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U.S. Securities and Exchange Commission

SEC News Digest

Issue 2012-139
July 19, 2012

Commission announcements

Securities and Exchange Commission Suspends Trading in the Securities of Six Issuers for Failure to Make Required Periodic Filings

The U.S. Securities and Exchange Commission announced the temporary suspension of trading in the securities of the following issuers, commencing at 9:30 a.m. EDT on July 19, 2012 and terminating at 11:59 p.m. EDT on August 1, 2012.

  • Alliance Bancshares California (ABNS)
  • City Loan, Inc. (CYLN)
  • Clear Choice Financial, Inc. (CLCI)
  • CRC Crystal Research Corp. (CYSA)
  • Cygne Designs, Inc. (CYDS)
  • Davi Skin, Inc. (DAVNQ)

The Commission temporarily suspended trading in the securities of these six issuers due to a lack of current and accurate information about the companies because they have 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 these companies.

Brokers and dealers should be alert to the fact that, pursuant to Exchange Act Rule 15c2-11, at the termination of the trading suspensions, no quotation may be entered relating to the securities of the subject companies 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 these companies 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. 34-67462)

SEC Veteran Michele Wein Layne Named Director of Los Angeles Office

The Securities and Exchange Commission today announced that Michele Wein Layne has been named Regional Director of the Los Angeles Regional Office and will begin her new role immediately. 

Ms. Layne has been an Associate Regional Director for Enforcement in the L.A. office since 2005.  She began her SEC career 17 years ago as a staff attorney in the Enforcement Division and has worked her way up the ranks into the office’s most senior position.  Ms. Layne has been serving as the Co-Acting Regional Director since the departure of prior office director Rosalind Tyson earlier this year.

During her tenure at the SEC, Ms. Layne has worked on many significant enforcement cases involving a wide variety of securities law violations.  Among the cases in which she has played a leadership role was the enforcement action against Countrywide CEO Angelo Mozilo that resulted in the largest SEC penalty ever paid by a public company’s senior executive, and the CSK Auto matter that marked the SEC’s first-ever Sarbanes-Oxley Act “clawback” case against an individual who was required to return bonuses and stock profits while not personally charged for the company’s misconduct.

“Michele has devoted her professional life to the high calling of protecting the nation’s investors and its financial markets,” said Robert Khuzami, Director of the SEC’s Enforcement Division.  “The leadership, judgment, and deep substantive knowledge she exercised while supervising some of the SEC’s most challenging enforcement actions makes her the perfect choice to lead the Los Angeles Regional Office into the future.  I am delighted she has accepted this position.”

Carlo di Florio, Director of the SEC’s Office of Compliance Inspections and Examinations, added, “Michele has been a proven leader and strong partner with the National Exam Program.  She has promoted effective coordination between our enforcement and exam teams.  Her efforts have helped to ensure we are examining firms that present the most significant risks to investors and holding these firms and executives accountable.  We are excited to welcome Michele to our leadership team.” 

Ms. Layne said, “I am honored and fortunate for the opportunity to serve as the head of the Los Angeles Regional Office.  For almost two decades, I have had the great privilege to work with the exceptionally dedicated and talented Los Angeles staff and look forward to leading our office’s continuing exemplary efforts on behalf of the investing public.”

As Regional Director, Ms. Layne will manage the examination and enforcement programs that operate out of the Los Angeles office, which has a staff of more than 120.  The office primarily covers the SEC’s examination and enforcement efforts in Southern California, Arizona, Nevada, Hawaii, and Guam. 

Prior to joining the SEC staff in 1995, Ms. Layne worked in private practice for 11 years at the law firms of Dewey & LeBoeuf and Buchalter Nemer.  Her practice concentrated on complex business litigation.

Ms. Layne received her law degree from the University of Southern California.  She graduated magna cum laude and Phi Beta Kappa from the University of California at Los Angeles. (Press Rel. 2012-140)

SEC Charges CEO With Insider Trading in Secondary Offering of Company Stock

The Securities and Exchange Commission today charged the chairman and CEO of a Santa Ana, Calif.-based computer storage device company with insider trading in a secondary offering of his stock shares with knowledge of confidential information that a major customer’s demand for one of its most profitable products was turning out to be less than expected.

The SEC alleges that Manouchehr Moshayedi sought to take advantage of a dramatically upward trend in the stock price of STEC Inc. by deciding to sell a significant portion of his stock holdings as well as shares owned by his brother, a company co-founder. The secondary offering was set to coincide with the release of the company’s financial results for the second quarter of 2009 and its revenue guidance for the third quarter. However, in the days leading up to the secondary offering, Moshayedi learned critical nonpublic information that was likely to have a detrimental impact on the stock price. Moshayedi did not call off the offering and abstain from selling his shares once he possessed the negative information unbeknownst to the investing public. Instead, he engaged in a fraudulent scheme to hide the truth through a secret side deal, and proceeded with the sale of 9 million shares from which he and his brother reaped gross proceeds of approximately $134 million each.

“Moshayedi put his own self-interest ahead of his responsibility to lead a public company, and shareholders who placed their trust in him suffered as a result,” said Michele Wein Layne, Director of the SEC’s Los Angeles Regional Office. “Company insiders are strictly prohibited under the securities laws from exploiting corporate dealings for private gain, particularly in the secretive and manipulative manner that Moshayedi did.”

