SEC Charges Bay Area Investment Adviser For Defrauding Clients and Falsifying Documents During SEC Exam
The Securities and Exchange Commission today charged a San Francisco-area investment adviser with fraud for lying to clients about how brokerage commission rebates were being used and producing phony documents to cover up the fraud during an SEC examination.
The SEC alleges that Kurt Hovan misappropriated more than $178,000 in “soft dollars” that he falsely claimed to be using to pay for legitimate investment research on his clients’ behalf. In reality, Hovan was secretly funneling the money for such undisclosed uses as office rent, computer hardware, and his brother’s salary. When SEC examination staff asked Hovan to provide documentation to back up his claims, he created phony research reports.
The SEC also charged his wife Lisa Hovan and his brother Edward Hovan for their roles in the fraudulent scheme at Hovan Capital Management (HCM).
“The SEC’s ability to review the records of investment professionals is a cornerstone of our investor protection mission,” said Marc Fagel, Director of the SEC’s San Francisco Regional Office. “We take a particularly dim view of those who compound their fraud on investors by providing false information to our examiners.”
Soft dollars are credits or rebates from brokerage firms on commissions paid by clients for trades executed in the client accounts of an investment adviser. If appropriately disclosed, an investment adviser may retain the soft dollar credits to pay for a limited category of brokerage and research services that benefit clients.
According to the SEC’s complaint filed in federal court in San Francisco, Kurt and Lisa Hovan falsely disclosed to clients that HCM would use soft dollars only for certain research services. Instead, they used $166,667 in soft dollars to pay Edward Hovan’s salary over a 10-month period in 2008 and 2009. To cover up these payments, the three Hovans created a shell company – “Bolton Research” – secretly controlled by Edward Hovan. Through this company, the Hovans invoiced HCM’s brokerage firms for research services that had never been rendered. Once Edward Hovan received the payments, he kicked back approximately 40 percent ($65,000) to Kurt and Lisa Hovan to pay the office rent. The SEC further alleges that Kurt and Lisa Hovan instructed a research provider paid with soft dollars to pad its invoices by $12,000 and kick back this amount to help HCM pay for a new computer server.
During a January 2010 examination of HCM, the SEC staff asked HCM to provide copies of the research reports prepared by Bolton Research in exchange for the soft dollar payments. In response, Kurt Hovan quickly drafted numerous research reports and doctored materials to make them appear as if they had been prepared by Bolton. Hovan provided these phony documents to SEC examiners.
The SEC’s complaint charges Kurt Hovan, Lisa Hovan, Edward Hovan, and HCM with violating the antifraud provisions of the federal securities laws, and asserts additional recordkeeping violations against Kurt Hovan and HCM. The complaint seeks injunctive relief, disgorgement with prejudgment interest, and financial penalties.
The SEC’s case was investigated by Karen Kreuzkamp and Robert S. Leach of the San Francisco Regional Office. The examination of HCM was conducted by Karah To, Tracey A. Bonner, and Ada C. Chee of the San Francisco Regional Office’s investment adviser/investment company examination program.
The U.S. Attorney’s Office for the Northern District of California today filed criminal charges against Kurt Hovan. The Commission would like to thank the U.S. Attorney’s Office for the Northern District of California and the Federal Bureau of Investigation for their assistance in this matter.
For more information about this enforcement action, contact: Michael S. Dicke, Associate Director (Enforcement), SEC San Francisco Regional Office, (415) 705-2458 or Robert S. Leach, Assistant Director (Enforcement), SEC San Francisco Regional Office, (415) 705-2353. (Press Rel. 2011-193)
Securities and Exchange Commission Orders Hearing on Registration Suspension or Revocation Against Four Public Companies For Failure to Make Required Periodic Filings
On September 27, 2011, the Commission instituted public administrative proceedings to determine whether to revoke or suspend for a period not exceeding twelve months the registrations of each class of the securities of four companies for failure to make required periodic filings with the Commission:
In this Order, the Division of Enforcement (Division) alleges that the four 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 Administrative Law 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 or 13a-16 thereunder, are true. The Administrative Law 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. 34-65412; File No. 3-14568)
Securities and Exchange Commission Orders Hearing on Registration Suspension or Revocation Against Five Public Companies For Failure to Make Required Periodic Filings
On September 27, 2011, the Commission instituted public administrative proceedings to determine whether to revoke or suspend for a period not exceeding twelve months the registrations of each class of the securities of five companies for failure to make required periodic filings with the Commission:
In this Order, the Division of Enforcement (Division) alleges that the five 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 Administrative Law 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 or 13a-16 thereunder, are true. The Administrative Law 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. 34-65413; File No. 3-14569)
Delinquent Filers’ Stock Registrations Revoked
The registrations of the registered securities of Matthews Studio Equipment Group, Meridian Point Realty Trust 83, More Cash for Life (Worldwide) Ltd., New York Networks, Inc. (f/k/a Caliper Acquisition Corporation), Nomatterware, Inc., Normark Ventures Corp., and Novaheadinc 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. 34-65414; File No. 3-14521) Default Order
Commission Revokes Registration of Securities of Goran Capital Inc. For Failure to Make Required Periodic Filings
On September 28, 2011, the Commission revoked the registration of each class of registered securities of Goran Capital Inc. (GNCN) for failure to make required periodic filings with the Commission.
