SEC Charges New York Stock Exchange for Improper Distribution of Market Data
NYSE Agrees to Settle Charges by Paying First-Ever SEC Financial Penalty Against An Exchange
The Securities and Exchange Commission today brought first-of-its-kind charges against the New York Stock Exchange for compliance failures that gave certain customers an improper head start on trading information.
SEC Regulation NMS (National Market System) prohibits the practice of improperly sending market data to proprietary customers before sending that data to be included in what are known as consolidated feeds, which broadly distribute trade and quote data to the public. This ensures the public has fair access to current market information about the best displayed prices for stocks and trades that have occurred.
According to the SEC's order against NYSE, the exchange violated this rule over an extended period of time beginning in 2008 by sending data through two of its proprietary feeds before sending data to the consolidated feeds. NYSE's inadequate compliance efforts failed to monitor the speed of its proprietary feeds compared to its data transmission to the consolidated feeds.
NYSE and its parent company NYSE Euronext agreed to a $5 million penalty and significant undertakings to settle the SEC's charges. It marks the first-ever SEC financial penalty against an exchange.
"Improper early access to market data, even measured in milliseconds, can in today's markets be a real and substantial advantage that disproportionately disadvantages retail and long-term investors," said Robert Khuzami, Director of the SEC's Division of Enforcement. "That is why SEC rules mandate that exchanges give the public fair access to basic market data. Compliance with these rules is especially important given exchanges' for-profit business interests"
Daniel M. Hawke, Chief of the SEC Enforcement Division's Market Abuse Unit, added, "The violations at NYSE may have been technological, but they were not technical. Robust technology governance is just as important to preventing investor harm as any other compliance or supervisory function."
Robert W. Cook, Director of the SEC's Division of Trading and Markets, said, "Market data is the lifeblood of the national market system. Our rules require exchanges to distribute information on quotes and trades to the consolidated data processors on terms that are 'fair and reasonable' and 'not unreasonably discriminatory.'"
According to the SEC's order, NYSE violated Rule 603(a) of SEC Regulation NMS. The two NYSE proprietary data feeds at issue were Open Book Ultra — which sends real-time data about NYSE's entire order book — and PDP Quotes, which contains NYSE's quote for each security. The transmission disparities had several causes. An internal NYSE system architecture gave one of the data feeds a faster path to customers than the path used to send data to the consolidated feed. Also there was a software issue in the internal NYSE system that sent data to the consolidated feed. The disparities in data release times ranged from single-digit milliseconds to multiple seconds.
The SEC's order finds that NYSE's compliance department was not involved in important technology decisions, including the design, implementation, and operation of NYSE's market data systems. By not involving the compliance department at critical junctures, NYSE missed opportunities to avoid compliance failures. NYSE also failed to retain computer files that contained information about its transmission of market data, including the times that NYSE sent data to be included in the consolidated feed. These computer files related to NYSE's compliance with Rule 603(a), and NYSE's failure to retain them complicated its ability to determine when it experienced delays sending data and calculate the length of delays when they occurred.
The SEC's order finds that NYSE violated Rule 603(a) of Regulation NMS and the record retention provisions of Section 17(a)(1) of the Securities Exchange Act and Rule 17a-1, and NYSE Euronext, which supplied the personnel responsible for these systems and compliance, caused the violations. NYSE and NYSE Euronext agreed to a settlement without admitting or denying the Commission's findings. The order censures NYSE, imposes a $5 million penalty, and requires both NYSE and NYSE Euronext to cease and desist from committing or causing these violations. NYSE and NYSE Euronext are required to retain an independent consultant to conduct a comprehensive review of their market data delivery systems to ensure that they comply with Rule 603(a).
The SEC's investigation was conducted by members of the Enforcement Division's Market Abuse Unit including William Max Hathaway, David Herman, Ainsley Kerr, and Robert Cohen, and supervised by the unit's chief Daniel M. Hawke and deputy chief Sanjay Wadhwa. (Press Rel. 2012-189; Rel. 34-67857; File No. 3-15023)
In the Matter of R. Jeffrey Rooks, CPA
On September 13, 2012, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Rule102(e) of the Commission’s Rules of Practice, Making Findings, and Imposing Remedial Sanctions (Order) against R. Jeffrey Rooks, CPA. The Order finds that on September 5, 2012, a final judgment was entered against Rooks, providing for permanent injunctive relief under Sections 10(b) and 14(e) of the Exchange Act and Rules 10b-5 and 14e-3 thereunder, in the civil action entitled Securities and Exchange Commission v. R. Jeffrey Rooks, Civil Action Number 1:12-CV-2988-CAP, in the United States District Court for the Northern District of Georgia. The Commission’s complaint alleged, among other things, that Rooks traded in the securities of Chattem, Inc., while in possession of material, non-public information that had been tipped to him from an accounting partner who misappropriated the information from an accounting client, while further knowing that the information was obtained in breach of a duty of trust in confidence that the accounting partner owed to the accounting client.