According to the SEC’s complaint filed in U.S. District Court for the Central District of California, STEC’s stock price increased more than 800 percent from January to August 2009 as the company reported higher revenues, sales, and margins for its products, particularly its flagship flash memory product called “ZeusIOPS,” a solid state drive (SSD). The stock rise also came on the heels of STEC’s July 2009 announcement of a unique agreement with its largest customer, EMC Corporation, which agreed to buy $120 million worth of ZeusIOPS in the third and fourth quarter of 2009. Moshayedi touted the sales growth of ZeusIOPS and said the agreement with EMC was “part of the expected growth” for STEC going forward.

The SEC alleges that as the Aug. 3, 2009 date for the secondary offering approached, Moshayedi learned in the course of his CEO duties two critical pieces of nonpublic information indicating that EMC’s actual demand for the ZeusIOPS was lower than previously expected. First, Moshayedi learned that EMC’s actual demand for the ZeusIOPS product in the third quarter would only be approximately $34 million – not nearly enough to ensure that STEC’s third quarter revenue guidance could meet or exceed consensus analyst estimates. Analysts had increased STEC’s revenue guidance estimates for the third quarter after STEC announced the agreement with EMC. Second, EMC informed Moshayedi that it would never again enter into a similar agreement with STEC.

According to the SEC’s complaint, Moshayedi responded by entering into a secret side deal with EMC in order to meet third quarter consensus revenue estimates. Moshayedi convinced EMC on July 29 to take $55 million of ZeusIOPS product in the third quarter – far more than it actually needed – in exchange for an undisclosed additional $2 million price discount on the product in the fourth quarter. After securing this deal, STEC announced the orchestrated guidance figures that amounted to approximately $21 million more than EMC’s actual forecasted demand for the quarter. And even though EMC unequivocally informed Moshayedi on the morning of August 3 that it would not make further volume commitments, he withheld this critical information from investors prior to his secondary offering while at the same time touting in public documents the future growth of the ZeusIOPS product and the importance of the STEC-EMC $120 million agreement.

The SEC’s complaint charges Moshayedi with violating the anti-fraud provisions of U.S. securities laws and seeks a final judgment ordering him to disgorge his own ill-gotten gains and the trading profits of his brother Mehrdad Mark Moshayedi, pay prejudgment interest and financial penalties, and be permanently barred from future violations and from serving as an officer and director of any registered public company.

The SEC’s investigation was conducted by Finola H. Manvelian and Douglas Kobayashi in the Los Angeles Regional Office, and John W. Berry will lead the litigation. (Press Rel. 2012-141)

Commission Meetings

Closed Meeting on Thursday, July 26, 2012 at 2:00 p.m.

The subject matter of the Closed Meeting scheduled for Thursday, July 26, 2012 will be: institution and settlement of injunctive actions; institution and settlement of administrative proceedings; adjudicatory matters; 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.


Notification of Technical Amendments to Securities Act Industry Guides

On July 13, 2012, notice was given of the publication of technical amendments to Guide 3, Statistical Disclosure by Bank Holding Companies, and Guide 7, Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations, of the Securities Act of 1933 Industry Guides. These revisions are to conform the Industry Guides to the FASB Accounting Standards CodificationTM . (Rel. 33-9337)

SEC Extends Interim Final Temporary Rule on Retail Foreign Exchange Transactions

The Commission has amended interim final temporary Rule 15b12-1T under the Securities Exchange Act of 1934 to extend its term to July 16, 2013, such that registered broker-dealers may continue to engage in retail foreign exchange transactions until that date under the existing regulatory framework that applies to them when effecting such transactions. (File No. S7-30-11). Publication is expected in the Federal Register during the week of July 16, 2012.  (Rel. 34-67405)

Further Definition of “Swap,” “Security-Based Swap,” and “Security-Based Swap Agreement”; Mixed Swaps; Security-Based Swap Agreement Recordkeeping

The Commission has adopted, jointly with the Commodity Futures Trading Commission (CFTC), rules and interpretations further defining the terms “swap” and “security-based swap” and whether a particular instrument is a “swap” regulated by the CFTC or a “security-based swap” regulated by the SEC. The rules and interpretations also address “mixed swaps,” which are regulated by both agencies, and “security-based swap agreements,” which are regulated by the CFTC but over which the SEC has antifraud and other authority. The rules and interpretations implement provisions of the 2010 Dodd-Frank Act that establish a comprehensive framework for regulating over-the-counter derivatives. The final rules and interpretations will become effective 60 days after the date of publication in the Federal Register. The compliance date of such rules and interpretation for purposes of certain interim exemptions under the federal securities laws will be 180 days after the date of publication in the Federal Register.

The full text of the adopting release can be accessed on the Commission’s website at http://sec.gov/rules/final/2012/33-9338.pdf. (Rel. 33-9338; 34-67453)

Enforcement proceedings

Marc Christopher Harmon Sanctioned

Marc Christopher Harmon (Harmon) has been barred from association with any broker or dealer. The sanction was ordered in an administrative proceeding before an administrative law judge, following a court-ordered injunction against him. In May 2012, Harmon was enjoined from violating the antifraud and registration provisions of the federal securities laws based on his involvement in a scheme that raised approximately $3.2 million from approximately sixteen investors through fraudulent, unregistered sales of securities. (Rel. 34-67458; File No. 3-14896)

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

In conjunction with this trading suspension, the Commission today 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 of seven companies for failure to make required periodic filings with the Commission:

  • Alliance Bancshares California (ABNS)
  • City Loan, Inc. (CYLN)
  • Clear Choice Financial, Inc. (CLCI)
  • Community Bancorp (CBONQ)
  • CRC Crystal Research Corp. (CYSA)
  • Cygne Designs, Inc. (CYDS)
  • Davi Skin, Inc. (DAVNQ)

In this Order, the Division of Enforcement (Division) alleges that the seven 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. 34-67463; File No. 3-14956)

Delinquent Filers’ Stock Registrations Revoked

The registrations of the registered securities of Herzog International Holdings, Inc., Tatonka Oil & Gas Company, Inc., Green Capital Group, Inc., Lone Star International Energy Inc., Wintech Digital System Technology Corp., and House of Brussels Chocolates, Inc., 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. 34-67464; File No. 3-14781)

In the Matter of Stephen J. Czarnik, Esq.