Without admitting or denying the findings in the Order, except as to jurisdiction, which it admitted, GNCN consented to the entry of an Order Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934 as to Goran Capital Inc. finding that it had failed to comply with Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Rules 13a-1 and 13a-13 thereunder and revoking the registration of each class of GNCN’s securities pursuant to Section 12(j) of the Exchange Act. This Order settled the charges brought against GNCN in In the Matter of Consolidated Energy, Inc., et al., Administrative Proceeding File No. 3-14507.
Brokers and dealers should be alert to the fact that Exchange Act Section 12(j) provides, in pertinent part, as follows:
For further information see Order Instituting Administrative Proceedings and Notice of Hearing Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Consolidated Energy, Inc., et al., Administrative Proceeding File No. 3-14507, Exchange Act Release No. 65154 (August 18, 2011). (Rel. 34-65415; File No. 3-14507)
In the Matter of Michael L. Rothenberg
On September 28, 2011, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Rule 102(e) of the Commission’s Rules of Practice, Making Findings, and Imposing Remedial Sanctions (Order) against Michael L. Rothenberg (Rothenberg). The Order finds that Rothenberg is and had been an attorney licensed to practice in Georgia and New York. On July 1, 2011, a judgment was entered by consent against Rothenberg, permanently enjoining him from future violations of Section 17(a) of the Securities Act of 1933 [15 U.S.C. § 77 q(a)] and Section 10(b) of the Securities Exchange Act of 1934 [15 U.S.C. § 78j(b)] and Rule 10b-5 thereunder [17 C.F.R. § 240.10b-5], in the civil action entitled Securities and Exchange Commission v. Michael L. Rothenberg, et al., Civil Action Number 1:11-cv-01803, in the United States District Court for the Northern District of Georgia.
The Order finds that the Commission’s complaint alleged the following facts: Between at least February 2010 and March 2010, Rothenberg, through his co-defendant Four Five, LLC (Four Five), used misrepresentations and omissions of material fact to induce investors to participate in a secret and allegedly risk-free trading platform or trading facility. This trading platform or trading facility purportedly involved transactions among international banks that would generate substantial return on a recurring basis. Specifically, Rothenberg represented that the trading platform would produce returns in excess of 300% every fourteen days. Rothenberg and Four Five also represented to investors, both orally and in writing, that the majority of their funds would remain at all times in Rothenberg’s attorney trust account, and that all funds invested, along with the profits, would be returned to the investors at the conclusion of the trades. Rothenberg further represented to the investors that the investment was risk-free because their funds would remain in his attorney trust account. Contrary to Rothenberg’s representations, a risk-free trading process providing the returns promised by Rothenberg does not exist. Moreover, contrary to Rothenberg’s representations that investor funds would remain in his attorney trust account, Rothenberg began disbursing investor funds within days of receipt of those funds. Between March 2010 and October 2010, at least $210,000 in investor funds were transferred to a bank account designated for contributions to Rothenberg’s judicial election campaign. Rothenberg used another $190,000 of investor funds for personal expenses. Although Rothenberg ultimately returned approximately $910,000 to investors, he misappropriated at least $800,000 of investor funds.
Based on the above, the Order suspends Rothenberg from appearing or practicing before the Commission as an attorney. (Rel. 34-65416; File No. 3-14570)
In the Matter of Daryl Dworkin
On September 28, 2011, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 203(f) of the Investment Advisers Act of 1940, Making Findings and Imposing Remedial Sanctions (Order) against Daryl Dworkin, age 42 and a resident of Syosset, New York.
The Order finds that from September 2002 through March 2003 and from April 2004 through April 2008, Dworkin was an analyst at The NIR Group, LLC (NIR), an unregistered investment adviser. NIR was briefly registered with the Commission for several months in 2006 but chose to withdraw the firm’s registration. On July 7, 2010, Dworkin pled guilty to one count of conspiracy to commit securities fraud in violation of Title 15 United States Code, Section 78; one count of Securities Fraud in violation of Title 17 United States Code, Section 240.10b-5; and one count of conspiracy to Use Interstate Facilities with Intent to Promote Unlawful Activity in violation of Title 18, Section 1952 before the United States District Court for the Eastern District of New York, in United States v. Daryl Dworkin, Crim. Information No. 10-CR-515. The counts of the criminal information to which Dworkin pled guilty alleged, inter alia, that in or about and between 2007 and 2009, Dworkin, together with others, knowingly and willfully made materially false statements to one of NIR’s investors and between 2006 and 2008 Dworkin accepted kickbacks from two PIPE deal finders.
Based on the above, the Order bars Dworkin from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization. Dworkin consented to the issuance of the Order without admitting or denying any of the Commission’s findings, except he admits to the Commission’s jurisdiction over him and the subject matter of the proceedings and his guilty plea on July 7, 2010. (Rel. IA-3293; File No. 3-14571)
SEC Charges Long Island-Based Hedge Fund Manager With Fraud Involving PIPE Transactions
On September 28, 2011, the Securities and Exchange Commission charged a Long Island-based investment adviser with defrauding investors in hedge funds investing in PIPE transactions and misappropriating more than $1 million in client assets for his personal use.
