Kay BerensenGalster to Face SEC Litigation

Jack Humphrey, Regulatory journalist
January 14, 2012 /

The Securities and Exchange Commission ruled a litigation against Kay BerensenGalster, who has submitted an Offer of Settlement to the Commission has determined to accept.

Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the SEC, the respondent has consented to the entry of the order instituting administrative proceedings Pursuant to Section 17A of the Securities Exchange Act of 1934, imposing remedial sanctions.

Kay Berensen-Galster, 59, is a resident of Salt Lake City, Utah. Galster
was the President and part-owner of National Stock Transfer, Inc., a suspended Utah corporation with its principal place of business in Salt Lake City, Utah. As President, Galster operated and was familiar with National’s business.

National became registered with the Commission as a transfer agent on March 29, 1983.

The Commission’s Complaint alleged that, for at least five years, National violated many of the transfer agent provisions of the federal securities laws, including, among other things, that National, as aided and abetted by Galster, failed to report lost or stolen securities
in a timely manner, failed to maintain certain records, failed to maintain control books for all of its issuers and failed to file its annual report with the Securities and Exchange Commission.

During the time period covered by the Complaint, National acted as the transfer agent for at least 58 issuers of common and preferred stock.

In view of the foregoing, the Commission deems it appropriate and in the public interest to impose the sanctions agreed to in Respondent Galster’s Offer.

Galster was barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization; and barred from participating in any offering of a penny stock, including acting as a
promoter, finder, consultant, agent or other person who engages in activities with a broker, dealer or issuer for purposes of the issuance or trading in any penny stock, or inducing or attempting to induce the purchase or sale of any penny stock.

 

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