U.S. Securities & Exchange Commission
SEC Seal
Home | Previous Page
U.S. Securities and Exchange Commission

SEC News Digest

Issue 2012-138
July 18, 2012

Commission announcements

SEC Announces Deferred Prosecution Agreement with Amish Fraud

The Securities and Exchange Commission today announced that a non-profit corporation that offers securities to fund mortgage and construction loans to young Amish families in Ohio will ensure that its investors receive more timely and accurate information under an agreement reached with the SEC.

The SEC investigated the Amish Helping Fund (AHF), which was formed in 1995 by a group of Amish elders interested in furthering the Amish way of life. AHF funds its loans by selling securities in the form of investment contracts. The SEC alleges that AHF’s offering memorandum, drafted in 1995, was not updated for 15 years and thus contained material misrepresentations about the fund and the securities being offered. Despite violating federal securities laws by disseminating a stale offering memorandum, the SEC found no evidence that AHF investors suffered any undue harm or investment losses as a result of these misrepresentations.

When informed of its alleged violations by the SEC, AHF immediately cooperated, updated its offering memorandum, and took other significant remedial steps in an expedited manner. Therefore, the SEC has entered into a Deferred Prosecution Agreement (DPA) and will not file an enforcement action against AHF provided it adheres to the provisions of the agreement. AHF is entering into a DPA with the SEC as part of the Cooperation Initiative the Enforcement Division announced in 2010 to facilitate and reward cooperation in SEC investigations.

“Cooperation provides real and substantial benefits for companies that respond appropriately to the discovery of wrongdoing in their ranks,” said Robert Khuzami, Director of the SEC’s Division of Enforcement. “Here, the SEC acknowledged and rewarded AHF’s cooperation because, among other things, it acted swiftly and completely in correcting the misleading statements provided to investors, agreeing to annual audits of the fund holding the securities, and implementing significant remedial measures to prevent future violations of the securities laws.”

AHF currently has nearly 3,500 investors, more than 1,200 borrowers, and approximately $125 million in mortgage receivables. The SEC staff has not found any evidence of a foreclosure during AHF’s history.

When the SEC informed AHF of its wrongful conduct, the fund immediately took steps to remedy the situation:

  • AHF updated and corrected its offering memorandum and provided existing investors with a corrected copy of it.
  • AHF offered all existing investors the right of rescission.
  • AHF retained an independent certified public accountant to perform ongoing audits.
  • AHF registered its securities offerings with the Ohio Division of Securities and consented to a cease-and-desist order with the agency.

Under the terms of the DPA, the SEC will refrain from filing an enforcement action against AHF if the company complies with certain undertakings. Among other things, AHF has updated and corrected its offering materials and agreed to register its new securities offerings and provide current investors with timely and accurate financial information.

The SEC’s investigation was conducted by Brian D. Fagel, John J. Sikora, Jr., and James L. Silverwood in the SEC’s Chicago Regional Office. (Press Rel. 2012-138)

SEC Charges Mizuho Securities USA with Misleading Investors by Obtaining False Credit Ratings for CDO

Firm to Pay $127.5 Million to Settle Charges

The Securities and Exchange Commission today charged the U.S. investment banking subsidiary of Japan-based Mizuho Financial Group and three former employees with misleading investors in a collateralized debt obligation (CDO) by using “dummy assets” to inflate the deal’s credit ratings.  The SEC also charged the firm that served as the deal’s collateral manager and the person who was its portfolio manager.

According to the SEC’s complaint against Mizuho Securities USA Inc., the firm made approximately $10 million in structuring and marketing fees in the deal.  Mizuho agreed to pay $127.5 million to settle the SEC’s charges, and the others charged also agreed to settle the SEC’s actions against them.

The SEC alleges that Mizuho structured and marketed Delphinus CDO 2007-1, a CDO that was backed by subprime bonds at a time when the housing market was showing signs of severe distress.  The deal was contingent upon Mizuho obtaining credit ratings it used to market the notes to investors.  When its employees realized that Delphinus could not meet one rating agency’s newly announced criteria intended to protect CDO investors from the uncertainty of ratings downgrades, they submitted to the rating firm a portfolio containing millions of dollars in dummy assets that inaccurately reflected the collateral held by Delphinus.  Once the firm rated the inaccurate portfolio, Mizuho closed the transaction and sold the notes to investors using the misleading ratings.  Delphinus defaulted in 2008 and eventually was liquidated in 2010.  Mizuho sustained substantial losses from Delphinus.