Based on the above, the Order suspends Rooks from appearing or practicing before the Commission. Rooks consented to the issuance of the Order without admitting or denying any of the findings contained in the Order, except as to jurisdiction and the entry of the final judgment against him in Securities and Exchange Commission v. R. Jeffrey Rooks, which he admitted. (Rel. 34-67856; AAE Rel. 3405; File No. 3-15022)
Commission Declares Decision as to 4C Controls, Inc. Final
The decision of an administrative law judge with respect to 4C Controls, Inc. has become final. The law judge found that 4C Controls violated Section 13(a) of the Exchange Act and Exchange Act Rules 13a-1 and 13a-13 by its failure to timely file any periodic reports since it filed a Form 10-Q for the period ended September 30, 2009.
4C Controls' request for an extension of time to file its missing periodic reports was subsequently denied by the law judge on the basis that he had allowed the company several months to remedy serious, long-standing violations, which were not in dispute, but 4C Controls has failed to do so. The law judge found that it was both necessary and appropriate for the protection of investors to revoke the registration of each class of the registered securities of 4C Controls. (Rel. 34-67858; File No. 3-14815)
Investment Adviser Sanctioned
Investment adviser Leaddog Capital Markets, LLC, f/k/a Leaddog Capital Partners, Inc. (Leaddog), and its owners, Chris Messalas (Messalas), and Joseph LaRocco, Esq. (LaRocco), have been sanctioned following a hearing before an administrative law judge. They were ordered to cease and desist from violations of the antifraud provisions of the securities laws and, jointly and severally, to disgorge ill-gotten gains of $220,572 and pay a civil money penalty of $130,000. Additionally, Messalas was barred from association with any broker, dealer, investment adviser, or investment company, and LaRocco was barred from association with any investment adviser or investment company and was denied, permanently, the privilege of appearing or practicing before the Securities and Exchange Commission as an attorney.
The law judge found that Leaddog, Messalas, and LaRocco violated the antifraud provisions by making material misrepresentations and omissions in the operation of a hedge fund. (Initial Decision No. 468; File No. 3-14623)
In the Matter of Walter V. Gerasimowicz, Meditron Asset Management, LLC and Meditron Management Group, LLC
On September 14, 2012, the Commission issued an Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, 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 Walter V. Gerasimowicz (Gerasimowicz), Meditron Asset Management, LLC (MAM) and Meditron Management Group, LLC (MMG).
In the Order, the Division of Enforcement alleges that from 2009 through 2011, Gerasimowicz, MAM and MMG misappropriated approximately $2.65 million belonging to their hedge fund client, the Meditron Fundamental Value/Growth Fund, LLC (Meditron Fund). The Division of Enforcement further alleges that Respondents used Meditron Fund assets to provide financial support to SMC Electrical Contracting Inc. (SMC), a private contracting company managed by Gerasimowicz that is currently in Chapter 11 bankruptcy proceedings. According to the Division’s allegations, during this time period, Gerasimowicz, MAM and MMG continued to represent in both offering documents and communications to investors that the Meditron Fund maintained a diversified portfolio and employed measures to reduce risk, and failed to disclose the SMC investment or deviations from the Meditron Fund’s stated investment strategy. During this time, Gerasimowicz and MAM also failed to disclose the conflicts of interest resulting from their own investment of over $2 million in SMC.
The Division of Enforcement further alleges that MAM and Gerasimowicz misrepresented MAM’s assets under management at $1.1 billion in various magazine articles authored by Gerasimowicz and made available on MAM’s and MMG’s website. The Division also alleges that MAM and Gerasimowicz failed to distribute annual, audited financial statements to Meditron Fund investors within the prescribed time periods.