The United States Securities and Exchange Commission (Commission) announced the issuance of 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 Stephen J. Czarnik, Esq. The Order finds that on July 12, 2012, a final judgment was entered against Czarnik in SEC v. Czarnik, in the United States District Court for the Southern District of New York, permanently enjoining him from future violations of Section 5 of the Securities Act of 1933, enjoining him from participating in an offering of penny stock for a period of five years, and permanently barring him from providing professional legal opinions in connection with the offer or sale of securities claiming an exemption under Regulation D of the Securities Act.

The Order further finds that the Commission’s civil complaint alleged, among other things, that Czarnik, a securities lawyer, was a necessary and substantial participant in the unregistered distributions of several penny stocks in violation of Section 5 of the Securities Act of 1933. Czarnik drafted opinion letters for these offerings stating that they were exempt from registration pursuant to Rule 504(b)(1)(iii) of Regulation D. The Commission alleged that the offerings did not comply with that rule because the offerings were not limited to bona fide accredited investors.

Based on the above, the Order suspends Stephen J. Czarnik from appearing or practicing before the Commission as an attorney. Czarnik has the right to apply for reinstatement after a period of three years from the date of the Order. Czarnik consented to the issuance of the Order without admitting or denying any of the findings of the Order, except that he admitted the entry of the final judgment and injunctions. (Rel. 34-67465; File No. 3-14957)

In the Matter of Huron Consulting Group Inc., Gary L. Burge, CPA, and Wayne E. Lipski, CPA

The Securities and Exchange Commission (Commission) announced the issuance of an Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order and Remedial Sanctions (Order) against Huron Consulting Group Inc., Gary L. Burge, and Wayne E. Lipski. The Order finds that Huron Consulting Group Inc. (Huron), a provider of financial and operational consulting services, Gary L. Burge (Burge), Huron’s former Chief Financial Officer and Treasurer, and Wayne E. Lipski (Lipski), Huron’s former Controller and Chief Accounting Officer, failed to properly record compensation expense for certain payments. The Order finds that the selling shareholders of four companies that Huron acquired (SSHs) redistributed a portion of the acquisition sales proceeds that they received from Huron to other Huron employees and among themselves (Redistributions). Contrary to Generally Accepted Accounting Principles, Huron did not record compensation expense for these payments. The Order further finds that in January 2008, Huron, Burge and Lipski considered an SEC Staff Accounting Bulletin, which referenced accounting principles applicable to the Redistributions, but that they subsequently did not determine the full impact of the accounting principles on the company’s financials. Their analysis as to certain Redistributions was inadequate, they did not revisit prior Redistributions and previously contemplated Redistributions of which they were aware, and they did not adequately consider whether there were any additional prior Redistributions or contemplated Redistributions that needed to be analyzed. Due to the improper accounting, Huron filed periodic reports with the Commission that overstated its pre-tax income by 3.70% for 2005, 6.09% for 2006, 30.45% for 2007, 68.59% for 2008, and 25.29% for the first quarter of 2009. In August 2009, Huron restated its financial statements for fiscal years 2006, 2007 and 2008 and the first quarter of 2009, reducing its net income by approximately $56 million. The Order also finds that Huron failed to maintain effective internal controls to ensure the appropriate recording and reporting of Redistributions.

Based on the above, the Order requires that Huron cease and desist from committing or causing any violations and any future violations of 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 thereunder, and that it pay a civil money penalty in the amount of $1,000,000. The Order also requires that Burge and Lipski cease and desist from committing or causing any violations and any future violations of Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-1, 13a-13, and 13b2-1 thereunder. Burge is also ordered to pay a civil money penalty in the amount of $50,000.00 and disgorgement of $147,763.12 plus prejudgment interest of $30,338.46, for a total payment of $228,101.58. Lipski is also ordered to pay a civil money penalty in the amount of $50,000.00 and disgorgement of $12,750.00 plus prejudgment interest of $3,584.94, for a total payment of $66,334.94. Huron, Burge and Lipski consented to the issuance of the Order without admitting or denying any of the findings in the Order. (Rel. 34-67472; AAE Rel. 3394; File No. 3-14958; Press Rel. 2012-142)

SEC Obtains Final Judgment in Case Involving Ponzi Scheme and Promotion of China Voice Holding Corp.

The Commission today announced the entry of a final judgment against Ilya Drapkin and two of his companies, MG TK Corp. and SMI Chips, Inc. The Commission previously alleged that Drapkin financed a stock promotion campaign concerning China Voice Holding Corp. at the same time that he sold millions of shares of China Voice. In addition, the Commission alleged that MG TK Corp. and SMI Chips received ill-gotten gains from a Ponzi scheme orchestrated by China Voice’s co-founder and former CFO, David Ronald Allen, and two associates.