“This case demonstrates once again that bankers and market participants who embrace a ‘get the deal done at all costs’ strategy will be identified, charged, and punished,” said Robert Khuzami, Director of the SEC’s Division of Enforcement.  “This is a constant theme throughout the many SEC enforcement actions arising out of the financial crisis, and is one that everyone involved in securities transactions and our financial markets would be well-advised to respect.”

Kenneth Lench, Chief of the SEC’s Enforcement Division’s Structured and New Products Unit, added, “Mizuho and its employees undermined the integrity of the rating process by furnishing inaccurate information about the Delphinus portfolio.  Investors expect and are entitled to receive legitimate ratings in order to help them assess their investments.”

According to the SEC’s settled administrative proceedings against the three former Mizuho employees responsible for the Delphinus deal, Alexander Rekeda headed the group that structured the $1.6 billion CDO, Xavier Capdepon modeled the transaction for the rating agencies, and Gwen Snorteland was the transaction manager responsible for structuring and closing Delphinus.  Delaware Asset Advisers (DAA) served as Delphinus’s collateral manager and the DAA portfolio manager was Wei (Alex) Wei.

According to the SEC’s complaint against Mizuho filed in federal court in Manhattan, all of the collateral assets for Delphinus had been purchased by July 17, 2007, and the transaction was scheduled to close on July 19.  However, around noon on July 18, Standard & Poor’s (S&P) issued a press release announcing changes to its CDO rating criteria requiring certain categories of subprime residential mortgage-backed securities (RMBS) to be adjusted downward for purposes of calculating their default probability.  The Mizuho employees knew that Delphinus’s actual portfolio contained a substantial amount of RMBS that were subject to the downward ratings, and that Delphinus, as constructed, could not meet its rating targets under these tougher standards.  To enable Delphinus to close anyway, the Mizuho employees e-mailed multiple alternative portfolios to S&P that contained dummy assets that were superior in credit quality to the assets that had been actually acquired for the CDO.  Once the necessary ratings were secured by the use of dummy assets, the Delphinus transaction closed by mid-afternoon on July 19 and securities were sold based upon these higher ratings.  Investors were thus misled to believe that the Delphinus notes had achieved the advertised ratings that the actual closing portfolio would not support.

According to the SEC’s complaint, in connection with Delphinus’s subsequent request for a required rating confirmation from S&P, Mizuho employees provided and arranged for others to provide further inaccurate information about the composition of Delphinus’s assets.  Primarily, they misrepresented that Delphinus’s effective date was August 6 rather than July 19.  S&P then provided Delphinus with the ratings confirmation using the improper effective date of August 6.

Everyone charged by the SEC agreed to settlements without admitting or denying the charges.  Mizuho consented to the entry of a final judgment requiring payment of $10 million in disgorgement, $2.5 million in prejudgment interest, and a $115 million penalty.  The settlement, which requires court approval, also permanently enjoins Mizuho from violating Sections 17(a)(2) and (3) of the Securities Act.

In the related administrative proceedings against Rekeda, Capdepon, and Snorteland, the SEC found that Rekeda violated Sections 17(a)(2) and (3) of the Securities Act, and Capdepon and Snorteland violated Section 17(a).  Rekeda and Capdepon each agreed to pay a $125,000 penalty while the decision on whether there will be a penalty for Snorteland will be decided at a later date.  Rekeda agreed to be suspended from the securities industry for 12 months, Capdepon and Snorteland each agreed to be barred from the securities industry for one year, and all three agreed to cease and desist from further violations of the respective sections of the Securities Act they violated.

The SEC instituted settled administrative proceedings against DAA and Wei based on their post-closing conduct.  DAA consented to the entry of an order requiring the firm to pay disgorgement of $2,228,372, prejudgment interest of $357,776, and a penalty of $2,228,372.  Wei consented to the entry of an order requiring him to pay a $50,000 penalty and suspending him from associating with any investment adviser for six months.  Both DAA and Wei consented to cease and desist from violating Section 17(a)(2) and (3) of the Securities Act and Section 206(2) of the Advisers Act. 

The SEC investigation into the Delphinus transaction, which is continuing, was conducted by the Enforcement Division’s Structured and New Products Unit led by Kenneth Lench and Reid Muoio.  The investigative attorneys were Robert Leidenheimer, Lawrence Renbaum, and James Murtha, and the trial attorneys were Jan Folena, Suzanne Romajas, and Alan Lieberman. 