As alleged in the Order, Gerasimowicz, MAM and MMG willfully violated 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 (Advisers Act) and Rule 206(4)-8 thereunder, and MAM, aided and abetted and caused by Gerasimowicz, violated Advisers Act Section 206(4) and Rules 206(4)-1 and 206(4)-2 thereunder.
A hearing will be scheduled before an Administrative Law Judge to determine whether the allegations contained in the Order are true, and to afford the Respondents an opportunity to establish defenses to the allegations, and to determine whether remedial action is appropriate and in the public interest.
The Order requires the Administrative Law Judge to issue an initial decision no later than 300 days from the date of service of the Order, pursuant to Rule 360(a)(2) of the Commission’s Rules of Practice. (Rels. 33-9361; 34-67860, IA-3464, IC-30202; File No. 3-15024)
Immediate Effectiveness of Proposed Rule Changes
A proposed rule change filed by C2 Options Exchange, Incorporated to adopt a rule regarding mandatory trading permit holder education and a corresponding set of fines (SR-C2-2012-032) has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of September 17. (Rel. 34-67848)
A proposed rule change filed by The NASDAQ Stock Market LLC (SR-NASDAQ-2012-103) to modify the Investor Support Program under Rule 7014 and to amend NASDAQ’s Schedule of Execution Fees and Rebates under Rule 7018 has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of September 17. (Rel. 34-67849)
National Securities Clearing Corporation (NSCC) filed a proposed rule change (SR-NSCC-2012-07) under Section 19(b)(1) of the Securities Exchange Act of 1934, which became effective upon filing, that: (i) eliminates the practice of netting of creations and redemptions of index receipts prior to their entering NSCC’s Accounting Operation, and (ii) effects certain other technical changes. Publication is expected in the Federal Register during the week of September 17. (Rel. 34-67850)
A proposed rule change filed by The NASDAQ Stock Market LLC to delete NASDAQ Rule 7032 (SR-NASDAQ-2012-105) has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of September 17. (Rel. 34-67852)
Proposed Rule Change
The Options Clearing Corporation (OCC) filed a proposed rule change (SR-OCC-2012-15) under Section 19(b)(1) of the Securities Exchange Act of 1934 relating to financial reporting by Canadian clearing members. Publication is expected in the Federal Register during the week of September 17. (Rel. 34-67851)