The final judgment permanently enjoins Drapkin from violating Section 17(a)(3) of the Securities Act of 1933. The final judgment also orders Drapkin and MG TK to pay $3,754,004 in disgorgement and prejudgment interest and a civil penalty of $1,554,080, in connection with their sale of China Voice shares while financing stock promotion campaigns that encouraged investors to buy shares. The final judgment also orders Drapkin and MG TK to pay an additional $493,606 in disgorgement and prejudgment interest and Drapkin and SMI Chips to pay $74,270 in disgorgement and prejudgment interest. These figures represent the profits gained by Drapkin, MG TK, and SMI Chips from the Ponzi scheme run by Allen and his associates. In addition, Drapkin is barred from participating in offerings of penny stocks. The final judgment was entered on July 6, 2012. [SEC v. David Ronald Allen, et al., Civil Action No. 3:11-CV-882-O (N.D. Tex.)] (LR-22418)


Approval of Proposed Rule Change

The Commission granted approval of a proposed rule change (SR-OCC-2012-08), filed by The Options Clearing Corporation (OCC) under Section 19(b)(1) of the Securities Exchange Act of 1934 relating to amendments to certain rules applicable to stock futures. Publication in the Federal Register is expected during the week of July 23. (Rel. 34-67459)

Proposed Rule Change

NYSE Arca, Inc. filed with the Securities and Exchange Commission a proposed rule change under Rule 19b-4 (SR-NYSEARCA-2012-69) amending the NYSE Arca Equities Schedule of Fees and Charges for Exchange Services. Publication in the Federal Register is expected during the week of July 23. (Rel. 34-67461)


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.

        1-416-476-3777 - 1,480,000 ($44,400.00) Equity, (File 333-182728 - 
        Jul. 18) (BR. 11)

        CA, 92688, 800-511-3651 - 79,261,370 ($28,800,003.00) Equity, 
        (File 333-182729 - Jul. 18) (BR. 06B)

        12205, 518-218-2500 - 600,000 ($174,000.00) Equity, (File 333-182730 - 
        Jul. 18) (BR. 10B)

S-8     eFuture Information Technology Inc., 
        100026, 861051650988 - 393,745 ($1,870,289.00) Equity, 
        (File 333-182733 - Jul. 18) (BR. 03B)

        60007, 8474399800 - 0 ($8,160,000.00) Equity, (File 333-182734 - 
        Jul. 18) (BR. 06A)

        (401) 400-0028 - 30,000,000 ($1,500,000.00) Equity, (File 333-182735 - 
        Jul. 18) (BR. 03B)

S-1     DIRECT LED, INC, 231 W 39TH STREET, SUITE 726, NEW YORK, NY, 10018, 
        201-289-0991 - 585,824 ($146,456.00) Equity, (File 333-182737 - 
        Jul. 18) (BR. 11)

S-1     weRvaluecoupons.com Inc., 4790 CAUGHLIN PKWY, STE 387, RENO, NV, 89519, 
        775-232-1950 - 500,000 ($25,000.00) Equity, (File 333-182738 - Jul. 18) 
        (BR. )

        740-657-7000 - 0 ($4,969,636.20) Equity, (File 333-182739 - Jul. 18) 
        (BR. 07B)

        1-646-239-1690 - 6,800,536 ($89,971,091.28) Equity, (File 333-182740 - 
        Jul. 18) (BR. 01B)

S-8     CME GROUP INC., 20 S. WACKER DR., CHICAGO, IL, 60606, 3129303011 - 
        0 ($15,530,475.00) Equity, (File 333-182741 - Jul. 18) (BR. 08C)


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

8X8 INC /DE/                            DE       2.02,9.01            07/18/12

AAR CORP                                DE       2.02,9.01            07/18/12

ABBOTT LABORATORIES                     IL       2.02,9.01            07/18/12

Acadia Healthcare Company, Inc.         DE       5.02,9.01            07/17/12

ACE MARKETING & PROMOTIONS INC          NY       3.02,7.01,8.01,9.01  07/11/12

ACNB CORP                               PA       8.01,9.01            07/17/12

ADA-ES INC                              CO       7.01,9.01            07/18/12

ADVANCED MEDICAL ISOTOPE Corp           DE       1.01,2.03,3.02,9.01  07/13/12

AGENUS INC                              DE       7.01,9.01            07/18/12

AIR METHODS CORP                        DE       2.02,9.01            07/18/12

ALIMERA SCIENCES INC                    DE       1.01,7.01,9.01       07/16/12

Ally Financial Inc.                     DE       8.01,9.01            07/18/12

AMAG PHARMACEUTICALS INC.               DE       7.01,9.01            07/18/12

AMERICAN AIRLINES INC                   DE       2.02,9.01            07/18/12

AMERICAN EXPRESS CO                     NY       2.02,7.01            07/18/12

AMERICAN INTERNATIONAL VENTURES INC /   DE       1.01                 07/18/12

AMERICAN INTERNATIONAL VENTURES INC /   DE       1.01                 07/18/12    AMEND

AMERICAN NATIONAL BANKSHARES INC        VA       8.01,9.01            07/18/12

AMERICAN REALTY CAPITAL NEW YORK RECO   MD       2.01,9.01            03/31/12    AMEND

American Realty Capital Trust, Inc.     DE       5.02,8.01,9.01       07/12/12    AMEND

