Archive for: December, 2012

SEC Bans Arizona-Based Investment Adviser from Securities Industry for Fraudulent Actions in Mutual Fund Collapse

SEC Bans Arizona-Based Investment Adviser from Securities Industry for Fraudulent Actions in Mutual Fund Collapse

Washington, D.C., Dec. 21, 2012 — The Securities and Exchange Commission today barred an Arizona-based mutual fund manager from the securities industry for failing to follow the investment objectives of a stock mutual fund managed by his firm, leading to the fund’s collapse. An SEC investigation found that the prospectus of Z Seven Fund (ZSF) [...]

SEC Approves New Rules Regarding Lost Holders of Securities

SEC Approves New Rules Regarding Lost Holders of Securities

Washington, D.C., Dec. 21, 2012 — The Securities and Exchange Commission today unanimously approved new rules requiring broker-dealers to conduct searches for holders of securities with whom they have lost contact. A similar rule already applied to recordkeeping transfer agents, who are the intermediaries between the clearing house and the broker-dealer. The Dodd-Frank Wall Street [...]

SEC Charges Four Penny Stock Purchasers with Fraud

SEC Charges Four Penny Stock Purchasers with Fraud

Washington, D.C., Dec. 21, 2012 — The Securities and Exchange Commission today charged four securities industry professionals with conducting a fraudulent penny stock scheme in which they illegally acquired more than one billion unregistered shares in microcap companies at deep discounts and then dumped them on the market for approximately $17 million in illicit profits [...]

Paul Beswick Named SEC Chief Accountant

Paul Beswick Named SEC Chief Accountant

Washington, D.C., Dec. 21, 2012 — Securities and Exchange Commission Chairman Elisse Walter today announced the appointment of Paul A. Beswick as the agency’s Chief Accountant. Mr. Beswick has been serving as Acting Chief Accountant for the past several months. “Paul has served the Commission with great distinction and provided wise counsel on difficult accounting [...]