PonziScams.com Schemes & Due Diligence

The Commission has taken steps during recent weeks to address concerns regarding short sales in light of the ongoing credit crisis. These efforts relating to short sales have focused particularly on the securities of financial institutions whose health may have an impact on financial stability. The steps the Commission has taken are designed to ensure the continued smooth operation of orderly markets. Our actions have been taken in consultation with regulators of the major developed securities markets around the world, with whom we have coordinated in monitoring market reactions.

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Securities and Exchange Commission Chairman Christopher Cox today announced the appointment of James A. Clarkson as Acting Regional Director of the SEC’s New York Regional Office. That office is responsible for the investigation and prosecution of enforcement actions and the performance of compliance inspections in the region.

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The Securities and Exchange Commission today announced a Fair Fund distribution of approximately $49 million to investors who were affected by improper market timing in mutual funds managed by Franklin Advisers, Inc. (Franklin) of the Franklin-Templeton Investments complex.

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The Securities and Exchange Commission today charged a San Luis Obispo, Calif.-based investment adviser and its owner with fraud for failing to disclose a material conflict of interest when recommending that their clients invest in a hedge fund that made undisclosed subprime and other high-risk investments.

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When fiscal year 2009 starts on Oct. 1, 2008, the Securities and Exchange Commission expects to be operating under a continuing resolution that will extend through March 6, 2009. During this period, fees paid under Section 6(b) of the Securities Act of 1933 and Sections 13(e), 14(g) and 31 of the Securities Exchange Act of 1934 will remain at their current rates.

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The Securities and Exchange Commission today announced the completion of a nearly $32 million Fair Fund distribution to current and former customers of Ameriprise Financial Services, Inc. who were harmed by the firm’s failure to adequately disclose revenue sharing payments from a select group of mutual fund companies.

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The Securities and Exchange Commission today charged a Miami, Fla., resident for fraudulently operating an unregistered securities day trading firm that primarily targeted investors in the Hispanic community.

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As part of the Securities and Exchange Commission’s third annual Seniors Summit held in Washington today, the staff of the SEC along with the Financial Industry Regulatory Authority (FINRA) and the North American Securities Administrators Association (NASAA) released a joint report outlining practices that financial services firms can use to strengthen their policies and procedures for serving older investors as they approach and enter retirement.

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The Securities and Exchange Commission today charged a former broker in South Florida who allegedly defrauded senior citizens and other customers through a variety of abusive sales practices, garnering him more than $700,000 in commissions and fees while causing more than $2.7 million in investor losses.

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The Securities and Exchange Commission today charged an unregistered broker-dealer and his company, Loveland, Colo.-based Global Marketing Consultants LLC, with misappropriating funds from seniors and other investors through two investment schemes.

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