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COMMISSION ANNOUNCEMENTSSEC Announces Summit to Help Senior Investors Protect AssetsSecurities and Exchange Commission Chairman Christopher Cox today announced that helping older investors make difficult decisions about their finances and learn new ways to protect their assets as they age will be the primary focus of the SEC's third annual Seniors Summit to be held at the agency's Washington, D.C., headquarters on September 22. Chairman Cox, who launched the SEC Seniors Summits in 2006, said the event will not only help educate senior citizen investors and their families, but also the investment advisers or brokers who serve them. An afternoon session tailored to financial services professionals will unveil the most appropriate practices that firms use when advising senior investors, including those with diminishing capacity. The morning session, geared toward senior attendees, will present tips and advice to help senior investors ensure their money is protected and used as desired after they retire or in the event of illness or incapacity. Chairman Cox noted that the vast majority of the nation's savings is in the hands of America's seniors, and their share is expected to grow significantly as the baby boomers increasingly reap retirement benefits. That makes them prime targets for scam artists and securities swindlers. "With Americans living far longer than ever before and baby boomer retirees representing the largest demographic wave in our nation's history, it is vitally important that seniors have the information they need to be prepared for the road hazards along the retirement highway," said Chairman Cox. "Studies suggest one reason that many seniors are vulnerable to devastating frauds and scams is that declining mental faculties can negatively impact personal financial management skills. This raises difficult questions about when an investor can no longer make his or her own financial decisions, and requires sensitivity about how best to respect and protect seniors at the same time. Our Seniors Summit will tackle these difficult issues as we continue working to help our nation's senior investors preserve the assets it took them a lifetime to save, and to ensure that seniors are treated fairly and appropriately by brokers, investment advisers, and others in the securities industry." Kristi Kaepplein, Director of the SEC's Office of Investor Education and Advocacy, added, "There are too many sad stories about unfortunate events that reduce older investors' financial security. This year's Seniors Summit takes up the difficult topic of diminishing capacity and its financial consequences, and provides an opportunity for older investors to learn about ways to protect their assets in their later years. In addition, the afternoon session will provide important and timely information for securities firms and securities professionals who serve senior investors." In addition to its investor education initiatives to help senior citizens, the SEC has brought more than 50 enforcement actions in the past two years against wrongdoers defrauding retirees and other older investors. The agency's nationwide examination and inspection program also conducts targeted examinations to detect fraud and other violations of securities laws that harm senior investors. The Financial Industry Regulatory Authority (FINRA), the North American Securities Administrators Association (NASAA), and AARP are participating partners in the SEC's Seniors Summit. The morning session of the Seniors Summit will begin at 9:30 a.m. ET, and the afternoon session will begin at 1:15 p.m. ET. Senior investors, financial professionals, and other members of the public are invited to attend. Registration information and other materials about this free event are available at www.sec.gov/investor/seniors.shtml or by calling (800) 732-0330. (Press Rel. 2008-186) Commission MeetingsFollowing is a schedule of Commission meetings, which will be conducted under provisions of the Government in the Sunshine Act. Meetings will be scheduled according to the requirements of agenda items under consideration. Open meetings will be held in the Auditorium, Room L-002 at the Commission's headquarters building, 100 F Street, N.E., Washington, D.C. Visitors are welcome at all open meetings, insofar as space is available. Persons wishing to photograph or videotape Commission meetings must obtain permission in advance from the Secretary of the Commission. Persons wishing to tape record a Commission meeting should notify the Secretary's office 48 hours in advance of the meeting. Any member of the public who requires auxiliary aids such as a sign language interpreter or material on tape to attend a public meeting should contact SECInterpreter@SEC.gov at least three business days in advance. For any other reasonable accommodation related disability contact DisabilityProgramOfficer or call 202-551-4158. Open Meeting - September 8, 2008 - 10:00 a.m.The subject matter of the open meeting will be: The Commission will hear oral argument in an appeal by Brendan E. Murray from the decision of an administrative law judge. The law judge found that Murray, formerly a