AMERICANWEST BANCORPORATION             WA       7.01,9.01            07/13/12

AMPAL-AMERICAN ISRAEL CORP              NY       7.01,8.01,9.01       07/18/12

AMPHENOL CORP /DE/                      DE       2.02,9.01            07/18/12

AMR CORP                                DE       2.02,9.01            07/18/12

AmREIT, Inc.                            MD       2.02                 07/16/12

Apartment Trust of America, Inc.                 7.01,9.01            07/17/12

APEX 4 Inc.                             DE       5.02                 07/17/12

ARBITRON INC                            DE       7.01,9.01            07/18/12

BANK OF AMERICA CORP /DE/               DE       2.02,7.01,9.01       07/18/12

Bank of New York Mellon CORP            DE       2.02,9.01            07/18/12

BB&T CORP                               NC       8.01                 07/18/12

Beacon Federal Bancorp, Inc.            MD       1.01,8.01,9.01       07/12/12

BEACON ROOFING SUPPLY INC               DE       5.02                 07/17/12

BION ENVIRONMENTAL TECHNOLOGIES INC     CO       7.01,9.01            07/16/12

BJs RESTAURANTS INC                     CA       8.01,9.01            07/18/12

BLACKBAUD INC                                    9.01                 05/04/12    AMEND

BlackRock Inc.                          DE       2.02,9.01            07/18/12

BNC BANCORP                             NC       5.07                 07/17/12

BOLDFACE GROUP, INC.                    NV       1.01,2.01,3.02,5.01, 07/12/12
BOOKS A MILLION INC                     DE       8.01,9.01            07/17/12

Boomerang Systems, Inc.                 DE       1.01,2.03,3.02,9.01  07/13/12

BOSTON PRIVATE FINANCIAL HOLDINGS INC   MA       2.02,9.01            07/18/12

Brekford Corp.                          DE       1.01,2.03,9.01       07/12/12

BROADCAST INTERNATIONAL INC             UT       1.01,2.03,3.02,5.02, 07/13/12
BROADWAY FINANCIAL CORP \DE\            DE       5.02,8.01,9.01       07/09/12

Cal Dive International, Inc.            DE       1.01,2.03,3.02,8.01, 07/12/12
CAMDEN NATIONAL CORP                    ME       8.01,9.01            07/18/12

