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COMMISSION ANNOUNCEMENTSJames L. Kroeker Named Chief Accountant at SECOn August 25, Securities and Exchange Commission Chairman Mary Schapiro announced the appointment of James L. Kroeker as the Chief Accountant in the SEC's Office of Chief Accountant. In this capacity, Mr. Kroeker will oversee accounting interpretations, professional practice issues, and international accounting matters. Mr. Kroeker replaces Conrad W. Hewitt, who retired from government service in January 2009. Mr. Kroeker has served as Acting Chief Accountant since January 2009 and guided the day-to-day operations of the SEC's Office of the Chief Accountant during the recent economic crisis. He served as staff director of the SEC's Congressionally-mandated study of fair value accounting standards, and has led the efforts of the Office of the Chief Accountant to address the current economic turmoil, including steps to improve off-balance sheet accounting standards. "I'm pleased that Jim has agreed to serve in this critical role as we continue our efforts to improve our financial reporting system," said Chairman Schapiro. "Investors will benefit from Jim's sound judgment and dedication to making financial information more transparent and understandable. He will play an instrumental role as we consider various ways to improve financial reporting to investors." Mr. Kroeker said, "The financial crisis has highlighted once again the importance of transparent and high-quality financial reporting to investors. I am honored by the opportunity to continue working with Chairman Schapiro, the other Commissioners and the outstanding staff of the Office of the Chief Accountant as we continue our efforts to protect the investing public." Mr. Kroeker joined the SEC as Deputy Chief Accountant in February 2007 from Deloitte and Touche LLP, where he had been a partner in the firm's National Office Accounting Services Group. At Deloitte, he was responsible for providing consultation and support regarding the implementation, application, communication and development of accounting standards, including disclosure and reporting matters. Mr. Kroeker also served as a Practice Fellow at the Financial Accounting Standards Board, where he assisted in the development of accounting guidance related to evolving accounting issues. Prior to joining Deloitte's national office, Mr. Kroeker was responsible for the audits of financial statements of several large national and multinational public companies and consulted with clients on technical accounting issues, coordinated the firm's work related to clients' mergers and acquisitions, and conducted special projects for the firm. Mr. Kroeker received a Bachelor of Science degree with an emphasis in accounting from the University of Nebraska. (Press Rel. 2009-187) ENFORCEMENT PROCEEDINGSIn the Matter of Harvard Scientific Corp., et al.On August 25, an Administrative Law Judge issued an Order Making Findings and Revoking Registrations by Default in Harvard Scientific Corp., Administrative Proceeding No. 3-13545. The Order Instituting Proceedings alleged that seven Respondents failed repeatedly to file required annual and quarterly reports while their securities were registered with the Securities and Exchange Commission. The Default Order finds these allegations to be true and revokes the registrations of each class of registered securities of Harvard Scientific Corp., Hathaway Corp., Healthcare Software, Inc., Heartland Technology, Inc., Hedman Resources, Ltd., Hemdale Communications, Inc., and Hemokinetics, Inc., pursuant to Section 12(j) of the Securities Exchange Act of 1934. (Rel. 34-60564; File No. 3-13545) Securities and Exchange Commission Orders Hearing on Registration Revocation or Suspension Against Six Public Companies for Failure to Make Required Periodic FilingsOn August 25, the Commission instituted public administrative proceedings to determine whether to revoke or suspend for a period not exceeding twelve months the registration of each class of the securities of six companies for failure to make required periodic filings with the Commission: In the Matter of Pacific International Enterprises, Inc., et al., Administrative Proceeding File No. 3-13598
In this Order, the Division of Enforcement alleges that the six issuers are delinquent in their required periodic filings with the Commission. In this proceeding, instituted pursuant to Exchange Act Section 12(j), a hearing will be scheduled before an Administrative Law Judge. At the hearing, the judge will hear evidence from the Division and the Respondents to determine whether the allegations of the Division contained in the Order, which the Division alleges constitute failures to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 thereunder, are true. The judge in the proceeding will then determine whether the registrations pursuant to Exchange Act Section 12 of each class of the securities of these Respondents should be revoked or suspended for a period not exceeding twelve months. The Commission ordered that the Administrative Law Judge in this proceeding issue an initial decision not