For more information about dozens of other SEC enforcement actions related to the financial crisis, visit the SEC website at: http://www.sec.gov/spotlight/enf-actions-fc.shtml. (Press Rel. 2012-139)

Enforcement proceedings

In the Matter of Florida First Equities Corp. (n/k/a Data Imaging Services, Inc.)

An Administrative Law Judge issued an Order Making Findings and Revoking Registrations by Default as to Six Respondents (Default Order) in, Admin. Proc. 3-14923. The Default Order finds that the allegations in the Order Instituting Proceedings are true that Foodquest, Inc., Foodvision.com, Inc., Forefront, Inc. (f/k/a Anyox Resources, Inc.), Futronix Group, Inc., Genicom Corp. (n/k/a Oldgen, Inc.), and Global Online India, Inc., have securities registered with the Securities and Exchange Commission (Commission) and have failed to comply with Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Exchange Act Rules 13a-1 and 13a-13 by not filing required periodic reports with the Commission for several years. As a result, the Administrative Law Judge ordered the revocation of the registration of each class of their registered securities.

A seventh Respondent, Florida First Equities Corp. (n/k/a Data Imaging Services, Inc.), was allowed until July 31, 2012, to decide whether to submit a signed Offer of Settlement. (Rel. 34-67452; File No. 3-14923)

In the Matter of Noonan Capital Management, LLC and Timothy George Noonan

The United States Securities and Exchange Commission (Commission) announced the issuance of an Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Sections 203(e), 203(f) and 203(k) of the Investment Advisers Act of 1940, and Section 9(b) of the Investment Company Act of 1940 (Order) against Noonan Capital Management, LLC (Noonan Capital) and Timothy George Noonan (Noonan).

The Order alleges that Noonan Capital has been registered with the Commission since March 2009 and that Noonan has been its sole owner, chief compliance officer, and employee. The Order alleges that Noonan Capital and Noonan charged excessive advisory fees to their clients repeatedly misrepresented Noonan Capital’s assets under management in the Forms ADV filed with the Commission, and failed to file its required annual amendments to its Forms ADV for the fiscal years ending December 31, 2009, 2010, and 2011. Finally, the Order alleges Noonan Capital did not create or maintain required balance sheets, income statements, and supporting documents as required under certain rules of the Advisers Act.

A public hearing will be scheduled before an Administrative Law Judge to determine whether the allegations of the Division contained in the Order are true, to provide Noonan Capital and Noonan an opportunity to respond to the allegations, and to determine what, if any, remedial sanctions are appropriate in the public interest. The Order directs the Administrative Law Judge to issue an initial decision no later than 300 days from the date of service of the Order. (Rel. 34-67460; File No. 3-14955)


Franklin Advisers, Inc. and Franklin Templeton International Trust

An order has been issued on an application filed by Franklin Advisers, Inc. and Franklin Templeton International Trust, exempting them from Section 15(a) of the Investment Company Act of 1940, as amended (Act), and Rule 18f-2 under the Act. The order permits the applicants to enter into and materially amend subadvisory agreements without shareholder approval. (Rel. IC-30138 – July 17)

Medallion Financial Corp.

An order has been issued on an application filed by Medallion Financial Corp. under Section 61(a)(3)(B) of the Investment Company Act approving applicant’s proposal to grant certain stock options to non-employee directors under applicant’s stock option plan. (Rel. IC-30139 - July 17)


Proposed Rule Change

NASDAQ OMX PHLX LLC filed with the Securities and Exchange Commission a proposed rule change under Rule 19b-4 of the Securities Exchange Act of 1934 (SR-Phlx-2012-78) regarding strike price intervals in the Short Term Option Program. Publication in the Federal Register is expected during the week of July 23. (Rel. 34-67446)

Immediate Effectiveness of Proposed Rule Change

A proposed rule change filed by the Financial Industry Regulatory Authority, Inc. (SR-FINRA-2012-035) to extend to July 17, 2013, the pilot period for FINRA Rule 4240 (Margin Requirements for Credit Default Swaps) has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication in the Federal Register is expected during the week of July 23. (Rel. 34-67449)

Designation of Longer Period for Commission Action on a Proposed Rule

The Commission has designated a longer period for Commission action under Section 19(b)(2) of the Securities Exchange Act of 1934 on a proposed rule change (SR-ISE-2012-33) filed by the International Securities Exchange, LLC regarding strike price intervals for certain option classes. Publication in the Federal Register is expected during the week of July 23. (Rel. 34-67447)


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.