The SEC alleges that Corey Ribotsky and his firm The NIR Group LLC repeatedly lied to investors to hide the truth that his PIPE investment and trading strategy was failing during the financial crisis. For example, Ribotsky falsely told investors that despite the adverse market conditions he could liquidate all of the PIPE investments in 36 to 48 months – a practical impossibility given the size of the investments. Meanwhile, Ribotsky misused investor money by writing checks to pay for personal services and such luxury items as a Lexus, Mercedes, and Rolex watch.
A “PIPE” transaction involves “private investment in public equity.” Microcap public companies often engage in PIPE transactions to raise capital. According to the SEC’s complaint filed in federal district court in Brooklyn, N.Y., NIR’s family of AJW Funds provided cash financing to distressed, emerging growth, and start-up microcap companies quoted on the Over-the-Counter Bulletin Board or the Pink Sheets. The AJW Funds were typically invested in 120 to 130 different companies at any given time.
The SEC alleges that beginning in July 2004, Ribotsky began siphoning assets from one of the AJW Funds he was managing through NIR. Ribotsky typically wrote checks to himself or to “cash” and then instructed NIR office employees to cash the checks at a nearby bank. They would then give Ribotsky the money. Although Ribotsky was warned by NIR’s head accountant that he could not lawfully take this money for himself, Ribotsky continued to do so anyway for the next five years.
According to the SEC’s complaint, NIR’s strategy of investing in distressed and start-up companies began to show signs of failure by mid-to-late 2007. Many of the distressed companies to which the AJW Funds had made loans were by then essentially defunct or on the verge of filing for bankruptcy. The SEC alleges that Ribotsky made false and misleading statements to investors while his hedge funds were struggling to create the illusion of success. For instance, an NIR employee prepared an investor chart accurately showing that NIR had invested a total of $31.4 million in 57 deals for the relevant period. When Ribotsky reviewed the chart, he told the employee that “investors can’t see this” and instructed him to “change the number to something near $60 million” before sending it to investors so they would falsely see an average investment of at least $1 million per deal. Ribotsky continued to make false and misleading statements to investors even after the AJW Funds’ outside auditor had calculated that it would take decades – if possible at all – to liquidate all of the AJW Funds’ PIPE investments under NIR’s stated investment and trading strategy.
The SEC further alleges that Ribotsky used money from one group of investors to pay another group of investors in 2007 without adequately disclosing this to any of the investors. Ribotsky’s misconduct also included his failure to conduct any meaningful due diligence before selling a third party $43.2 million of AJW Funds assets in November and December 2008 — a transaction that allowed Ribotsky to book a purported “realized” gain, at a critical time, without his funds actually receiving any money. NIR’s offering materials and investor communications touted that NIR engages in extensive due diligence reviews before making investment decisions on behalf of the AJW Funds. The third-party purchaser soon defaulted on his payment obligations and has never paid for any of the assets.
The SEC’s complaint charges Ribotsky and NIR with violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1), 206(2) and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder. The complaint seeks a final judgment permanently enjoining Ribotsky and NIR from future violations of the above provisions of the federal securities laws and ordering them to disgorge any ill-gotten gains plus prejudgment interest and pay monetary penalties. [SEC v. The NIR Group, LLC, et al., Civil Action No. 11-cv-4723 (EDNY)] (LR-22106)
Fifth Third Funds and Fifth Third Asset Management, Inc.
A notice has been issued giving interested persons until October 17, 2011, to request a hearing on an application filed by Fifth Third Funds and Fifth Third Asset Management, Inc. for an order under Section 12(d)(1)(J) of the Investment Company Act for an exemption from Sections 12(d)(1)(A) and (B) of the Act, under Sections 6(c) and 17(b) of the Act for an exemption from Sections 17(a)(1) and 17(a)(2) of the Act, and under Section 6(c) of the Act for an exemption from Rule 12d1-2(a) under the Act. The requested order would (a) permit certain registered open-end management investment companies that operate as “funds of funds” to acquire shares of other registered open-end management investment companies and unit investment trusts that are within and outside the same group of investment companies as the acquiring investment companies, and (b) permit funds of funds relying on Rule 12d1-2 under the Act to invest in certain financial instruments. (Rel. IC-29819 - September 22)
Approval of Proposed Rule Change
The Commission granted approval of a proposed rule change submitted by The NASDAQ Stock Market LLC (SR-NASDAQ-2011-105) pursuant to Section 19(b)(1) and Rule 19b-4 under the Securities Exchange Act of 1934 to establish an Acceptable Trade Range for quotes and orders entered on The NASDAQ Options Market. Publication is expected to in the Federal Register during the week of September 26. (Rel. 34-65405)
Immediate Effectiveness of Proposed Rule Changes
A proposed rule change filed by BATS Y-Exchange, Inc. (SR-BYX-2011-023) related to fees for use of BATS Y-Exchange, Inc. has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected to in the Federal Register during the week of September 26. (Rel. 34-65406)
A proposed rule change filed by BATS Exchange, Inc. (SR-BATS-2011-037) related to fees for use of BATS Exchange, Inc. has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected to in the Federal Register during the week of September 26. (Rel. 34-65407)
A proposed rule change by Financial Industry Regulatory Authority, Inc. (SR-FINRA-2011-049) relating to aggregation of activity of affiliated members for purposes of FINRA/Nasdaq TRF fees and credits has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected to in the Federal Register during the week of September 26. (Rel. 34-65408)
Designation of Longer Period For Commission Action on National Market System Plan to Address Extraordinary Market Volatility
The Commission has designated a longer period for Commission action under Section 11A of the Securities Exchange Act of 1934 and Rule 608 of Regulation NMS thereunder, on the proposed Plan to Address Extraordinary Market Volatility (File No. 4-631) filed by NYSE Euronext, on behalf of New York Stock Exchange LLC, NYSE Amex LLC, and NYSE Arca, Inc., and the following parties to the proposed National Market System Plan: BATS Exchange, Inc., BATS Y-Exchange, Inc., Chicago Board Options Exchange, Incorporated, Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., Financial Industry Regulatory Authority, Inc., NASDAQ OMX BX, Inc., NASDAQ OMX PHLX LLC, the Nasdaq Stock Market LLC, and National Stock Exchange, Inc. Publication is expected to in the Federal Register during the week of September 26. (Rel. 34-65410)
The following registration statements have been filed with the SEC under the Securities Act of 1933. The reported information appears as follows: Form, Name, Address and Phone Number (if available) of the issuer of the security; Title and the number and/or face amount of the securities being offered; Name of the managing underwriter or depositor (if applicable); File number and date filed; Assigned Branch; and a designation if the statement is a New Issue.