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 SPARTAN MOTORS INC, 1000 REYNOLDS RD, P O BOX 440, CHARLOTTE, MI, 48813, 5175436400 - 2,000,000 ($1,162.04) Equity, (File 333-183871 - Sep. 13) (BR. 05C) S-3ASR TESORO CORP /NEW/, 19100 RIDGEWOOD PKWY, SAN ANTONIO, TX, 78259-1828, 210 626-6000 - 0 ($0.00) Debt, (File 333-183872 - Sep. 13) (BR. 04B) S-8 WEBSTER FINANCIAL CORP, LINDSEY KOPP, 3 FARM GLEN BOULEVARD, FARMINGTON, CT, 06034-2925, 860-409-2925 - 0 ($14,677,000.00) Equity, (File 333-183875 - Sep. 13) (BR. 07B) S-4 Sabra Health Care Limited Partnership, 18500 VON KARMAN, SUITE 550, IRVINE, CA, 92612, (888) 393-8248 - 0 ($100,000,000.00) Equity, (File 333-183878 - Sep. 13) (BR. 08) S-3ASR Douglas Emmett Inc, 808 WILSHIRE BLVD., SUITE 200, SANTA MONICA, CA, 90401, 310-255-7700 - 0 ($0.00) Equity, (File 333-183879 - Sep. 13) (BR. 08B) S-8 Liberty Coal Energy Corp., 99 18TH STREET, SUITE 3000, DENVER, CO, 80202, 303-997-3161 - 17,988,000 ($568,420.80) Equity, (File 333-183880 - Sep. 13) (BR. 03C) S-1 Oryon Technologies, Inc., 4251 KELLWAY CIRCLE, ADDISON, TX, 75001, (214) 267-1321 - 0 ($6,020,000.00) Equity, (File 333-183881 - Sep. 13) (BR. 11C) S-8 LAKELAND INDUSTRIES INC, 701-7 KOEHLER AVENUE, RONKONKOMA, NY, 11779, 6319819700 - 310,000 ($2,083,200.00) Equity, (File 333-183882 - Sep. 13) (BR. 10B) S-3ASR REALPAGE INC, 4000 INTERNATIONAL PARKWAY, CARROLLTON, TX, 75007-1913, 972-820-3923 - 0 ($0.00) Equity, (File 333-183883 - Sep. 13) (BR. 03B) S-1 Armada Oil, Inc., 1 GATEWAY CENTER, SUITE 2600, NEWARK, NJ, 07102, 800-676-1006 - 13,109,570 ($21,997,484.00) Equity, (File 333-183884 - Sep. 13) (BR. 04) S-8 SALESFORCE COM INC, THE LANDMARK, ONE MARKET STREET STE.300, SAN FRANCISCO, CA, 94105, 0 ($633,470.00) Equity, (File 333-183885 - Sep. 13) (BR. 03B) S-1 Infinity Oil & Gas Co, 750 BROADWAY, WOODMERE, NY, 11598, (310) 623-7505 - 840,000 ($210,000.00) Equity, (File 333-183886 - Sep. 13) (BR. ) S-1 WAGEWORKS, INC., 1100 PARK PLACE, 4TH FLOOR, SAN MATEO, CA, 94403, 650-557-5200 - 0 ($100,000,000.00) Equity, (File 333-183889 - Sep. 13) (BR. 02) S-1 ORIENTAL FINANCIAL GROUP INC, MONACILLOS 1000, SAN ROBERTO ST, RIO PIEDRAS, PR, 00926, 7877661986 - 0 ($36,000,000.00) Equity, (File 333-183890 - Sep. 13) (BR. 07C)
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.
NAME OF ISSUER CODE 8K ITEM NO. DATE COMMENT
4 KIDS ENTERTAINMENT INC NY 2.05 09/13/12 AETHLON MEDICAL INC NV 5.02 09/07/12 AETHLON MEDICAL INC NV 5.02 09/07/12 AETRIUM INC MN 3.01 09/12/12 AGILENT TECHNOLOGIES INC DE 1.01,2.03,8.01,9.01 09/10/12 ALBANY MOLECULAR RESEARCH INC DE 5.02,9.01 09/10/12 ALLEGHENY TECHNOLOGIES INC DE 7.01,9.01 09/13/12 ALLIANCEBERNSTEIN HOLDING L.P. DE 7.01,9.01 09/13/12 ALLIANCEBERNSTEIN L.P. DE 7.01,9.01 09/13/12 Ally Auto Receivables Trust 2012-SN1 DE 1.01,8.01,9.01 09/11/12 ALTAIR NANOTECHNOLOGIES INC Z4 1.01,9.01 09/07/12 AMERICAN EAGLE OUTFITTERS INC DE 1.01,8.01,9.01 09/11/12 AMERICAN