SEC News Digest

RULES AND RELATED MATTERS

Order Regarding Review of FASB Accounting Support Fee for 2009 Under Section 109 of the Sarbanes-Oxley Act of 2002

The Commission has determined that the 2009 annual accounting support fee for the Financial Accounting Standards Board (FASB) is consistent with Section 109 of the Sarbanes-Oxley Act of 2002 and that the FASB may act in accordance with this determination of the Commission. (Rels. 33-9010; 34-59487)

ENFORCEMENT PROCEEDINGS

Final Judgment Entered Against Former Massachusetts Money Manager Charged with Fraud

The Securities and Exchange Commission today announced that on March 2, 2009, a final judgment by consent was entered by the United States District Court Judge for the District of Massachusetts against Stephen L. Hochberg. Hochberg, age 60, was a resident of Sudbury, Massachusetts, and is now serving a 63 month prison sentence. The final judgment against Hochberg permanently enjoins him from violating the antifraud provisions of the federal securities laws, and orders that Hochberg is prohibited from acting as an officer or director of any public company.

The Commission's civil injunctive complaint against Hochberg, filed on May 21, 2008, alleged that Hochberg obtained at least $1.6 million from seven investors for a purported real estate investment fund, Realty Funding LLC, that did not exist. The Commission's complaint also alleged that Hochberg obtained $150,000 from an elderly widow on fixed income for a purported investment in Massachusetts municipal bonds. According to the Commission's complaint, in both schemes, Hochberg, an accountant turned business consultant and unregistered investment adviser, never invested any funds and used most of the investor funds to pay his debts, to make payments to past investors or others who were threatening to sue or had sued him, and to pay various personal expenses, including payments to lawyers, credit card companies, and car payments.

In a related criminal matter, on June 13, 2008, Hochberg pled guilty to eight counts of wire fraud and nine counts of securities fraud in a plea agreement with the U.S. Attorney's Office in Boston, Massachusetts. On Oct. 16, 2008, the federal court in Massachusetts sentenced Hochberg to serve 63 months imprisonment followed by three years of supervised release, and to pay restitution in the amount of $1,791,500.

On June 30, 2008, in a separate administrative action, the Commission issued, based on Hochberg's criminal plea, an order by consent barring Hochberg from association with any investment adviser. Also, on Nov. 25, 2008, based on Hochberg's felony conviction, the Commission issued an Order of Forthwith Suspension Pursuant to Rule 102(e)(2) of the Commission's Rules of Practice, suspending Hochberg from appearing or practicing before the Commission as an accountant. [SEC v. Stephen L. Hochberg, Civil Action No. 08-10848-DPW, USDC, D. Mass] (LR-20921)

SELF-REGULATORY ORGANIZATIONS

Proposed Rule Changes

NYSE Arca filed a proposed rule change (SR-NYSEArca-2009-12) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereunder relating to SPDR Barclays Capital Convertible Bond ETF. Publication is expected in the Federal Register during the week of March 2. (Rel. 34-59459)

New York Stock Exchange filed a proposed rule change as modified by Amendment No. 4 thereto (SR-NYSE-2006-92) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 to amend NYSE Rule 452 and Listed Company Manual Section 402.08 to eliminate broker discretionary voting for the election of directors and codify two previously published interpretations that do not permit broker discretionary votes for material amendments to investment advisory contracts. Publication is expected in the Federal Register during the week of March 2. (Rel. 34-59464)

The NASDAQ OMX BX filed a proposed rule change (SR-BX-2009-14) under Rule 19b-4 of the Securities Exchange Act of 1934 relating to zero bid orders on the Boston Options Exchange Facility. Publication is expected in the Federal Register during the week of March 2. (Rel. 34-59475)

Immediate Effectiveness of Proposed Rule Changes

Proposed rule changes filed by The NASDAQ Stock Market, NASDAQ OMX BX, and NASDAQ OMX Phlx (SR-NASDAQ-2009-010, SR-BX-2009-009 and SR-Phlx-2009-14) to amend the certificate of incorporation of The NASDAQ OMX Group, Inc. have become immediately 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 March 2. (Rel. 34-59460)

A proposed rule change filed by Chicago Board Options Exchange (SR-CBOE-2009-010) to amend Exchange Regulatory Circular RG02-101 issued under Rule 17.50(g)(6) - Imposition of Fines for Minor Rule Violations 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 March 2. (Rel. 34-59462)

A proposed rule change filed by NYSE Arca (SR-NYSEArca-2009-13) relating to the listing and trading of the iShares® MSCI All Peru Index Fund 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 March 2. (Rel. 34-59471)

Approval of Proposed Rule Change

The Commission published notice of filing of Amendment No. 1 and granted accelerated approval to a proposed rule change (SR-NYSEALTR-2008-14), as modified by Amendment No. 1 thereto, filed by the NYSE Alternext US pursuant to Rule 19b-4 under the Securities Exchange Act of 1934, amending rules governing the trading of listed options on NYSE Amex. Publication is expected in the Federal Register during the week of March 2. (Rel. 34-59472)

Accelerated Approval of Proposed Rule Changes

The Commission noticed and granted accelerated approval to a proposed rule change (SR-NYSEALTR-2009-18) submitted by NYSE Alternext US pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 to use its broker dealer affiliate, Archipelago Securities LLC as its routing broker for options orders. Publication is expected in the Federal Register during the week of March 2. (Rel. 34-59473)

The NYSE Alternext US filed, and the Commission has granted accelerated approval of, a proposed rule change as modified by Amendment No. 1 (SR-NYSEALTR-2009-20) under Rule 19b-4 of the Securities Exchange Act of 1934 amending its Schedule of Fees and Charges for Exchange Services. Publication is expected in the Federal Register during the week of March 2. (Rel. 34-59481)

SECURITIES ACT REGISTRATIONS

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RECENT 8K FILINGS

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http://www.sec.gov/news/digest/2009/dig030309.htm