        SAN DIEGO,, CA, 92121, (858) 222-8041 - 
        2,000,000 ($6,660,000.00) Equity, (File 333-182704 - Jul. 17) (BR. 01B)

N-2     O'Connor Fund of Funds: Multi-Strategy, 
        STAMFORD, CT, 06901, 203-719-1850 - 
        500,000,000 ($500,000,000.00) Equity, (File 333-182705 - Jul. 17) 
        (BR. 17)

S-1     Annie's, Inc., 1610 FIFTH STREET, BERKELEY, CA, 94710, 800-288-1089 - 
        3,649,976 ($146,072,040.00) Equity, (File 333-182706 - Jul. 17) 
        (BR. 04B)

        PO BOX 62117 MARSHALLTOWN 2107, JOHANNESBURG 2001, T3, 00000, 
        27116376000 - 0 ($0.00) Unallocated (Universal) Shelf, 
        (File 333-182712 - Jul. 17) (BR. 09A)

        O5, 37134, 5214772660071 - 10,000,000 ($100,000.00) Equity, 
        (File 333-182714 - Jul. 17) (BR. 03)

        011-32-2-412-2211 - 0 ($136,840,000.00) Equity, (File 333-182715 - 
        Jul. 17) (BR. 02C)

        WASHINGTON, DC, 20001, 613-598-2500 - 0 ($1,747,000,000.00) Debt, 
        (File 333-182717 - Jul. 17) (BR. DN)

        V6C 2M6, 604-683-6657 - 8,079,027 ($3,111,730.80) Equity, 
        (File 333-182718 - Jul. 17) (BR. )

        7404352020 - 0 ($16,000,000.00) Other, (File 333-182719 - Jul. 17) 
        (BR. 07C)

S-8     Engility Holdings, Inc., 3750 CENTERVIEW DRIVE, CHANTILLY, VA, 20151, 
        703-664-2900 - 0 ($83,837,500.00) Equity, (File 333-182720 - Jul. 17) 
        (BR. 06B)

S-3ASR  SS&C Technologies Holdings Inc, 80 LAMBERTON RD, WINDSOR, CT, 06095, 
        860-298-4500 - 0 ($187,180,000.00) Equity, (File 333-182722 - Jul. 17) 
        (BR. 03C)

        TRAVERSE CITY, MI, 49684, 9063418401 - 0 ($12,649,999.00) Equity, 
        (File 333-182724 - Jul. 17) (BR. 07C)

        V6B 1N2, 604-261-2229 - 18,812,500 ($2,756,844.00) Equity, 
        (File 333-182725 - Jul. 17) (BR. 09B)

        02458, 617-244-1616 - 4,000,000 ($4,400,000.00) Equity, 
        (File 333-182726 - Jul. 17) (BR. 01A)

S-1     Sunshine Heart, Inc., 7651 ANAGRAM DRIVE, EDEN PRAIRIE, MN, 55344, 
        952-345-4200 - 0 ($28,750,000.00) Equity, (File 333-182727 - Jul. 17) 
        (BR. 10B)


Form 8-K is used by companies to file current reports on the following events:


Entry into a Material Definitive Agreement


Termination of a Material Definitive Agreement


Bankruptcy or Receivership


Completion of Acquisition or Disposition of Assets


Results of Operations and Financial Condition


Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant


Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement


Cost Associated with Exit or Disposal Activities


Material Impairments


Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing


Unregistered Sales of Equity Securities


Material Modifications to Rights of Security Holders


Changes in Registrant's Certifying Accountant


Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review


Changes in Control of Registrant


Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officer


Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year


Temporary Suspension of Trading Under Registrant's Employee Benefit Plans


Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics


Change in Shell Company Status


ABS Informational and Computational Material.


Change of Servicer or Trustee.


Change in Credit Enhancement or Other External Support.


Failure to Make a Required Distribution.


Securities Act Updating Disclosure.


Regulation FD Disclosure


Other Events


Financial Statements and Exhibits

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.