later than 120 days from the date of service of the order instituting proceedings. (Rel. 34-60565; File No. 3-13598) In the Matter of Howard I. Smith, CPAOn August 25, the Securities and Exchange Commission issued an Order Instituting Administrative Proceedings Pursuant to Rule 102(e)(3)(i) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions against Howard I. Smith based on a Final Consent Judgment as to Defendant Howard I. Smith entered against him, on consent, in Securities and Exchange Commission v. Maurice R. Greenberg, et al, No. 09 Civ. 6939 (LAP) on August 7, 2009. The Order suspends Smith from appearing or practicing before the Commission as an accountant, with the right to reapply after five years. The civil complaint against Smith, former American International Group Vice Chairman and CFO and former Chairman and CEO Maurice "Hank" Greenberg charged them with for their involvement in numerous improper accounting transactions that inflated AIG's reported financial results between 2000 and 2005. The Judgment entered against Smith enjoined him from violating Section 17(a) of the Securities Act of 1933, and Sections 10(b) and 13(b)(5) of the Exchange Act and Rules 10b-5, 13a-14, 13b2-1, and 13b2-2, and from controlling any person who violates Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-1, and 13a-13, directing him to pay a penalty of $750,000 and disgorgement of $750,000, and prohibiting him from acting as an officer or director of any public company for three years. (Rels. 34-60566, AAE-3037; File No. 3-13599) SELF-REGULATORY ORGANIZATIONSApproval of Proposed Rule ChangesThe Commission approved a proposed rule change, as modified by Amendment No. 1 thereto, (SR-ISE-2009-27) submitted under Rule 19b-4 of the Securities Exchange Act of 1934 by International Securities Exchange to adopt rules implementing the Options Order Protection and Locked/Crossed Market Plan. Publication is expected in the Federal Register during the week of August 25. (Rel. 34-60559) The Commission approved a proposed rule change filed by Financial Industry Regulatory Authority, (SR-FINRA-2009-045), under Section 19(b)(2) of the Securities Exchange Act of 1934, relating to transaction-related charges for trade reporting to the OTC Reporting Facility. Publication is expected in the Federal Register during the week of August 25. (Rel. 34-60560) Immediate Effectiveness of Proposed Rule ChangesA proposed rule change filed by NASDAQ OMX PHLX to eliminate late charges and provide for suspension or termination for failure to pay dues, fees, or assessments owed (SR-Phlx-2009-70) 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 August 25. (Rel. 34-60547) A proposed rule change (SR-NYSEArca-2009-75) filed by the NYSE Arca, amending the permissible expiration dates for Flexible Exchange Options has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of August 25. (Rel. 34-60549) A proposed rule change filed by NYSE Amex (SR-NYSEAmex-2009-56) to adopt a new fee for annual regulatory training 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 August 25. (Rel. 34-60561) A proposed rule change filed by New York Stock Exchange extending until August 31, 2009, the operation of Interim NYSE Rule 128 which permits the Exchange to cancel or adjust clearly erroneous executions if they arise out of the use or operation of any quotation, execution or communication system owned or operated by the Exchange, including those executions that occur in the event of a system disruption or system malfunction, (SR-NYSE-2009-87) 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 August 25. (Rel. 34-60563) Accelerated Approval of Proposed Rule ChangesThe Commission approved a proposed rule change (SR-Phlx-2009-61) submitted under Rule 19b-4 of the Securities Exchange Act of 1934 by NASDAQ OMX PHLX to adopt rules implementing the Options Order Protection and Locked/Crossed Market Plan. Publication is expected in the Federal Register during the week of August 25. (Rel. 34-60550) Proposed Rule ChangesThe Commission issued notice of a proposed rule change submitted by NYSE Arca, (SR-NYSEArca-2009-74) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 relating to listing four Grail Advisors RP Exchange-Traded Funds. Publication is expected in the Federal Register during the week of August 25. (Rel. 34-60552) JOINT INDUSTRY PLANSOrder Approving Amendment No. 3 to the Plan for the Purpose of Developing and Implementing Procedures Designed to Facilitate the Listing and Trading of Standardized OptionsThe Commission approved an amendment to the Plan for the Purpose of Developing and Implementing Procedures Designed to Facilitate the Listing and Trading of Standardized Options (File No. 4-443), pursuant to Rule 608 under the Securities Exchange Act of 1934, applying uniform objective standards to the range of options series exercise (or strike) prices available for trading on the exchanges. Publication is expected in the Federal Register during the week of August 25. (Rel. 34-60531) SECURITIES ACT REGISTRATIONSRECENT 8K FILINGS
http://www.sec.gov/news/digest/2009/dig082509.htm
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