Registration statements may be viewed in person in the Commission's Public Reference Branch at 100 F Street, N.E., Washington, D.C. To obtain paper copies, please refer to information on the Commission's Web site at http://www.sec.gov/answers/publicdocs.htm. In most cases, you can view and download this information by using the search function located at http://www.sec.gov/edgar/searchedgar/companysearch.html.
S-8 CGI GROUP INC, 1130 SHERBROOKE ST WEST, 7TH FL, MONTREAL QUEBEC, A8, H3A 2M8, 5148413200 - 0 ($68,516,813.27) Equity, (File 333-177013 - Sep. 27) (BR. 08C) F-3 EUROSEAS LTD., 4 MESSOGIOU & EVROPIS STREET, 151 25 MAROUSSI, J3, 00000, 011 30 210 6105110 - 0 ($432,905,306.00) Unallocated (Universal) Shelf, (File 333-177014 - Sep. 27) (BR. 05A) S-4 Emergency Medical Services CORP, 6200 S. SYRACUSE WAY, GREENWOOD VILLAGE, CO, 80111, 303-495-1200 - 0 ($950,000,000.00) Debt, (File 333-177015 - Sep. 27) (BR. 05C) S-1 PACIFIC GOLD CORP, 109 W 17TH STREET, CHEYENNE, WY, 82001, 801-243-5661 - 4,000,000 ($1,250,000.00) Equity, (File 333-177017 - Sep. 27) (BR. ) S-8 SALESFORCE COM INC, THE LANDMARK, ONE MARKET STREET STE.300, SAN FRANCISCO, CA, 94105, 0 ($48,860,852.00) Equity, (File 333-177018 - Sep. 27) (BR. 03B) S-8 MARINEMAX INC, 18167 US 19 N, SUITE 499, CLEARWATER, FL, 33764, 8135311700 - 0 ($7,334,787.00) Equity, (File 333-177019 - Sep. 27) (BR. 02B) S-1 SIONIX CORP, 914 WESTWOOD BLVD., BOX 801, LOS ANGELES, CA, 90024, (847) 235-4566 - 0 ($12,000,000.00) Equity, (File 333-177020 - Sep. 27) (BR. 06C) S-3 QUEPASA CORP, 324 DATURA STREET, SUITE 114, WEST PALM BEACH, FL, 33401, 561-491-4181 - 1,397,233 ($5,400,307.39) Equity, (File 333-177021 - Sep. 27) (BR. 11A) S-4 RADIOSHACK CORP, 300 RADIOSHACK CIRCLE, FORT WORTH, TX, 76102, 817-415-3700 - 0 ($325,000,000.00) Non-Convertible Debt, (File 333-177022 - Sep. 27) (BR. 02A) S-8 CONSOL Energy Inc, C/O CONSOL INC, 1800 WASHINGTON RD, PITTSBURGH, PA, 15241, 724-485-4000 - 20,000,000 ($684,000,000.00) Equity, (File 333-177023 - Sep. 27) (BR. 04A) S-3 Coleman Cable, Inc., 1530 SHIELDS DRIVE, WAUKEGAN, IL, 60085, (847) 672-2300 - 0 ($250,000,000.00) Unallocated (Universal) Shelf, (File 333-177024 - Sep. 27) (BR. 06A) S-8 Searchmedia Holdings Ltd, 1990 S. BUNDY BLVD., LOS ANGELES, CA, 90025, 310-694-8150 - 3,000,000 ($3,690,000.00) Other, (File 333-177025 - Sep. 27) (BR. 11A) S-8 GLOBAL PAYMENTS INC, 10 GLENLAKE PARKWAY, NORTH TOWER, ATLANTA, GA, 30328, 7708298492 - 0 ($282,520,000.00) Equity, (File 333-177026 - Sep. 27) (BR. 02A) S-8 Coleman Cable, Inc., 1530 SHIELDS DRIVE, WAUKEGAN, IL, 60085, (847) 672-2300 - 0 ($4,372,500.00) Equity, (File 333-177027 - Sep. 27) (BR. 06A) S-3 World Omni Auto Leasing LLC, 190 JIM MORAN BOULEVARD, DEERFIELD BEACH, FL, 33442, 954-429-2200 - 0 ($1,000,000.00) Asset-Backed Securities, (File 333-177028 - Sep. 27) (BR. OSF) S-1 PLATINUM ENERGY SOLUTIONS, INC., 2100 WEST LOOP SOUTH, STE 1600, HOUSTON, TX, 77027, 8322528783 - 0 ($300,000,000.00) Equity, (File 333-177029 - Sep. 27) (BR. 04)
Form 8-K is used by companies to file current reports on the following events:
8-K reports may be viewed in person in the Commission's Public Reference Branch at 100 F Street, N.E., Washington, D.C. To obtain paper copies, please refer to information on the Commission's Web site at http://www.sec.gov/answers/publicdocs.htm. In most cases, you can view and download this information by using the search function located at http://www.sec.gov/edgar/searchedgar/companysearch.html.