NAME OF ISSUER                          CODE     8K ITEM NO.          DATE        COMMENT

1ST SOURCE CORP                         IN       8.01                 07/12/12

ALBEMARLE CORP                          VA       2.02,9.01            07/17/12

ALCO STORES INC                         KS       4.01,9.01            07/11/12

ALERE INC.                              DE       3.03,5.07,9.01       07/11/12

All State Properties Holdings, Inc.     NV       5.02                 07/17/12

ALLIANCE FINANCIAL CORP /NY/            NY       2.02,9.01            07/17/12

American Capital Agency Corp                     2.02,9.01            07/17/12

American Midstream Partners, LP         DE       5.02,9.01            07/11/12

AMERICAN SAFETY INSURANCE HOLDINGS LT            2.02,9.01            07/17/12

AMERISERV FINANCIAL INC /PA/            PA       2.02                 07/17/12

AMERITYRE CORP                          NV       1.01,3.03,9.01       07/16/12

AMPAL-AMERICAN ISRAEL CORP              NY       8.01,9.01            07/16/12

Anthera Pharmaceuticals Inc             DE       8.01,9.01            07/16/12

APOLLO GROUP INC                        AZ       1.01                 07/16/12

ARC WIRELESS SOLUTIONS INC              UT       1.01,8.01,9.01       07/13/12

ASURE SOFTWARE INC                      DE       7.01,9.01            07/17/12

AUTHENTIDATE HOLDING CORP               DE       8.01,9.01            07/17/12

Avalon Oil & Gas, Inc.                  CO       5.02                 07/17/12

BANCFIRST CORP /OK/                     OK       2.02,9.01            07/17/12

Bank of Marin Bancorp                   CA       1.01,9.01            07/16/12

BARNES GROUP INC                        DE       1.01,9.01            07/16/12

BASSETT FURNITURE INDUSTRIES INC        VA       5.03,9.01            07/11/12

Bentwood Acquisition Corp               DE       3.02,5.01,5.02,5.03  07/11/12

BIOMET INC                              IN       2.02,9.01            07/17/12

BIOSANTE PHARMACEUTICALS INC            DE       3.02                 07/16/12

BIOTIME INC                             CA       7.01,9.01            07/17/12

BJs RESTAURANTS INC                     CA       8.01,9.01            07/17/12

Blackstone Group L.P.                   DE       1.01,9.01            07/13/12

CABOT CORP                              DE       1.01,2.03            07/13/12

CAMBRIDGE HEART INC                     DE       1.01,8.01,9.01       07/13/12

CARDINAL BANKSHARES CORP                VA       8.01,9.01            07/17/12

CAREER EDUCATION CORP                   DE       5.02,8.01,9.01       07/16/12

CATHAY GENERAL BANCORP                  DE       2.02,9.01            06/17/12

CENTRAL FEDERAL CORP                    DE       8.01,9.01            07/16/12

CHARTER CORPORATE SERVICES, INC.        CO       5.02                 07/12/12

CHENIERE ENERGY INC                     DE       7.01,9.01            07/16/12

CHENIERE ENERGY INC                     DE       7.01,9.01            07/17/12

CHEROKEE INC                            DE       5.02                 07/11/12

CHESAPEAKE MIDSTREAM PARTNERS LP        DE       7.01,9.01            07/12/12

China Shengda Packaging Group Inc.      NV       5.07                 07/17/12

CINTAS CORP                             WA       2.02,9.01            07/16/12

CIRCLE STAR ENERGY CORP.                NV       5.02                 07/15/12

CLAIRES STORES INC                      DE       5.02,9.01            07/16/12

COCA COLA CO                            DE       2.02,9.01            07/17/12

COMERICA INC /NEW/                      DE       2.02,7.01,9.01       07/17/12

COMMAND SECURITY CORP                   NY       7.01                 07/17/12

Copano Energy, L.L.C.                            5.02,9.01            07/11/12

CRC Health CORP                         DE       5.02                 07/11/12

CSX CORP                                VA       2.02,9.01            07/17/12

CTI INDUSTRIES CORP                     DE       1.01,3.02,9.01       07/17/12

Digital Generation, Inc.                DE       8.01,9.01            07/16/12

Digital Realty Trust, Inc.                       2.01,9.01            07/11/12

DOLLAR GENERAL CORP                     TN       1.01,2.03,8.01,9.01  07/12/12

DTS, INC.                               DE       2.02,9.01            07/16/12

DYNAMIC VENTURES CORP.                           1.01,2.03,3.02,9.01  07/13/12

EDELMAN FINANCIAL GROUP INC.            TX       8.01,9.01            07/17/12

EMERGING MEDIA HOLDINGS INC             NV       5.02,5.03,9.01       07/11/12

EMMAUS LIFE SCIENCES, INC.              DE       7.01                 07/17/12

Energy Transfer Equity, L.P.            DE       3.01                 07/11/12