CAPITAL ONE FINANCIAL CORP              DE       2.02,9.01            07/18/12

CAPITAL ONE FINANCIAL CORP              DE       2.02,7.01,8.01,9.01  07/18/12

Carroll Bancorp, Inc.                   MD       2.02,9.01            07/17/12

CASUAL MALE RETAIL GROUP INC            DE       8.01                 07/17/12

CENTRAL VALLEY COMMUNITY BANCORP        CA       2.02,9.01            07/18/12

CHEMBIO DIAGNOSTICS, INC.               NV       7.01,9.01            07/18/12

China Armco Metals, Inc.                NV       5.02,5.07,8.01,9.01  07/13/12

China Auto Logistics Inc                NV       5.02,9.01            07/17/12

CHINA NEW MEDIA CORP                    DE       5.03,9.01            07/17/12

Circle Entertainment, Inc.              DE       1.01,9.01            07/12/12

CLEAN HARBORS INC                       MA       1.01,8.01,9.01       07/17/12

CODORUS VALLEY BANCORP INC              PA       2.02,9.01            07/18/12

COHEN & STEERS INC                      DE       2.02,9.01            07/18/12

CommonWealth REIT                       MD       8.01,9.01            07/12/12

COMMUNITY HEALTH SYSTEMS INC            DE       1.01,2.03,8.01,9.01  07/18/12

COMMUNITY TRUST BANCORP INC /KY/        KY       2.02,7.01,9.01       06/30/12

Conmed Healthcare Management, Inc.      DE       1.01,5.02,8.01,9.01  07/16/12

CORE LABORATORIES N V                   P7       2.02,9.01            07/18/12

COVANTA HOLDING CORP                    DE       2.02,7.01,9.01       07/18/12

CROWN CRAFTS INC                        DE       8.01,9.01            07/17/12

CROWN HOLDINGS INC                      PA       2.02,9.01            07/18/12

CRYO CELL INTERNATIONAL INC             DE       2.02,9.01            07/17/12

Cullman Bancorp, Inc.                   X1       8.01                 07/17/12

Curry Gold Corp                                  5.02,5.03,5.07,9.01  07/17/12

CYS Investments, Inc.                   MD       2.02,9.01            07/18/12

DAEGIS INC.                             DE       2.02,9.01            07/17/12

DCP Holding CO                          OH       8.01,9.01            07/18/12

DERMA SCIENCES, INC.                    PA       1.01                 07/12/12

DIAMOND OFFSHORE DRILLING INC           DE       7.01,9.01            07/18/12

DIGITAL ALLY INC                                 5.02                 07/13/12

DOVER Corp                              DE       2.02,9.01            07/18/12

DUNKIN' BRANDS GROUP, INC.              DE       7.01,9.01            07/18/12

EAGLE FINANCIAL SERVICES INC            VA       8.01,9.01            07/18/12

EAST WEST BANCORP INC                            2.02,9.01            07/18/12

EBAY INC                                DE       2.02,9.01            07/18/12

El Paso Pipeline Partners, L.P.         DE       2.02,9.01            07/18/12

EMC CORP                                MA       2.02,5.02,9.01       07/17/12

Energy Transfer Equity, L.P.            DE       5.02                 07/17/12

ESSA Bancorp, Inc.                      PA       8.01,9.01            07/17/12

EXPONENT INC                            DE       2.02,9.01            07/18/12

F5 NETWORKS INC                         WA       2.02,9.01            07/18/12

FAIRPOINT COMMUNICATIONS INC            DE       8.01,9.01            07/18/12

FARMERS CAPITAL BANK CORP               KY       1.02                 07/18/12

FBR & Co.                               VA       2.02,9.01            07/17/12

FiberTower CORP                         DE       1.03,2.04,7.01,9.01  07/17/12

First Bancorp, Inc /ME/                 ME       2.02                 07/18/12

FIRST CASH FINANCIAL SERVICES INC       DE       2.02,9.01            07/18/12

FISERV INC                              WI       5.02                 07/13/12

FOREST CITY ENTERPRISES INC             OH       8.01,9.01            07/18/12

FOREST LABORATORIES INC                 DE       2.02,9.01            07/17/12

GAMETECH INTERNATIONAL INC              DE       5.02                 07/13/12

GARDNER DENVER INC                      DE       2.02,5.02,7.01,9.01  07/13/12

GE Dealer Floorplan Master Note Trust   DE       1.01,9.01            07/17/12

GEORESOURCES INC                        CO       8.01,9.01            07/16/12

GERON CORP                              DE       8.01                 07/16/12

GERON CORP                              DE       1.01,9.01            07/12/12

GLOBAL PAYMENTS INC                     GA       5.02                 07/16/12

GLOBE SPECIALTY METALS INC                       7.01,9.01            07/18/12

GRAINGER W W INC                        IL       2.02,9.01            07/18/12

Grand Canyon Education, Inc.            DE       5.02                 07/16/12

GRANT PARK FUTURES FUND LIMITED PARTN   IL       7.01,9.01            07/13/12

GRANT PARK FUTURES FUND LIMITED PARTN   IL       7.01,9.01            06/30/12

GREEN & QUALITY HOME LIFE, INC.         NV       8.01                 07/18/12

GUIDED THERAPEUTICS INC                 DE       7.01,9.01            07/18/12

GUITAR CENTER HOLDINGS, INC.            DE       5.02                 07/13/12

HALCON RESOURCES CORP                   DE       8.01,9.01            07/16/12

HEALTH ENHANCEMENT PRODUCTS INC         NV       8.01,9.01            07/18/12

HEARTLAND FINANCIAL USA INC             DE       7.01,9.01            07/18/12

HENRY JACK & ASSOCIATES INC             DE       5.02,9.01            07/18/12

HERCULES OFFSHORE, INC.                 DE       7.01,9.01            07/18/12

Homeland Security Capital CORP          DE       5.07                 07/17/12

HONEYWELL INTERNATIONAL INC             DE       2.02,9.01            07/18/12

Horizon Lines, Inc.                              1.01,8.01,9.01       07/13/12

HOVNANIAN ENTERPRISES INC               DE       3.02                 07/12/12

Ignite Restaurant Group, Inc.                    2.02,4.02,8.01,9.01  07/18/12

IMPAX LABORATORIES INC                  DE       5.02,9.01            07/17/12

INDEPENDENT BANK CORP                   MA       9.01                 05/15/12    AMEND

INKSURE TECHNOLOGIES INC.               DE       5.02                 07/18/12

INLAND REAL ESTATE CORP                 MD       8.01,9.01            07/17/12

INPHI Corp                              DE       5.02                 07/12/12

INTEL CORP                              DE       2.02                 07/17/12

Internal Fixation Systems, Inc.         FL       3.02,5.02,5.03       07/17/12

INTERNATIONAL BUSINESS MACHINES CORP    NY       2.02                 07/18/12

INTERNATIONAL FUEL TECHNOLOGY INC       NV       8.01                 07/16/12

International Gold Corp.                NV       8.01,9.01            07/15/12

Intervia Inc.                                    1.01,9.01            07/16/12

IRONWOOD PHARMACEUTICALS INC                     2.02,9.01            07/17/12

KIMCO REALTY CORP                       MD       1.01,9.01            07/16/12

KINDER MORGAN ENERGY PARTNERS L P       DE       2.02,9.01            07/18/12

KINDER MORGAN, INC.                     DE       2.02,9.01            07/18/12

Kips Bay Medical, Inc.                  DE       8.01,9.01            07/18/12

KNIGHT CAPITAL GROUP, INC.              DE       2.02,7.01,9.01       07/18/12

KNOLOGY INC                             DE       1.02,2.01,3.01,3.03, 07/17/12
KRAFT FOODS INC                         VA       1.01,2.03,5.02,9.01  07/12/12