SPECTRUM REALTY INC MD 8.01,9.01 09/11/12 AmeriCredit Automobile Receivables Tr 8.01,9.01 09/10/12 AMGEN INC DE 1.01,9.01 09/13/12 Ampio Pharmaceuticals, Inc. DE 1.01,5.02,7.01,9.01 09/07/12 ANALOGIC CORP MA 2.02,9.01 09/13/12 ANIXTER INTERNATIONAL INC DE 7.01,9.01 09/13/12 ANNALY CAPITAL MANAGEMENT INC MD 3.03,5.03,9.01 09/13/12 Antaga Internatinal Corp NV 5.02,8.01 08/29/12 Antaga Internatinal Corp NV 5.02 05/10/12 AMEND Antaga Internatinal Corp NV 5.02,8.01 08/29/12 AMEND APPLIED DNA SCIENCES INC DE 1.01,8.01,9.01 09/07/12 Approach Resources Inc DE 1.01,2.03,9.01 09/07/12 APRICUS BIOSCIENCES, INC. NV 1.01 09/12/12 ARGAN INC DE 2.02,9.01 09/12/12 As Seen On TV, Inc. FL 1.01,3.02,8.01,9.01 09/07/12 ASHFORD HOSPITALITY TRUST INC MD 7.01,9.01 09/13/12 ASSOCIATED BANC-CORP WI 8.01,9.01 09/12/12 ASSURANT INC 5.02,9.01 09/13/12 ATC Ventures Group, Inc. NV 3.01,9.01 09/13/12 Augme Technologies, Inc. DE 5.02,9.01 09/10/12 AVALONBAY COMMUNITIES INC MD 8.01,9.01 09/06/12 AVON PRODUCTS INC NY 8.01 09/11/12 AXCELIS TECHNOLOGIES INC DE 1.01 09/10/12 AXESSTEL INC NV 1.01,2.03,9.01 09/07/12 BIODELIVERY SCIENCES INTERNATIONAL IN DE 8.01,9.01 09/13/12 BROADWIND ENERGY, INC. DE 8.01,9.01 09/10/12 CALIBRUS, INC. NV 1.02 09/13/12 CARBONICS CAPITAL CORP DE 1.01,9.01 09/13/12 CARRIZO OIL & GAS INC TX 2.03,9.01 09/10/12 CDI CORP PA 7.01 09/13/12 CENTER BANCORP INC NJ 8.01,9.01 09/11/12 Chartwell International, Inc. NV 2.01,3.02,5.01,5.02, 09/06/12 9.01 CHASE BANK USA, NATIONAL ASSOCIATION DE 8.01,9.01 09/13/12 CHASE BANK USA, NATIONAL ASSOCIATION DE 8.01,9.01 09/13/12 CHASE BANK USA, NATIONAL ASSOCIATION DE 8.01,9.01 09/13/12 CHASE BANK USA, NATIONAL ASSOCIATION DE 8.01,9.01 09/13/12 CHECKPOINT SYSTEMS INC PA 5.02,9.01 09/12/12 China Green Agriculture, Inc. NV 2.02,9.01 09/13/12 CHINA MEDICINE CORP NV 8.01 09/07/12 CHINA YIDA HOLDING, CO. 5.02,9.01 09/12/12 CHRISTOPHER & BANKS CORP DE 7.01 09/13/12 CIRCLE STAR ENERGY CORP. NV 7.01,9.01 09/12/12 CITIGROUP INC DE 9.01 09/13/12 CLECO CORP LA 4.01,9.01 09/10/12 COLDWATER CREEK INC DE 5.03,9.01 09/11/12 COMMUNITY BANK SYSTEM INC DE 2.01,9.01 09/07/12 COMPUTER SCIENCES CORP NV 8.01 09/12/12 COMPUTER TASK GROUP INC NY 5.02,9.01 09/13/12 CONAGRA FOODS INC /DE/ DE 8.01,9.01 09/10/12 Cornerstone Core Properties REIT, Inc MD 1.01,2.03,9.01 09/07/12 CROWN DYNAMICS CORP DE 1.01,3.02,5.06,9.01 01/18/12 AMEND CUBIC ENERGY INC TX 1.01,9.01 09/12/12 CYANOTECH CORP NV 1.01,2.03 09/07/12 Cyclacel Pharmaceuticals, Inc. DE 3.03 09/12/12 Cyclacel Pharmaceuticals, Inc. DE 8.01,9.01 09/13/12 CYS Investments, Inc. MD 7.01,9.01 09/13/12 DAKTRONICS INC /SD/ SD 5.02,9.01 09/13/12 Data Storage Corp NV 1.01,3.02,9.01 09/07/12 Delphi Automotive PLC Y9 8.01,9.01 09/13/12 