Ensco plc                                        7.01,9.01            07/16/12

ENTERGY CORP /DE/                       DE       2.02,9.01            07/17/12

ENTERPRISE BANCORP INC /MA/             MA       8.01,9.01            07/17/12

Entertainment Gaming Asia Inc.          NV       5.07                 07/13/12

EOG RESOURCES INC                       DE       7.01                 07/17/12

EQUITY LIFESTYLE PROPERTIES INC         MD       2.02,9.01            07/16/12

ESB FINANCIAL CORP                      PA       2.02,9.01            07/17/12

FactorShares 2X: Gold Bull/S&P500 Bea            9.01                 07/16/12

FactorShares 2X: Oil Bull/S&P500 Bear            9.01                 07/16/12

FactorShares 2X: S&P500 Bull/TBond Be            9.01                 07/16/12

FactorShares 2X: S&P500 Bull/USD Bear            9.01                 07/16/12

FactorShares 2X: TBond Bull/S&P500 Be            9.01                 07/16/12

Federal Home Loan Bank of Atlanta       X1       2.03                 07/17/12

Federal Home Loan Bank of Boston        X1       2.03                 07/11/12

Federal Home Loan Bank of Chicago       X1       2.03                 07/11/12

Federal Home Loan Bank of Cincinnati    X1       2.03,9.01            07/11/12

Federal Home Loan Bank of Indianapoli   X1       2.03,9.01            07/17/12

Federal Home Loan Bank of New York      X1       2.03,9.01            07/11/12

Federal Home Loan Bank of Pittsburgh    PA       2.03,9.01            07/11/12

Federal Home Loan Bank of San Francis   X1       2.03                 07/11/12

Federal Home Loan Bank of Topeka                 2.03,9.01            07/12/12

Fibrocell Science, Inc.                 DE       1.01,3.02,9.01       07/16/12

Fidelity National Information Service            2.02,9.01            07/17/12

FIRST HORIZON NATIONAL CORP             TN       5.02,5.03,9.01       07/16/12

Freedom Environmental Services, Inc.    DE       5.02                 06/15/12    AMEND

FULTON FINANCIAL CORP                   PA       5.02                 07/17/12

FULTON FINANCIAL CORP                   PA       2.02,9.01            07/17/12

GELTOLOGY INC                           DE       1.01,2.01,3.02,4.01, 07/11/12

GENELINK INC                            PA       5.02                 07/13/12

GENVEC INC                              DE       5.02,5.07,9.01       07/11/12

GigOptix, Inc.                          DE       4.01,9.01            07/12/12

GOLDMAN SACHS GROUP INC                 DE       2.02,8.01,9.01       07/17/12

GRAPHIC PACKAGING HOLDING CO            DE       1.01,5.02,9.01       07/16/12

Green Ballast, Inc.                     DE       5.02                 07/11/12

Guidance Software, Inc.                 DE       1.01,9.01            07/12/12

HALCON RESOURCES CORP                   DE       1.01,2.03,9.01       07/16/12

Hanesbrands Inc.                        MD       1.01,7.01,9.01       07/13/12

HARBINGER GROUP INC.                    DE       5.02,9.01            07/13/12

HARTE HANKS INC                         DE       2.02,2.06,5.02,9.01  07/11/12

HIGHLANDS BANKSHARES INC /WV/           WV       8.01                 07/17/12

HIGHLANDS BANKSHARES INC /WV/           WV       5.02                 07/17/12

HKN, Inc.                               DE       5.02,8.01            07/13/12

HomeTrust Bancshares, Inc.              MD       8.01,9.01            07/16/12

HORIZON BANCORP /IN/                    IN       8.01,9.01            07/17/12

HOST HOTELS & RESORTS, INC.             MD       2.02,9.01            07/17/12

HOTEL OUTSOURCE MANAGEMENT INTERNATIO   DE       1.01,9.01            07/12/12

HUNT J B TRANSPORT SERVICES INC         AR       2.02,9.01            07/16/12

IC Places, Inc.                                  1.01,9.01            07/10/12

IMPERVA INC                             DE       5.02,9.01            07/16/12

INFINITY PHARMACEUTICALS, INC.          DE       8.01,9.01            07/16/12

INFORMATION SYSTEMS ASSOCIATES, INC.    FL       2.02,9.01            07/17/12

INLAND REAL ESTATE CORP                 MD       8.01,9.01            07/16/12

INNOCAP INC                                      8.01                 07/07/12

INTEL CORP                              DE       2.02                 07/17/12

INTER PARFUMS INC                       DE       8.01,9.01            07/16/12

Interactive Brokers Group, Inc.         DE       2.02,8.01,9.01       07/17/12

Interactive Intelligence Group, Inc.    IN       2.02,9.01            07/17/12

Intrepid Potash, Inc.                   DE       2.02,7.01,9.01       07/17/12

Island Radio, Inc.                      NV       8.01                 07/17/12

IsoRay, Inc.                            MN       9.01                 07/13/12    AMEND

