in two unrelated transactions.
The SEC's complaint, filed in U.S. District Court in Los Angeles, California, charges David Praise, Noel Kamanga Mwangi, and Martin A. Burke with securities fraud. Attorney William F. Dippolito is charged with aiding and abetting the fraud conducted by Praise, Mwangi, and Burke.
In both transactions the investors were told that their funds would be safe and that they would receive extremely high returns. The investors believed they were investing in a "trading program" based on certain types of exotic bank instruments. No trading programs were ever initiated. Instead, the funds were wired out the day after they were deposited to Praise, Mwangi, and others who had nothing to do with the proposed investments.
The Commission also names in its complaint a number of companies and individuals as relief defendants because they received investor funds. [SEC v David Praise, et al., United States District Court for the Central District of California, Civil Action No. 09-2802 SJO (PLAX)] (LR-21011)
INVESTMENT COMPANY ACT RELEASES
Orders of Deregistration Under the Investment Company Act
Orders have been issued under Section 8(f) of the Investment Company Act declaring that each of the following has ceased to be an investment company:
[Rel. No. IC-28707]
SECURITIES ACT REGISTRATIONS
RECENT 8K FILINGS