DENNYS CORP DE 8.01 09/13/12 DIGITAL POWER CORP CA 5.02 08/06/12 Digital Realty Trust, Inc. 7.01 09/12/12 DITECH NETWORKS INC DE 2.02,9.01 09/13/12 DJO Finance LLC DE 5.02,9.01 09/11/12 DOLE FOOD CO INC DE 5.02,9.01 09/12/12 DOMINION RESOURCES INC /VA/ VA 8.01,9.01 09/10/12 DORAL FINANCIAL CORP PR 8.01,9.01 09/11/12 DUSA PHARMACEUTICALS INC NJ 8.01,9.01 09/13/12 DYNAMIC MATERIALS CORP DE 5.02,9.01 09/11/12 DYNEGY INC. DE 1.03,7.01,9.01 09/10/12 ECO VENTURES GROUP, INC. NV 5.02,7.01,8.01 09/10/12 ECOTALITY, INC. NV 1.01,1.02,5.02,8.01, 09/12/12 9.01 EDELMAN FINANCIAL GROUP INC. TX 5.07,8.01,9.01 09/13/12 Emergency Medical Services CORP DE 5.02,8.01 09/07/12 ENCORE CAPITAL GROUP INC DE 7.01,9.01 09/13/12 Energy Services of America CORP DE 5.02,9.01 09/11/12 Engility Holdings, Inc. DE 2.05,9.01 09/12/12 EQUINIX INC DE 7.01,8.01,9.01 09/13/12 ETFS Asian Gold Trust DE 5.02,9.01 09/12/12 ETFS Gold Trust DE 5.02,9.01 09/12/12 ETFS PALLADIUM TRUST DE 5.02,9.01 09/12/12 ETFS Platinum Trust DE 5.02,9.01 09/12/12 ETFS Precious Metals Basket Trust DE 5.02,9.01 09/12/12 ETFS SILVER TRUST DE 5.02,9.01 09/12/12 ETFS White Metals Basket Trust DE 5.02,9.01 09/12/12 Federal Home Loan Bank of Atlanta X1 2.03 09/10/12 Federal Home Loan Bank of Boston X1 2.03 09/10/12 Federal Home Loan Bank of Chicago X1 2.03 09/10/12 Federal Home Loan Bank of Des Moines X1 2.03,9.01 09/11/12 Federal Home Loan Bank of Indianapoli X1 2.03,9.01 09/13/12 Federal Home Loan Bank of New York X1 2.03,9.01 09/10/12 Federal Home Loan Bank of Pittsburgh PA 2.03,9.01 09/10/12 Federal Home Loan Bank of San Francis X1 2.03 09/10/12 Federal Home Loan Bank of Seattle 2.03 09/11/12 Federal Home Loan Bank of Topeka 2.03,9.01 09/10/12 FEI CO OR 8.01,9.01 09/13/12 Fibrocell Science, Inc. DE 5.07 09/13/12 FIRST CASH FINANCIAL SERVICES INC DE 1.01,9.01 09/11/12 FIRST COMMUNITY BANCSHARES INC /NV/ NV 7.01,9.01 09/13/12 FIRSTMERIT CORP /OH/ OH 1.01,8.01,9.01 09/12/12 FNB CORP/FL/ FL 7.01,9.01 09/13/12 Forestar Group Inc. DE 7.01,9.01 09/13/12 Franklin Financial Corp VA 8.01,9.01 09/12/12 FriendFinder Networks Inc. NV 7.01,9.01 09/13/12 Fuelstream INC DE 3.02,5.02,8.01,9.01 09/07/12 Full Circle Capital Corp MD 2.02,9.01 09/13/12 Fuse Science, Inc. NV 7.01,9.01 09/13/12 GISSER AUTOMOTIVE CONCEPTS INC NY 1.02 09/12/12 Global Indemnity plc L2 5.02 09/10/12 GLOBAL PARTNERS LP 1.01,2.03,9.01 09/07/12 Graystone Co DE 3.02,8.01 09/13/12 Great Lakes Dredge & Dock CORP DE 7.01,9.01 09/13/12 GREEN DOT CORP DE 7.01,9.01 09/13/12 Groupon, Inc. DE 5.02,9.01 09/10/12 HENRY SCHEIN INC DE 1.01,8.01,9.01 09/12/12 HOME LOAN SERVICING SOLUTIONS, LTD. E9 2.01,2.03,8.01,9.01 09/13/12 HOOPER HOLMES INC NY 1.01,9.01 09/10/12 Howard Hughes Corp DE 