LANDMARK BANCORP INC                    DE       7.01,9.01            07/18/12

LANNETT CO INC                          DE       8.01,9.01            07/16/12

LaSalle Hotel Properties                MD       2.02,9.01            07/18/12

LBI MEDIA HOLDINGS INC                           7.01,9.01            07/17/12

LCNB CORP                               OH       2.02,8.01,9.01       06/30/12

LEE ENTERPRISES, INC                    DE       2.02,9.01            07/17/12

LIONS GATE ENTERTAINMENT CORP /CN/      A1       8.01                 07/17/12

MAGNUM HUNTER RESOURCES CORP            DE       8.01                 07/18/12

Main Street Capital CORP                MD       1.01,2.03,8.01,9.01  07/17/12

MANAGEMENT NETWORK GROUP INC                     9.01                 06/07/12    AMEND

MARCUS CORP                             WI       8.01,9.01            07/18/12

MARTEN TRANSPORT LTD                    DE       2.02,9.01            07/17/12

MB FINANCIAL INC /MD                             2.02,9.01            07/17/12

MEADE INSTRUMENTS CORP                  DE       5.02,5.07,9.01       07/12/12

MECHANICAL TECHNOLOGY INC               NY       5.02                 07/12/12

MEDIA GENERAL INC                       VA       2.02,9.01            06/18/12

MEDISWIPE INC.                          DE       4.01                 07/18/12    AMEND

MEDIVATION, INC.                        DE       5.02,5.07,9.01       07/13/12

Mellanox Technologies, Ltd.             L3       2.02,9.01            07/18/12

MICROCHIP TECHNOLOGY INC                DE       8.01                 07/18/12

MIDAMERICAN ENERGY CO                   IA       8.01                 07/18/12

MidWestOne Financial Group, Inc.        IA       8.01,9.01            07/17/12

MModal Inc.                             DE       5.02                 07/02/12

MONMOUTH REAL ESTATE INVESTMENT CORP    MD       7.01,9.01            07/18/12

MOSAIC CO                                        2.02,9.01            07/17/12

MS STRUCTURED TILES SERIES 2005-1       DE       8.01                 07/16/12

MusclePharm Corp                        NV       5.02                 07/12/12

NANOSPHERE INC                          DE       7.01,9.01            07/18/12

NATURALLY ADVANCED TECHNOLOGIES INC     A1       8.01,9.01            07/18/12

NETWORK ENGINES INC                     DE       2.03                 07/12/12

NEWS CORP                                        8.01,9.01            07/18/12

Noble Corp / Switzerland                V8       2.02,9.01            07/18/12

NORTH STATE BANCORP                     NC       2.02,9.01            07/18/12

Northern Tier Energy LLC                DE       1.01,2.03,9.01       07/17/12

NORTHERN TRUST CORP                     DE       2.02,9.01            07/18/12

NORTHERN TRUST CORP                     DE       8.01,9.01            07/17/12

NVE CORP /NEW/                          MN       2.02                 07/18/12

OAKRIDGE INTERNATIONAL CORP             NV       5.02                 07/18/12

OCLARO, INC.                            DE       5.07,8.01,9.01       07/17/12

ODYSSEY MARINE EXPLORATION INC          NV       1.01,2.02,2.03,8.01, 07/17/12
OGLETHORPE POWER CORP                   GA       5.02,9.01            07/17/12