STATE NAME OF ISSUER CODE 8K ITEM NO. DATE COMMENT ABAKAN, INC NV 2.01,5.06,7.01,9.01 07/13/11 AMEND ACACIA RESEARCH CORP DE 8.01 09/26/11 Accenture plc L2 2.02,9.01 09/27/11 ACCENTURE SCA 2.02,9.01 09/27/11 ACCURIDE CORP DE 7.01,9.01 09/26/11 ACURA PHARMACEUTICALS, INC NY 8.01,9.01 09/27/11 Addus HomeCare Corp DE 7.01,9.01 09/27/11 AEP INDUSTRIES INC DE 1.01,8.01,9.01 09/27/11 AES CORP DE 8.01,9.01 09/26/11 ALBANY MOLECULAR RESEARCH INC DE 8.01,9.01 09/26/11 ALPHA & OMEGA SEMICONDUCTOR Ltd 4.01 09/26/11 AMAG PHARMACEUTICALS INC. DE 8.01,9.01 09/26/11 AMBAC FINANCIAL GROUP INC DE 1.01,9.01 09/21/11 AMERICAN AIRLINES INC DE 8.01,9.01 09/27/11 American Caresource Holdings, Inc. DE 3.01 09/21/11 AMERICAN ENVIRONMENTAL, INC. FL 4.01 09/26/11 AMERICAN GREETINGS CORP OH 1.01,2.02,9.01 09/21/11 AMERICAN ORIENTAL BIOENGINEERING INC CO 3.01,9.01 09/21/11 American Resource Technologies, Inc. KS 8.01 09/27/11 AMERICAN RIVER BANKSHARES CA 5.02,9.01 09/26/11 Amerilithium Corp. NV 8.01,9.01 09/27/11 AMERISOURCEBERGEN CORP DE 8.01,9.01 09/27/11 AMETEK INC/ DE 1.01,1.02,2.03,8.01, 09/22/11 9.01 APACHE CORP DE 8.01,9.01 09/21/11 ARCHER DANIELS MIDLAND CO DE 8.01,9.01 09/26/11 ARIAD PHARMACEUTICALS INC DE 8.01,9.01 09/24/11 ASHFORD HOSPITALITY TRUST INC MD 7.01,9.01 09/26/11 ASSURANT INC 2.03 09/21/11 ASTORIA FINANCIAL CORP DE 8.01,9.01 09/26/11 ATLANTIC POWER CORP A1 7.01,8.01,9.01 09/27/11 AURA SYSTEMS INC DE 1.01,2.03,3.02,9.01 09/26/11 AuraSound, Inc. NV 5.02 09/22/11 AUTODESK INC DE 5.02 09/22/11 AVIS BUDGET GROUP, INC. DE 1.01,1.02,2.03,9.01 09/21/11 BAKKEN RESOURCES INC 1.01,9.01 09/21/11 Bancorp, Inc. 8.01 09/27/11 BANKATLANTIC BANCORP INC FL 8.01,9.01 09/27/11 Behringer Harvard Opportunity REIT II MD 5.07,8.01 09/21/11 BEMIS CO INC MO 8.01,9.01 09/27/11 BILL BARRETT CORP 7.01,9.01 09/26/11 BILL BARRETT CORP 1.01,2.03,7.01,8.01, 09/27/11 9.01 BIOLASE TECHNOLOGY INC DE 7.01,9.01 09/27/11 BIOSHAFT WATER TECHNOLOGY, INC. NV 3.02 09/20/11 BIOZONE PHARMACEUTICALS, INC. NV 2.03,3.02,9.01 09/22/11 Blueknight Energy Partners, L.P. DE 8.01,9.01 09/27/11 BMX Development Corp. 2.01,3.02,5.01,5.02, 08/19/11 AMEND 9.01 BOSTON PRIVATE FINANCIAL HOLDINGS INC MA 7.01,9.01 09/26/11 BOSTON SCIENTIFIC CORP DE 5.07 05/10/11 AMEND BROOKLINE BANCORP INC DE 5.02,9.01 09/21/11 CALIX, INC 7.01,9.01 09/27/11 CAMDEN NATIONAL CORP ME 7.01,8.01,9.01 09/27/11 CAMDEN NATIONAL CORP ME 5.07 05/04/11 AMEND Care Investment Trust Inc. MD 7.01,9.01 09/27/11 CASTLE A M & CO MD 7.01,9.01 09/27/11 CBL & ASSOCIATES PROPERTIES INC DE 5.07 05/02/11 AMEND CERADYNE INC DE 7.01,9.01 09/26/11 CHINA MEDIA INC. NV 1.01,9.01 09/17/11 AMEND CHINA MEDICINE CORP NV 4.01,5.02 09/21/11 China Renewable Energy Holdings, Inc. FL 5.02,5.03,9.01 09/27/11 China XD Plastics Co Ltd NV 7.01,9.01 09/27/11 CIRRUS LOGIC INC DE 5.02 09/21/11 CLAIBORNE LIZ INC DE 1.01 09/21/11 CMSF Corp DE 3.03,5.03,9.01 09/27/11 COCA