7.01,9.01 09/13/12 ICON ECI FUND FIFTEEN, L.P. DE 8.01 09/13/12 IF Bancorp, Inc. MD 8.01,9.01 09/12/12 IMPLANT SCIENCES CORP MA 5.02,7.01,9.01 09/13/12 inContact, Inc. DE 1.01,9.01 09/13/12 India Globalization Capital, Inc. MD 8.01,9.01 09/13/12 INTERLINE BRANDS, INC./DE DE 1.01,1.02,2.03,3.02, 09/07/12 4.01,5.02,5.03,9.01 Invesco Ltd. D0 7.01,9.01 09/12/12 JARDEN CORP DE 1.01,7.01,9.01 09/12/12 JETBLUE AIRWAYS CORP DE 7.01,9.01 09/13/12 JMP Group Inc. DE 7.01 09/13/12 K12 INC DE 2.02,9.01 09/12/12 LAKELAND INDUSTRIES INC DE 2.02,9.01 09/13/12 LAPIS TECHNOLOGIES INC DE 1.01,2.01,2.03,3.02, 09/07/12 8.01,9.01 LEAR CORP DE 5.02,9.01 09/11/12 LEARNING TREE INTERNATIONAL INC DE 5.02 09/07/12 LEXINGTON REALTY TRUST MD 2.01,2.03,9.01 09/07/12 Li3 Energy, Inc. NV 3.02,9.01 09/13/12 LRR Energy, L.P. DE 7.01,9.01 09/13/12 Luxeyard, Inc. DE 5.02 09/07/12 Lyynks Inc. NV 3.02 08/08/12 MAM SOFTWARE GROUP, INC. DE 2.02,9.01 09/13/12 Marriott Vacations Worldwide Corp DE 1.01,2.03,9.01 09/11/12 Matador Resources Co TX 2.03 09/07/12 MBIA INC CT 5.02 09/13/12 AMEND MCMORAN EXPLORATION CO /DE/ DE 1.01,2.03,3.02,8.01, 09/13/12 9.01 MDU COMMUNICATIONS INTERNATIONAL INC DE 8.01 09/10/12 MEDIACOM BROADBAND LLC DE 8.01,9.01 09/12/12 Merck & Co. Inc. NJ 8.01,9.01 09/13/12 METHODE ELECTRONICS INC DE 5.07 09/13/12 Midway Gold Corp A1 7.01,9.01 09/10/12 Midway Gold Corp A1 5.07 05/11/12 AMEND MISONIX INC NY 1.01,5.02,9.01 09/11/12 MOTRICITY INC DE 1.01,7.01,9.01 09/12/12 NATUS MEDICAL INC DE 5.03,9.01 09/12/12 NCR CORP MD 8.01,9.01 09/12/12 Neiman Marcus, Inc. DE 2.02,9.01 09/13/12 NET TALK.COM, INC. FL 3.02 07/25/12 AMEND Neutral Tandem Inc 5.02 09/12/12 NEW YORK MORTGAGE TRUST INC MD 7.01 09/13/12 NEWCASTLE INVESTMENT CORP MD 1.01 09/07/12 Nexxus Lighting, Inc. DE 8.01,9.01 09/12/12 NORWOOD FINANCIAL CORP PA 8.01,9.01 09/13/12 NOVAGEN SOLAR INC. NV 4.01 09/11/12 NTS REALTY HOLDINGS LP DE 8.01 09/12/12 NUCOR CORP DE 5.02,5.03,9.01 09/11/12 OFFICIAL PAYMENTS HOLDINGS, INC. DE 5.02,9.01 09/07/12 OLD SECOND BANCORP INC DE 1.01,3.03,9.01 09/13/12 OMNICARE INC DE 5.02,9.01 09/11/12 ONEOK Partners LP DE 1.01,2.03,7.01,9.01 09/10/12 Opexa Therapeutics, Inc. TX 7.01,9.01 09/13/12 OPNET TECHNOLOGIES INC DE 5.07 09/10/12 OPTICAL CABLE CORP VA 2.02,9.01 09/10/12 PALL CORP NY 2.02,9.01 09/12/12 PATHEON INC 2.02,7.01,9.01 09/13/12 Petro River Oil Corp. DE 5.03,5.07,8.01,9.01 09/07/12 PIER 1 IMPORTS INC/DE DE 2.02,9.01 09/13/12 PLAINS ALL AMERICAN PIPELINE LP DE 1.01,9.01 09/13/12 PLAINSCAPITAL CORP TX 8.01 09/13/12 POKER MAGIC INC MN 5.07 09/07/12 Power REIT MD 9.01 09/13/12 POWERWAVE TECHNOLOGIES INC DE 3.01 09/07/12 PPG INDUSTRIES INC PA 1.01,1.02,2.03,9.01 09/07/12 PRESSTEK INC /DE/ DE 8.01 09/10/12 PRO DEX INC