managing director of registered investment adviser Cornerstone Equity Advisers, Inc. (Cornerstone) and secretary to Cornerstone's advisory clients the Cornerstone Funds, Inc. (Fund), willfully aided and abetted and caused Cornerstone to violate antifraud provisions of the Investment Advisers Act of 1940, and that Murray converted assets of the Funds in violation of the Investment Company Act of 1940. The law judge barred Murray from associating with any investment adviser and from working for any registered investment company, assessed a civil money penalty, imposed a cease-and-desist order, and ordered disgorgement plus prejudgment interest. Among the issues likely to be argued are whether Murray is liable as charged, whether Murray acted with scienter, and whether there is merit to Murray's contention that he was denied a fair hearing. The parties may also address whether and to what extent Murray should be sanctioned if he is found to have committed the alleged violations. 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. ENFORCEMENT PROCEEDINGSCommission Orders Hearings on Registration Revocation Against Five Delinquent Companies for Failure to Make Required Periodic FilingsOn September 2, the Commission 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 five companies for failure to make required periodic filings with the Commission:
In this Order, the Division of Enforcement (Division) alleges that the five 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 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. 34-58446; File No. 3-13153) Securities and Exchange Commission Orders Hearing on Registration Revocation Against Seven Public Companies for Failure to Make Required Periodic FilingsOn September 2, the Commission instituted public administrative proceedings to determine whether to revoke or suspend for a period not exceeding twelve months the registrations of each class of the securities of seven companies for failure to make required periodic filings with the Commission:
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 or 13a-16 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. 34-58447; File No. 3-13154) Securities and Exchange Commission Orders Hearing on Registration Revocation Against Eight Public Companies for Failure to Make Required Periodic FilingsOn September 2, the Commission instituted public administrative proceedings to determine whether to revoke or suspend for a period not exceeding twelve months the registrations of each class of the securities of eight companies for failure to make required periodic filings with the Commission:
In this Order, the Division of Enforcement (Division) alleges that the eight 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. 34-58448; File No. 3-13155) In the Matter of Daryl AndersonOn September 2, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Notice of Hearing (Order) against Daryl Anderson (Anderson) of Las Vegas, Nevada, based on the entry of a permanent injunction against Anderson in the civil action entitled SEC v. CMKM Diamonds, Inc., et al., Civil Action No. 02:08-cv-00437-LRH-RJJ in the U.S. District Court for the District of Nevada. In the Order, the Division of Enforcement alleges that on Aug. 8, 2008, the U.S. District Court for the District of Nevada entered a Judgment of Permanent Injunction by consent against Anderson, permanently enjoining him from violating Sections 5(a) and 5(c) of the Securities Act of 1933. The Division of Enforcement further alleges in the Order that the Commission's complaint in the civil action alleges that, among other things, from March 2003 until May 2005, Anderson improperly sold more than 259 billion shares of unregistered securities of CMKM Diamonds, Inc. in 569 separate transactions, which generated more than $53.3 million in proceeds and yielded approximately $2.3 million in commissions for Anderson. A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Anderson an opportunity to dispute the allegations, and to determine what, if any, remedial action is appropriate and in the public interest, pursuant to the Securities Exchange Act of 1934. The Commission directed that an Administrative Law Judge shall issue an initial decision no later than 120 days from the date of service of the Order, pursuant to Rule 360(a)(2) of the Commission's Rules of Practice. (Rel. 34-58449; File No. 3-13156) INVESTMENT COMPANY ACT RELEASESNotices of Deregistration under the Investment Company ActFor the month of August, 2008, a notice has been issued giving interested persons until Sept. 23, 2008, to request a hearing on any of the following applications for an order under Section 8(f) of the Investment Company Act declaring that the applicant has ceased to be an investment company:
(Rel. IC-28371 - August 29) SELF-REGULATORY ORGANIZATIONSImmediate Effectiveness of Proposed Rule ChangeA proposed rule change filed by the Chicago Board Options Exchange relating to voluntary professional transaction fees (SR-CBOE-2008-86) 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 1. (Rel. 34-58428) SECURITIES ACT REGISTRATIONSRECENT 8K FILINGS
http://www.sec.gov/news/digest/2008/dig090208.htm
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