ITRONICS INC                            TX       8.01                 07/17/12

JAKKS PACIFIC INC                       DE       8.01,9.01            07/17/12

JOHNSON & JOHNSON                       NJ       2.02,9.01            07/17/12

JWC Acquisition Corp.                   DE       8.01,9.01            07/16/12

KAMAN CORP                              CT       8.01,9.01            07/17/12

KANSAS CITY SOUTHERN                    DE       2.02,9.01            07/17/12

KRAFT FOODS INC                         VA       7.01,9.01            07/17/12

LAKELAND BANCORP INC                    NJ       2.02,8.01,9.01       07/17/12

LENNOX INTERNATIONAL INC                DE       5.02,9.01            07/11/12

Lightning Gaming, Inc.                  NV       1.01,3.02,9.01       07/16/12

LIME ENERGY CO.                         DE       4.02,9.01            07/15/12

LINCARE HOLDINGS INC                    DE       2.02,9.01            07/16/12

LIQUIDITY SERVICES INC                  DE       2.01,9.01            07/04/12

Lithium Exploration Group, Inc.         NV       8.01                 07/10/12

M&T BANK CORP                           NY       2.02,9.01            07/17/12

Manitex International, Inc.             MI       8.01,9.01            07/17/12

MATRIX SERVICE CO                       DE       2.02,9.01            07/17/12

MATTEL INC /DE/                         DE       2.02,8.01,9.01       07/17/12

MATTMAR MINERALS INC                             4.01,9.01            06/25/12    AMEND

McEwen Mining Inc.                      CO       7.01,9.01            07/16/12

MCMORAN EXPLORATION CO /DE/             DE       2.02,9.01            07/17/12

Medical Care Technologies Inc.          NV       1.01,2.03,3.02,4.02, 05/29/12
MERCANTILE BANK CORP                    MI       2.02,9.01            07/17/12