CO 5.02 09/11/12 PROGRESSIVE CORP/OH/ OH 7.01,9.01 09/13/12 PUBLIC SERVICE ELECTRIC & GAS CO NJ 8.01,9.01 09/13/12 Public Storage MD 1.01,3.03,5.03,9.01 09/11/12 PULSE ELECTRONICS CORP PA 7.01,8.01,9.01 09/13/12 PURE BIOSCIENCE, INC. DE 1.01,8.01,9.01 09/11/12 PURE BIOSCIENCE, INC. DE 9.01 09/11/12 AMEND QUEST SOFTWARE INC CA 8.01 09/10/12 RAINMAKER SYSTEMS INC DE 8.01 09/10/12 RARE ELEMENT RESOURCES LTD A1 2.02,9.01 09/13/12 REALPAGE INC DE 8.01,9.01 09/13/12 Regency Energy Partners LP DE 7.01,9.01 09/13/12 Rosetta Resources Inc. DE 5.02,9.01 09/11/12 Rosetta Resources Inc. DE 7.01,9.01 09/13/12 Santander Holdings USA, Inc. VA 8.01 09/12/12 SED INTERNATIONAL HOLDINGS INC 2Q 2.02,9.01 09/13/12 SENESCO TECHNOLOGIES INC DE 8.01,9.01 09/13/12 SEQUENTIAL BRANDS GROUP, INC. DE 3.03,9.01 09/11/12 SHADES HOLDINGS, INC. FL 2.01,3.02,5.01,5.02, 09/11/12 9.01 SINGLE TOUCH SYSTEMS INC DE 1.01,2.03 09/07/12 SOCKET MOBILE, INC. DE 8.01,9.01 09/12/12 SPARE BACKUP, INC. DE 1.01 09/13/12 Spirit Airlines, Inc. DE 7.01,9.01 09/13/12 STAAR SURGICAL CO DE 5.02,7.01,9.01 09/07/12 STEEL DYNAMICS INC IN 8.01,9.01 09/11/12 STEIN MART INC FL 3.01,9.01 09/11/12 STIFEL FINANCIAL CORP DE 7.01,9.01 09/13/12 Summer Infant, Inc. DE 5.02,9.01 09/11/12 Summer Infant, Inc. DE 5.02 09/11/12 AMEND SUNOCO INC PA 2.01,9.01 09/08/12 TELETOUCH COMMUNICATIONS INC DE 2.04,9.01 09/07/12 THQ INC DE 1.01,9.01 09/11/12 TOLL BROTHERS INC DE 1.01,9.01 09/11/12 TORCHMARK CORP DE 8.01,9.01 06/29/12 AMEND TOWER FINANCIAL CORP IN 7.01,9.01 09/13/12 TRANSCAT INC OH 5.02,5.07,9.01 09/11/12 Transcept Pharmaceuticals Inc DE 8.01 09/11/12 Transocean Ltd. V8 1.01,2.03,9.01 09/10/12 TRANZYME INC DE 1.01,8.01,9.01 09/12/12 Tronox Ltd C3 7.01 09/13/12 TUTOR PERINI Corp MA 5.02 09/13/12 TYCO INTERNATIONAL LTD V8 8.01,9.01 08/17/12 U. S. Premium Beef, LLC 7.01,9.01 09/13/12 UMH PROPERTIES, INC. MD 7.01,9.01 09/13/12 UNITED GUARDIAN INC DE 5.07 05/16/12 UniTek Global Services, Inc. DE 5.02 09/07/12 UTi WORLDWIDE INC D8 5.02,7.01,9.01 09/08/12 VALENCE TECHNOLOGY INC DE 3.01 09/10/12 Verisk Analytics, Inc. DE 9.01 03/30/12 AMEND VHGI HOLDINGS, INC. DE 5.02,9.01 09/10/12 VUMEE INC. NV 1.01,9.01 09/01/12 AMEND VWR Funding, Inc. DE 5.02 09/11/12 WALGREEN CO IL 8.01,9.01 09/10/12 WASHINGTON POST CO DE 5.02,9.01 09/13/12 WASHINGTON REAL ESTATE INVESTMENT TRU MD 1.01,8.01,9.01 09/12/12 Weatherford International Ltd./Switze V8 5.03,9.01 09/12/12 WEIGHT WATCHERS INTERNATIONAL INC VA 5.02,9.01 09/11/12 WESTAMERICA BANCORPORATION CA 8.01,9.01 09/13/12 Wikifamilies, Inc. NV 5.01,5.02,9.01 09/07/12 Win Global Markets, Inc. NV 5.02,9.01 09/13/12 WIRELESS RONIN TECHNOLOGIES INC MN 1.01,9.01 09/12/12 XPLORE TECHNOLOGIES CORP DE 5.03,5.07,9.01 09/12/12