September 2013 Archives - Going Public Lawyers

SEC Charges Three Penny Stock Auditors

Securities Lawyer 101 Blog On September 30, 2013, the SEC charged three penny stock auditors, Malcolm L. Pollard,  Wilfred W. Hanson and John Kinross-Kennedy, for violating federal securities laws or failing to comply with U.S. auditing standards during… Read More

DTC Proposes Procedures For DTC Chills and Global Locks

The Depository Trust Company is a subsidiary of The Depository Trust & Clearing Corpora­tion (“DTCC”), and is the central securities depository in the U.S. The SEC, the Federal Reserve System and the New York State Department of Financial… Read More

SEC Charges Tibor Klein and Michael Shechtman With Insider Trading

Securities Lawyer 101 Blog Continuing its crackdown on violators of insider trading laws, on September 20, 2013 the Securities and Exchange Commission (“SEC”) charged Tibor Klein, president of Klein Financial Services, with illegal insider trading in his own… Read More

SEC Charges ImageXpres and John and Kevin Zankowski With Securities Fraud

Securities Lawyer 101 Blog On September 25, 2013, the Securities and Exchange Commission (“SEC”) charged ImageXpres Corporation (ImageXpres), its CEO and president John Zankowski, and its CFO Kevin Zankowski with securities fraud. ImageXpres is a microcap technology company… Read More

SEC Charges South Florida Boiler Room Operators in NFL Scam

Securities Lawyer 101 Blog On September 26, 2013, the Securities and Exchange Commission (“SEC”) charged two Floridians, Peter Kirschner and Stuart Rubens, with defrauding investors—many of them seniors—in a boiler room scheme they operated between July 2011 and… Read More

SEC Suspends Trading in Left Behind Games and Charges Founder Troy Lyndon

Securities Lawyer 101 Blog On September 25, 2013, the Securities and Exchange Commission (the “SEC”) brought three enforcement actions against penny stock company Left Behind Games (LFBG), its founder, Troy Lyndon, and a consultant, Ronald Zaucha. The three enforcement… Read More

Court Finds CMKX Transfer Agent Not Substantial Participant in Fraud

Securities Lawyer 101 Blog On September 10, 2013, the Ninth Circuit Court of Appeals rejected the Security and Exchange Commission’s argument that a stock transfer agent and its principal are necessarily liable “by virtue of their position” when… Read More

California Attorney David Tamman Sentenced to Seven Years in Securities Fraud Case

Securities Lawyers Gone Wild Blog On 23 September 2013, the U.S. Attorney’s Office for the Central District of California announced that attorney David Tamman, formerly of the Nixon Peabody law firm, had been sentenced to seven years’ imprisonment… Read More

General Solicitation and Advertising Under Rule 506

Securities Lawyer 101 Blog As of September 23, 2013, the Securities and Exchange Commission (“SEC”) rules implementing some provisions of the JOBS Act became effective.  Among them is the new Regulation D Rule 506(c). While the floodgates to raising capital… Read More

SEC Proposes Pay Ratio Disclosure Rule in Compliance with Dodd-Frank Act

Securities Lawyer 101 Blog On September 18, 2013, the Securities and Exchange Commission (“SEC”) voted to propose a new rule that would require public companies to state pay ratio disclosure of the compensation of its chief executive officer… Read More