COLA BOTTLING CO CONSOLIDATED /D DE 1.01,1.02,2.03 09/21/11 CODEXIS INC 8.01,9.01 09/27/11 COFFEE HOLDING CO INC NV 1.01,8.01,9.01 09/26/11 Coleman Cable, Inc. DE 8.01,9.01 09/27/11 COMTECH TELECOMMUNICATIONS CORP /DE/ DE 8.01,9.01 09/26/11 COMTECH TELECOMMUNICATIONS CORP /DE/ DE 2.02,9.01 07/31/11 COMTECH TELECOMMUNICATIONS CORP /DE/ DE 5.02,8.01,9.01 09/27/11 CONAGRA FOODS INC /DE/ DE 5.07 09/23/11 Continental Resources Group, Inc. DE 1.01,9.01 09/23/11 CPI CORP DE 9.01 09/27/11 Cryoport, Inc. NV 5.02,9.01 09/22/11 Cyber Supply Inc. NV 8.01 09/27/11 CYTOKINETICS INC 8.01 09/27/11 DAWSON GEOPHYSICAL CO TX 8.01,9.01 09/26/11 DBUBS 2011-LC3 Mortgage Trust DE 9.01 08/26/11 AMEND Denarii Resources Inc. NV 1.01,3.02,9.01 09/15/11 DIGITAL ANGEL CORP DE 5.02 09/21/11 Douglas Lake Minerals Inc. NV 5.02 09/22/11 DSW Inc. OH 5.07 09/27/11 AMEND EARTHSTONE ENERGY INC DE 5.07,8.01 09/22/11 EATON CORP OH 5.07 04/27/11 AMEND ELITE PHARMACEUTICALS INC /DE/ DE 8.01,9.01 09/26/11 EMCOR GROUP INC DE 5.07 09/26/11 Employers Holdings, Inc. NV 8.01 09/27/11 ENDO PHARMACEUTICALS HOLDINGS INC DE 7.01,9.01 09/27/11 ENER1 INC FL 5.02 09/26/11 Enstar Group LTD D0 9.01 07/12/11 AMEND Entergy Louisiana, LLC TX 8.01,9.01 09/22/11 EQUITY RESIDENTIAL MD 5.02 09/23/11 Essex Rental Corp. DE 7.01,9.01 09/27/11 EWaste Systems, Inc. NV 1.01 09/27/11 Federal Home Loan Bank of Atlanta X1 5.03,9.01 09/23/11 Federal Home Loan Bank of Atlanta X1 2.03 09/27/11 Federal Home Loan Bank of Boston X1 2.03 09/22/11 Federal Home Loan Bank of Chicago X1 2.03 09/21/11 Federal Home Loan Bank of Cincinnati X1 2.03,9.01 09/21/11 Federal Home Loan Bank of Des Moines X1 2.03,9.01 09/23/11 Federal Home Loan Bank of Indianapoli X1 2.03,9.01 09/27/11 Federal Home Loan Bank of New York X1 2.03,9.01 09/22/11 Federal Home Loan Bank of Pittsburgh PA 2.03,9.01 09/21/11 Federal Home Loan Bank of Seattle 2.03 09/22/11 Federal Home Loan Bank of Topeka 2.03,9.01 09/21/11 FIRST BANCSHARES INC /MO/ MO 2.02,9.01 09/27/11 FIRST MARINER BANCORP MD 1.01,8.01,9.01 09/21/11 FLOTEK INDUSTRIES INC/CN/ DE 7.01,9.01 09/26/11 Franchise Holdings International, Inc NV 4.01,9.01 09/23/11 FS Energy & Power Fund DE 8.01 09/22/11 FS Investment CORP MD 8.01 09/22/11 FUNCTION (X) INC. DE 3.02 08/25/11 AMEND FX ENERGY INC NV 8.01,9.01 09/27/11 Galena Biopharma, Inc. 1.01,9.01 09/26/11 GC China Turbine Corp. NV 4.01,9.01 09/21/11 GENESCO INC TN 7.01 09/26/11 GEO GROUP INC FL 5.07 05/02/11 AMEND GLOBAL HEALTH VENTURES INC. NV 3.02,4.01,5.03,9.01 09/15/11 GLOBAL INDUSTRIES LTD LA 5.02 09/23/11 GOOD SAM ENTERPRISES, LLC DE 5.02,9.01 09/27/11 GRANT PARK FUTURES FUND LIMITED PARTN IL 7.01,9.01 09/27/11 GRANT PARK FUTURES FUND LIMITED PARTN IL 7.01,9.01 09/27/11 GULF RESOURCES, INC. DE 8.01,9.01 09/27/11 HICKORY TECH CORP MN 5.05,9.01 09/27/11 Horizon Lines, Inc. 8.01,9.01 09/22/11 HORMEL FOODS CORP /DE/ DE 5.02,9.01 09/24/11 HYPERTENSION