Securities and Exchange Commission Suspends Trading in the Securities of Fineline Holdings, Inc. for Failure to Make Required Periodic Filings
The U.S. Securities and Exchange Commission announced the temporary suspension of trading in the securities of Fineline Holdings, Inc. (FNLH), commencing at 9:30 a.m. EDT on July 13, 2010, and terminating at 11:59 p.m. EDT on July 26, 2010.
The Commission temporarily suspended trading in the securities of FNLH 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. 34-62483)
Commission Orders Hearings on Registration Suspension or Revocation Against FNLH 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 FNLH for failure to make required periodic filings with the Commission:
In the Matter of Fineline Holdings, Inc., Administrative Proceeding File No. 3-13963
In this Order, the Division of Enforcement (Division) alleges that Fineline Holdings, Inc. 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 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 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. 34-62484; File No. 3-13963)
In the Matter of Matthew C. Gless
On July 13, 2010, the Commission issued an order of forthwith suspension of Matthew C. Gless (Gless) pursuant to Rule 102(e)(2) of the Commission's Rules of Practice. The Commission suspended Gless based upon an amended judgment of conviction entered against him in United States v. Matthew C. Gless, No. 03CR1090-W, in the United States District Court for the Southern District of California, finding him guilty of one count of conspiracy and one count of securities fraud in connection with a fraud that took place at Peregrine Systems, Inc. (Rel. 34-62486; AAE Rel. 3152; File No. 3-13964)
Immediate Effectiveness of Proposed Rule Changes
Proposed rule changes filed by New York Stock Exchange and NYSE Amex to provide for certain technical procedures with respect to comparison of executed transactions has become effective pursuant to Section 19(b)(3)(A)(iii) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of July 12. (Rel. 34-62477)
Approval of Proposed Rule Change
The Commission approved a proposed rule change (SR-FINRA-2010-024) submitted under Rule 19b-4 of the Securities Exchange Act of 1934 filed by Financial Industry Regulatory Authority to adopt FINRA Rule 4210 (Margin Requirements), FINRA Rule 4220 (Daily Record of Required Margin), and FINRA Rule 4230 (Required Submissions for Requests for Extensions of Time under Regulation T and SEC Rule 15c3-3) in the Consolidated FINRA Rulebook. Publication is expected in the Federal Register during the week of July 12. (Rel. 34-62482)
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