MESABI TRUST                            NY       2.02,9.01            07/16/12

MF Global Holdings Ltd.                 DE       7.01,9.01            07/12/12

MILLER ENERGY RESOURCES, INC.           TN       2.02,7.01,9.01       07/16/12

ML MACADAMIA ORCHARDS L P               DE       1.02,2.03,8.01,9.01  07/11/12

MOLINA HEALTHCARE INC                   DE       7.01,9.01            07/13/12

Momentive Performance Materials Inc.    DE       1.01,2.05,9.01       07/17/12

MOSAIC CO                                        2.02,9.01            07/17/12

NABORS INDUSTRIES LTD                   D0       8.01,9.01            07/17/12

NABORS INDUSTRIES LTD                   D0       1.01,3.03,9.01       07/16/12

Nava Resources, Inc.                             4.01,9.01            07/09/12

NB&T FINANCIAL GROUP INC                OH       2.02,7.01,9.01       07/17/12

Neologic Animation Inc                  NV       5.02                 06/27/12

NEW YORK MORTGAGE TRUST INC             MD       1.01,9.01            07/12/12

NEWS CORP                                        8.01,9.01            07/17/12

NGL Energy Partners LP                  DE       3.01,5.03,9.01       07/11/12

NORTHEAST UTILITIES                     MA       8.01                 07/17/12

OHIO VALLEY BANC CORP                   OH       8.01                 07/17/12

OLIN CORP                               VA       7.01,9.01            07/17/12

OMNICOM GROUP INC                       NY       2.02,9.01            07/17/12

PACKAGING CORP OF AMERICA                        2.02,9.01            07/16/12

PATRIOT SCIENTIFIC CORP                 DE       1.01,9.01            07/11/12

PETMED EXPRESS INC                      FL       8.01,9.01            07/16/12

PLANAR SYSTEMS INC                      OR       5.03,9.01            07/11/12

Precision Aerospace Components, Inc.             8.01,9.01            07/17/12

PRIME GLOBAL CAPITAL GROUP Inc          NV       1.01,3.02,9.01       07/16/12

PROSPECT GLOBAL RESOURCES INC.          NV       1.02,9.01            05/30/12    AMEND

QAD INC                                 DE       1.01,9.01            07/13/12

RADIENT PHARMACEUTICALS Corp            DE       1.01,9.01            07/13/12

RADIOSHACK CORP                         DE       5.02,9.01            07/13/12

RALPH LAUREN CORP                       DE       5.02                 07/16/12

RAMBUS INC                              DE       5.02                 07/11/12

REGIS CORP                              MN       1.01,8.01,9.01       07/13/12

REGIS CORP                              MN       5.02,9.01            07/11/12

REMEDENT, INC.                          NV       5.02                 07/17/12

RENASANT CORP                           MS       2.02,9.01            07/17/12

ROBERTS REALTY INVESTORS INC            GA       1.01,2.03,9.01       07/16/12

Rock Energy Resources, Inc.             DE       7.01,9.01            07/17/12

Rockwood Holdings, Inc.                 DE       7.01,9.01            07/17/12

Rolling Technologies, Inc.              NV       5.02                 07/17/12

Rovi Corp                               DE       2.02,7.01,9.01       07/17/12

Sally Beauty Holdings, Inc.                      2.02,9.01            07/17/12

SCHWAB CHARLES CORP                     DE       2.02,9.01            07/17/12

ServisFirst Bancshares, Inc.            DE       2.02,9.01            07/17/12

SHARPS COMPLIANCE CORP                  DE       1.01,2.03,9.01       07/13/12

SIGNET JEWELERS LTD                              8.01,9.01            07/17/12

SM Energy Co                            DE       5.02,7.01,9.01       07/16/12

SOVRAN SELF STORAGE INC                 MD       1.01,5.03,9.01       07/16/12

SS&C Technologies Holdings Inc          DE       2.01,9.01            05/31/12    AMEND

STAG Industrial, Inc.                            5.02                 07/17/12

STANLEY FURNITURE CO INC.               DE       2.02,9.01            07/17/12

STATE STREET CORP                       MA       2.02,8.01,9.01       07/17/12

STERIS CORP                             OH       1.01,8.01,9.01       07/16/12

Stewart & Stevenson LLC                 DE       1.01,2.03            07/11/12

STRATEGIC HOTELS & RESORTS, INC                  7.01,9.01            07/17/12

TD AMERITRADE HOLDING CORP              DE       2.02,9.01            07/17/12

TE Connectivity Ltd.                    V8       2.02,5.02,7.01,9.01  07/17/12

TearLab Corp                            DE       1.01,8.01,9.01       07/12/12

THERMOENERGY CORP                       DE       1.01,3.02,9.01       07/11/12

TMX Finance LLC                         DE       5.02                 07/11/12

TRANSWITCH CORP /DE                     DE       1.01,1.02,8.01,9.01  07/17/12

Treaty Energy Corp                      NV       1.01,9.01            07/11/12

Tri-Tech Holding, Inc.                  E9       5.02                 07/12/12

Tronox Ltd                              C3       7.01                 07/16/12

TURBINE TRUCK ENGINES INC               NV       5.03,9.01            07/17/12

UBS-Barclays Commercial Mortgage Trus            8.01,9.01            07/17/12

URANIUM RESOURCES INC /DE/              DE       8.01,9.01            07/17/12

UROLOGIX INC                            MN       3.01,8.01            07/17/12

Vital Products, Inc.                             8.01                 06/18/12

Vortec Electronics, Inc.                         5.02                 07/17/12

Voyager Oil & Gas, Inc.                 DE       2.02,9.01            07/17/12

Vulcan Materials CO                     NJ       5.03,9.01            07/13/12

WARWICK VALLEY TELEPHONE CO             NY       8.01,9.01            07/13/12

WASHINGTON FEDERAL INC                  WA       2.02,7.01,9.01       07/17/12

Western Asset Mortgage Defined Opport   MD       8.01                 07/17/12

WORLD FINANCIAL NETWORK CREDIT CARD M   DE       1.01,8.01,9.01       07/13/12

WWA GROUP INC                           NV       1.01,9.01            07/12/12

WYNN RESORTS LTD                                 2.02,7.01,8.01,9.01  07/17/12

YAHOO INC                               DE       2.02,9.01            07/17/12

YATERRA VENTURES CORP.                           8.01,9.01            07/11/12

ZAP COM CORP                            NV       5.02                 07/13/12

ZIMMER HOLDINGS INC                     DE       5.02,9.01            07/16/12

ZIOPHARM ONCOLOGY INC                   DE       5.02,9.01            07/16/12



Modified: 07/18/2012