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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
KENER VIOLATIONS SECURITIES SECURITIES EXCHANGE ACT FIDELITY TRANSFER COMPANY LINDA KENER CIVIL DISTRICT REGULATIONS BOOKS HONORABLE DAVID SAM DISTRICT JUDGE UTAH PERMANENT INJUNCTION CONSENT PRESIDENT DEFENDANTS PROMULGATED THEREUNDER ORDER REQUIRED FIDELITY PAY CIVIL PENALTY REGULATIONS GOVERNING TRANSFER GOVERNING TRANSFER AGENTS TURNAROUND NUMEROUS DELAYS ROUTINE ITEMS SUBSTANTIAL IMBALANCES CONTROL BOOK MASTER SECURITYHOLDER FILES |
SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 15698 / April 7, 1998
S.E.C. v. Fidelity Transfer Company and Linda Kener, Civil Action
No. 93-C-868S (USDC UT)
On March 4, 1998, the Honorable David Sam, U.S. District Judge
for the District of Utah, issued a permanent injunction by
consent against Fidelity Transfer Company (Fidelity) and Linda
Kener (Kener), Fidelity's president. The defendants were
enjoined from violating Section 17A(d) of the Securities Exchange
Act of 1934, and Rules 17Ad-2, 17Ad-6, and 17Ad-10 promulgated
thereunder. In addition, the order required Fidelity to pay a
civil penalty of $5,000. The Commission's complaint alleged that
Fidelity violated certain rules and regulations governing
transfer agents and that Kener aided and abetted those
violations.
The Commission's complaint alleged that Fidelity and Kener
violated the turnaround and books and records regulations
promulgated under the Securities Exchange Act of 1934. The
violations included numerous delays in the transfer of routine
items presented for transfer, and substantial imbalances between
Fidelity's control book and the master securityholder files.
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