DIAGNOSTICS INC /MN MN 1.01 09/26/11 IGATE CORP PA 9.01 09/27/11 Inland Diversified Real Estate Trust, MD 9.01 09/27/11 AMEND International Stem Cell CORP 5.02,9.01 09/27/11 Iron Eagle Group, Inc. DE 1.02 09/26/11 JABIL CIRCUIT INC DE 2.02,9.01 09/27/11 JEFFERSON BANCSHARES INC TN 2.02,9.01 09/27/11 KAPSTONE PAPER & PACKAGING CORP DE 7.01,9.01 09/27/11 KBR, INC. DE 8.01 09/23/11 Kraton Performance Polymers, Inc. DE 7.01,9.01 09/27/11 LAKES ENTERTAINMENT INC MN 1.01,9.01 09/22/11 LAS VEGAS SANDS CORP NV 1.01 09/21/11 LEFT BEHIND GAMES INC. WA 7.01,9.01 09/27/11 Lender Processing Services, Inc. DE 5.02 09/21/11 LIBBEY INC DE 5.02 09/27/11 LIGHTING SCIENCE GROUP CORP DE 1.01,2.03,9.01 09/21/11 LINCOLN ELECTRIC HOLDINGS INC OH 5.03,9.01 09/26/11 MAGNEGAS CORP DE 7.01,9.01 09/21/11 MARKWEST ENERGY PARTNERS L P 7.01,9.01 09/27/11 MEDCATH CORP DE 5.07 09/22/11 MEDICINOVA INC DE 1.01,5.02,5.03,9.01 09/25/11 MEDIVATION, INC. DE 5.02,9.01 09/21/11 MENS WEARHOUSE INC TX 8.01,9.01 09/27/11 MENS WEARHOUSE INC TX 5.02,5.07,8.01,9.01 06/15/11 AMEND MESA LABORATORIES INC /CO CO 5.02 09/21/11 META FINANCIAL GROUP INC DE 5.02,9.01 09/27/11 MICROSEMI CORP DE 1.01,9.01 09/21/11 ModusLink Global Solutions Inc DE 5.02,9.01 09/21/11 ModusLink Global Solutions Inc DE 2.02,9.01 09/27/11 Mueller Water Products, Inc. DE 7.01,9.01 09/27/11 NATURALLY ADVANCED TECHNOLOGIES INC A1 8.01,9.01 09/27/11 NESS TECHNOLOGIES INC 7.01,9.01 09/27/11 NeurogesX Inc CA 5.02,9.01 09/21/11 NEUROLOGIX INC/DE DE 1.01,9.01 09/26/11 NEWCASTLE INVESTMENT CORP MD 1.01,9.01 09/21/11 NEWFIELD EXPLORATION CO /DE/ DE 7.01,8.01,9.01 09/27/11 NEWFIELD EXPLORATION CO /DE/ DE 7.01,9.01 09/27/11 NEWS CORP 8.01,9.01 09/27/11 NORTHERN TECHNOLOGIES INTERNATIONAL C DE 5.02 09/27/11 NORTHWESTERN CORP DE 7.01,9.01 09/27/11 NUVASIVE INC DE 8.01 09/26/11 OFFICE DEPOT INC DE 5.02,9.01 09/26/11 ORAMED PHARMACEUTICALS INC. NV 8.01,9.01 09/27/11 Orexigen Therapeutics, Inc. DE 7.01,9.01 09/27/11 ORMAT TECHNOLOGIES, INC. DE 1.01,2.03,8.01,9.01 09/23/11 P&F INDUSTRIES INC DE 1.01,9.01 09/21/11 PACIFIC CAPITAL BANCORP /CA/ DE 5.02 09/26/11 PALADIN REALTY INCOME PROPERTIES INC MD 8.01 09/26/11 PAREXEL INTERNATIONAL CORP MA 5.02 09/21/11 PARK ELECTROCHEMICAL CORP NY 2.02,9.01 09/27/11 PAYCHEX INC DE 2.02,9.01 09/27/11 PDL BIOPHARMA, INC. DE 7.01,9.01 09/27/11 Pebblebrook Hotel Trust MD 7.01,8.01,9.01 09/15/11 PEER REVIEW MEDIATION & ARBITRATION I FL 2.01,3.02 09/27/11 PMC COMMERCIAL TRUST /TX TX 1.01,2.03 09/21/11 PROFILE TECHNOLOGIES INC DE 7.01,9.01 08/20/11 PROGRESS SOFTWARE CORP /MA MA 2.02,9.01 09/27/11 Q LOTUS HOLDINGS INC NV 1.01,2.03,9.01 09/22/11 QSGI INC. DE 2.01,9.01 09/21/11 RADIOSHACK CORP DE 8.01,9.01 09/27/11 RALCORP HOLDINGS INC /MO MO 5.02,8.01,9.01 09/27/11 Rand Logistics, Inc. DE 1.01,8.01,9.01 09/21/11 REDDY ICE HOLDINGS INC DE 3.01,9.01 09/21/11 RENAISSANCE LEARNING INC WI 8.01,9.01 09/27/11 