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U.S. Securities and Exchange Commission

SEC News Digest

Issue 2010-100
June 1, 2010

COMMISSION ANNOUNCEMENTS

Securities and Exchange Commission Suspends Trading in the Securities of Sintec Co. Ltd. for Failure to Make Required Periodic Filings

The U.S. Securities and Exchange Commission announced the temporary suspension of trading in the securities of Sintec Co. Ltd. (SINJF), commencing at 9:30 a.m. EDT on June 1, 2010, and terminating at 11:59 p.m. EDT on June 14, 2010.

The Commission temporarily suspended trading in the securities of SINJF due to a lack of current and accurate information about the company because it has not filed periodic reports with the Commission in over two years. This order was entered pursuant to Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act).

The Commission cautions brokers, dealers, shareholders and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by this company.

Brokers and dealers should be alert to the fact that, pursuant to Exchange Act Rule 15c2-11, at the termination of the trading suspension, no quotation may be entered relating to the securities of the subject company unless and until the broker or dealer has strictly complied with all of the provisions of the rule. If any broker or dealer is uncertain as to what is required by the rule, it should refrain from entering quotations relating to the securities of this company that have been subject to a trading suspension until such time as it has familiarized itself with the rule and is certain that all of its provisions have been met. Any broker or dealer with questions regarding the rule should contact the staff of the Securities and Exchange Commission in Washington, DC at (202) 551-5720. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action.

If any broker, dealer or other person has any information which may relate to this matter, they should immediately communicate it to the Delinquent Filings Branch of the Division of Enforcement at (202) 551-5466, or by e-mail at DelinquentFilings@sec.gov. (Rel. 34-62197)


Commission Meetings

Closed Meeting - Tuesday, June 8, 2010 - 2:00 p.m.

The subject matter of the Closed Meeting scheduled for Tuesday, June 8, 2010, will be: institution and settlement of injunctive actions; institution and settlement of administrative proceedings; an adjudicatory matter; 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.


ENFORCEMENT PROCEEDINGS

Don Warner Reinhard Sanctioned

Don Warner Reinhard (Reinhard), formerly of Florida, has been barred from association with any broker or dealer or investment adviser. The sanctions were ordered in an administrative proceeding before an administrative law judge, following a court-ordered injunction against him. Reinhard was enjoined from violating the antifraud provisions of the federal securities laws in October 2008. Additionally, he was convicted in October 2009 of violations of the federal banking, bankruptcy, and tax laws and is currently serving a fifty-one month sentence of imprisonment. (Initial Decision No. 396; File No. 3-13280)


Commission Orders Hearings on Registration Suspension or Revocation Against SINJF for Failure to Make Required Periodic Filings

In conjunction with today's trading suspension, the Commission also 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 SINJF for failure to make required periodic filings with the Commission.

In this Order, the Division of Enforcement (Division) alleges that Sintec Co. Ltd. is delinquent in its 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 Respondent 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-16 thereunder, are true. The judge in the proceeding will then determine whether the registration pursuant to Exchange Act Section 12 of each class of the securities of this Respondent 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. 34-62198; File No. 3-13916)


Former Monster Worldwide Officer Consents to Injunctions and Pays More Than $209,000 in Options Backdating Case

The United States Securities and Exchange Commission announced that on May 28, 2010, the U.S. District Court for the Southern District of New York entered a Final Judgment by consent in a previously-filed enforcement action against Anthony Bonica (Bonica), a certified public accountant who formerly served as the controller of Monster Worldwide, Inc. (Monster). The judgment was entered in connection with a civil injunctive action filed April 30, 2008 by the Commission against Bonica and James J. Treacy, the former president and chief operating officer of Monster. The Final Judgment enjoined Bonica from direct and indirect violations of the federal securities laws and ordered him to pay a total of $209,537.60 in disgorgement of ill-gotten gains, interest and penalties.

The Commission's complaint alleged, among other things, that Bonica participated in a fraudulent stock option backdating scheme; that Bonica's fraudulent conduct caused Monster's periodic filings and proxy statements to falsely portray Monster's options as having been granted at exercise prices equal to the fair market value of Monster's common stock on the date of the grant, when, in fact, Monster was granting in-the-money options; and that Bonica understood the accounting consequences of granting in-the-money options but did nothing to ensure that Monster properly accounted for these options in its financial statements. The complaint alleged that Bonica's conduct caused Monster to file materially false and misleading public reports that contained financial statements that materially understated Monster's compensation expenses and materially overstated its quarterly and annual net income. On Dec. 13, 2006, Monster restated its historical financial results for 1997-2005 in a cumulative pre-tax amount of approximately $339.5 million to record additional non-cash charges for option related compensation. The complaint further alleged that Bonica benefited from the scheme, including the receipt and exercise of backdated grants of in-the-money options.

Without admitting or denying the Commission's allegations, Bonica consented to the entry of the Final Judgment, which permanently enjoined him from violating Section 17(a) of the Securities Act [15 U.S.C. 77q(a)], Sections 10(b) and 13(b)(5) of the Exchange Act [15 U.S.C. 78j(b) and 78m(b)(5)] and Rules 10b-5 and 13b2-1 [17 C.F.R. 240.10b-5 and 240.13b2-1] thereunder, and from aiding and abetting violations of Sections 13(a), 13(b)(2)(A) and 14(a) of the Exchange Act [15 U.S.C. 78m(a), 78m(b)(2)(A) and 78n(a)], and Rules 12b-20, 13a-1, 13a-11, 13a-13 and 14a-9 [17 C.F.R. 240.12b-20, 240.13a-1, 240.13a-11, and 240.13a-13 and 240.14a-9] thereunder. Bonica also consented to pay $115,736.71 in disgorgement of ill-gotten gains, $33,800.89 in prejudgment interest and a penalty of $60,000.

In separate administrative proceedings to be instituted, Bonica also has consented to the entry of an order suspending him from appearing or practicing before the Commission as an accountant, with a right to request that the Commission consider his reinstatement after three years. [SEC v. Anthony Bonica, S.D.N.Y. Civ. 08 CV 4052 (RJS)] (LR-21542)


INVESTMENT COMPANY ACT RELEASES

Harris & Harris Group, Inc.

A certification has been issued pursuant to Section 851(e) of the Internal Revenue Code of 1986, as amended, that Harris & Harris Group, Inc. was, for the fiscal year ended Dec. 31, 2009, principally engaged in the furnishing of capital to other corporations which are principally engaged in the development or exploitation of inventions, technological improvements, new processes or products not previously generally available. (Rel. IC-29289 - May 28)


SECURITIES ACT REGISTRATIONS


RECENT 8K FILINGS

 

http://www.sec.gov/news/digest/2010/dig060110.htm


Modified: 06/01/2010