OLD STONE CORP                          RI       1.03,9.01            07/16/12

OLIN CORP                               VA       1.01,8.01,9.01       07/17/12

ONLINE DISRUPTIVE TECHNOLOGIES, INC.    NV       1.01,3.02,9.01       07/10/12

OPTICAL CABLE CORP                      VA       8.01,9.01            07/16/12

ORRSTOWN FINANCIAL SERVICES INC         PA       8.01                 07/18/12

PACIFIC CONTINENTAL CORP                OR       2.02,9.01            07/18/12

PAN AMERICAN GOLDFIELDS LTD             DE       1.01,3.02,5.02,9.01  07/13/12

PANTRY INC                              DE       2.02                 07/18/12

PARKERVISION INC                        FL       5.02                 07/16/12

Patriot Minefinders Inc.                NV       7.01                 06/19/12

Pebblebrook Hotel Trust                 MD       1.01,2.03,7.01,9.01  07/18/12

PENN VIRGINIA CORP                      VA       1.01,7.01,9.01       07/16/12

PENNS WOODS BANCORP INC                 PA       2.02,9.01            07/18/12

Peoples Federal Bancshares, Inc.                 8.01,9.01            07/17/12

PERMA FIX ENVIRONMENTAL SERVICES INC    DE       5.02,8.01,9.01       07/12/12

PINNACLE FINANCIAL PARTNERS INC         TN       2.02,9.01            07/17/12

PIONEER DRILLING CO                     TX       8.01,9.01            07/18/12

PIONEER NATURAL RESOURCES CO            DE       2.02                 07/18/12

PLATINUM UNDERWRITERS HOLDINGS LTD      D0       2.02,9.01            07/18/12

PLEXUS CORP                             WI       2.02                 07/18/12

PNC FINANCIAL SERVICES GROUP, INC.      PA       2.02,9.01            07/18/12

PNC FINANCIAL SERVICES GROUP, INC.      PA       2.02,9.01            07/18/12

POPULAR INC                                      7.01,9.01            07/18/12

POPULAR INC                                      2.02,9.01            07/18/12

PRINCIPAL FINANCIAL GROUP INC           DE       7.01                 07/18/12

PROASSURANCE CORP                       DE       7.01,9.01            07/18/12

PROCTER & GAMBLE Co                     OH       7.01                 07/18/12

Protalix BioTherapeutics, Inc.          FL       5.02,5.03,9.01       07/15/12

pSivida Corp.                           DE       8.01,9.01            07/18/12

Puramed Bioscience Inc.                 MN       1.01,3.02,9.01       07/17/12

Puramed Bioscience Inc.                 MN       1.01,2.03,9.01       07/17/12

Quadrant 4 Systems Corp                 FL       2.02,7.01,9.01       07/13/12

QUALCOMM INC/DE                         DE       2.02,9.01            07/18/12

QUICK-MED TECHNOLOGIES INC                       1.01                 07/18/12

RADIO ONE, INC.                         DE       3.01                 07/13/12

REPUBLIC BANCORP INC /KY/               KY       7.01,9.01            07/18/12

RIMAGE CORP                             MN       2.02,9.01            07/18/12

RLI CORP                                IL       2.02,9.01            07/18/12

Rosetta Resources Inc.                  DE       7.01,9.01            07/18/12

S Y BANCORP INC                         KY       2.02,9.01            07/18/12

S&W Seed Co                             NV       1.01,9.01            07/12/12

SAIC, Inc.                                       8.01,9.01            07/17/12

SEI INVESTMENTS CO                      PA       2.02,9.01            07/18/12

SELECT COMFORT CORP                     MN       2.02,9.01            07/18/12

Select Income REIT                      MD       1.01,2.03,9.01       07/12/12

SIGMA DESIGNS INC                       CA       9.01                 05/04/12    AMEND

Silver Falcon Mining, Inc.              DE       8.01                 07/18/12

Silver Falcon Mining, Inc.              DE       1.01,2.03,9.01       07/18/12

SKYWORKS SOLUTIONS, INC.                DE       2.02,9.01            07/18/12

SLM CORP                                DE       2.02,9.01            07/18/12

SMG Indium Resources Ltd.               DE       8.01                 07/16/12

SMITH A O CORP                          DE       2.02,9.01            07/18/12

SMITHFIELD FOODS INC                    VA       8.01,9.01            07/18/12

Solar Power, Inc.                       CA       1.01,2.01,9.01       06/08/12    AMEND

Southern Trust Securities Holding Cor   FL       5.02                 06/09/12

SOUTHWEST BANCORP INC                   OK       2.02,7.01,9.01       07/18/12

SPORT CHALET INC                        DE       3.01                 07/18/12

ST JUDE MEDICAL INC                     MN       2.02,9.01            07/18/12

STANCORP FINANCIAL GROUP INC            OR       2.02,9.01            07/18/12

STANLEY BLACK & DECKER, INC.            CT       1.01,2.03,9.01       07/13/12

STANLEY BLACK & DECKER, INC.            CT       2.02,9.01            07/18/12

STEMCELLS INC                           DE       8.01,9.01            07/17/12

STRUCTURED PRODUCTS CORP CORTS TR FOR   DE       8.01                 02/16/12

STRYKER CORP                            MI       2.02,9.01            07/18/12

SUBURBAN PROPANE PARTNERS LP            DE       7.01,8.01,9.01       07/18/12

SUPERVALU INC                           DE       5.02,5.03,5.07,9.01  07/16/12

Synthetic Biologics, Inc.               NV       5.08                 07/18/12

Talon Therapeutics, Inc.                DE       1.01,8.01            07/12/12

Targeted Medical Pharma, Inc.                    7.01,9.01            07/17/12

TAYLOR CAPITAL GROUP INC                DE       7.01,9.01            07/18/12

TAYLOR CAPITAL GROUP INC                DE       2.02,9.01            07/18/12

TAYLOR CAPITAL GROUP INC                DE       1.01,9.01            07/18/12

TEGAL CORP /DE/                         DE       1.01,2.01,5.02,9.01  07/12/12

TEREX CORP                              DE       8.01,9.01            07/18/12

THERMO FISHER SCIENTIFIC INC.           DE       1.01,9.01            07/15/12

TIDEWATER INC                           DE       8.01,9.01            07/12/12

Tornier N.V.                            P7       2.02,5.02,9.01       07/17/12

Two Harbors Investment Corp.                     1.01,8.01,9.01       07/13/12

UNI CORE HOLDINGS CORP                  UT       4.01,9.01            06/28/12    AMEND

UNITED BANCORP INC /MI/                 MI       8.01,9.01            07/18/12

United Continental Holdings, Inc.       DE       1.01                 07/12/12

UNITED RENTALS INC /DE                  DE       2.02,7.01,9.01       07/17/12

UNWALL INTERNATIONAL INC                NV       5.02                 07/05/12

US BANCORP \DE\                         DE       2.02,9.01            07/18/12

Varca Ventures, Inc.                    NV       1.01,3.02,5.02,9.01  07/18/12

VERILINK CORP                           DE       1.01,9.01            07/17/12

VERIZON COMMUNICATIONS INC              DE       8.01,9.01            07/18/12

VIVUS INC                               CA       8.01,9.01            07/17/12

VMWARE, INC.                            DE       5.02,9.01            07/17/12

VORNADO REALTY LP                       DE       3.02,5.03,9.01       07/18/12

VORNADO REALTY TRUST                    MD       5.03,8.01,9.01       07/18/12

W P CAREY & CO LLC                      DE       5.02,9.01            07/17/12

WEST CORP                               DE       2.02,9.01            07/18/12

Western Refining, Inc.                  DE       7.01,8.01,9.01       07/16/12

WIKI GROUP, INC.                                 5.02,8.01,9.01       07/01/12

WNC CALIFORNIA HOUSING TAX CREDITS II   CA       2.02,9.01            07/18/12

WNC HOUSING TAX CREDIT FUND II LP       CA       2.02,9.01            07/18/12

WNC HOUSING TAX CREDIT FUND IV L P SE   CA       2.02,9.01            07/18/12

WNC HOUSING TAX CREDIT FUND V LP SERI   CA       2.02,9.01            07/18/12

WORLD FUEL SERVICES CORP                FL       7.01,9.01            07/18/12

WORLD OMNI AUTO RECEIVABLES LLC         DE       8.01,9.01            07/18/12

XILINX INC                              DE       2.02,9.01            07/18/12

XODTEC LED, INC.                        NV       1.01,2.01,5.01,5.07, 07/13/12
ZHONE TECHNOLOGIES INC                  DE       2.02,9.01            07/18/12



Modified: 07/19/2012