RESPONSE GENETICS INC 5.02 09/23/11 Revolutions Medical CORP NV 5.02,9.01 09/21/11 SABA SOFTWARE INC DE 2.02,9.01 09/27/11 Sabra Health Care REIT, Inc. MD 2.01,9.01 08/01/11 AMEND Saga Energy, Inc. FL 1.01,9.01 09/27/11 Sagebrush Gold Ltd. NV 1.01,9.01 09/23/11 SAUL CENTERS INC MD 1.01,2.01,3.02,9.01 08/09/11 SCHOLASTIC CORP DE 5.07 09/21/11 SEALY CORP DE 2.02,9.01 09/27/11 Searchlight Minerals Corp. NV 8.01 09/21/11 SEI HOLDINGS, INC. FL 4.01 09/26/11 Shengkai Innovations, Inc. FL 2.02,8.01,9.01 09/26/11 Shire plc 8.01,9.01 09/26/11 Silicon Graphics International Corp DE 7.01,9.01 09/27/11 Silver Dragon Resources Inc. DE 7.01,9.01 09/27/11 SilverSun Technologies, Inc. DE 1.01,3.02,3.03,5.03, 09/23/11 9.01 SIMMONS FIRST NATIONAL CORP AR 8.01,9.01 09/27/11 SKYLINE CORP IN 5.07,7.01 09/27/11 SLM FUNDING LLC DE 9.01 09/27/11 SMART BALANCE, INC. DE 5.02,9.01 09/21/11 SMITHFIELD FOODS INC VA 5.07 09/21/11 SMTC CORP DE 5.02,9.01 09/14/11 STANDARD MICROSYSTEMS CORP DE 5.02,9.01 09/22/11 STANDARD MICROSYSTEMS CORP DE 2.02,9.01 09/27/11 STEC, INC. CA 5.03,9.01 09/22/11 STILLWATER MINING CO /DE/ DE 7.01,9.01 09/27/11 STONE ENERGY CORP DE 7.01,9.01 09/26/11 STRATS SM TRUST FOR Goldman Sachs Cap 8.01,9.01 09/15/11 STRATS SM TRUST FOR GOLDMAN SACHS GRO 8.01,9.01 09/15/11 STRATS SM TRUST FOR JPMORGAN CHASE & 8.01,9.01 09/15/11 STRATS SM TRUST FOR WAL-MART STORES, 8.01,9.01 09/15/11 STRATS(SM) TRUST FOR DOMINION RESOURC 8.01,9.01 09/15/11 STRATS(SM) TRUST FOR GEN ELEC CAP COR 8.01,9.01 09/15/11 STRATS(SM) Trust For Goldman Sachs Ca 8.01,9.01 09/15/11 SYNNEX CORP DE 2.02,9.01 09/27/11 TAKE TWO INTERACTIVE SOFTWARE INC DE 5.02,5.07,9.01 09/26/11 Talon Therapeutics, Inc. 8.01,9.01 09/27/11 TELEPHONE & DATA SYSTEMS INC /DE/ DE 8.01,9.01 09/27/11 TERADYNE, INC MA 8.01 09/26/11 TGC INDUSTRIES INC TX 8.01,9.01 09/26/11 TIME WARNER INC. DE 1.01,2.03,9.01 09/27/11 Toyota Auto Receivables 2011-B Owner DE 1.01,9.01 09/21/11 TRANSACT TECHNOLOGIES INC DE 5.02 09/26/11 TRICO BANCSHARES / CA 1.01,2.01,8.01,9.01 09/23/11 TRINITY CAPITAL CORP NM 8.01,9.01 09/27/11 Tropicana Las Vegas Hotel & Casino, I DE 1.02 09/23/11 TWO RIVERS WATER Co CO 7.01 09/27/11 U.S. Auto Parts Network, Inc. DE 1.01 09/22/11 ULURU INC. NV 3.01,8.01,9.01 09/21/11 UNITED STATIONERS INC DE 1.01,2.03 09/21/11 UNIVERSAL DISPLAY CORP \PA\ PA 1.01 09/27/11 VALUE LINE INC NY 5.02 09/26/11 VCA ANTECH INC DE 5.02 09/21/11 Visual Network Design, Inc. NV 1.01,2.01,3.02,5.01, 09/21/11 5.02,5.03,5.06,9.01 VITRAN CORP INC A6 5.07 04/29/11 AMEND Voyager Oil & Gas, Inc. DE 8.01 09/23/11 Vringo Inc DE 5.02 09/22/11 WAL MART STORES INC DE 5.02,9.01 09/23/11 WALGREEN CO IL 2.02,7.01,9.01 09/27/11 WEBMEDIABRANDS INC. DE 3.01,8.01,9.01 09/22/11 Western Refining, Inc. DE 1.01,2.03,8.01,9.01 09/22/11 Xenith Bankshares, Inc. VA 1.01,3.02,3.03,5.03, 09/21/11 8.01,9.01 XSUNX INC CO 8.01,9.01 09/26/11 ZIPREALTY INC 7.01 09/26/11