Initial Decision Release No. 1326

Administrative Proceeding

File No. 3-18179

UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

In the Matter of

China Hefeng Rescue Equipment, 

Inc.,

Greenworld Development, Inc.,

Mountain National Bancshares, 

Inc., and

UCP Holdings, Inc.

Initial Decision of Default

December 7, 2018

Appearance: David S. Frye for the Division of Enforcement,

Securities and Exchange Commission

Before: Cameron Elliot, Administrative Law Judge

SUMMARY

This initial decision revokes the registration of the registered securities 

of Respondents China Hefeng Rescue Equipment, Inc., Greenworld 

Development, Inc., Mountain National Bancshares, Inc., and UCP Holdings, 

Inc., due to their failures to file required periodic reports with the Securities 

and Exchange Commission.

INTRODUCTION

On September 14, 2017, the Securities and Exchange Commission issued 

an order instituting proceedings (OIP) pursuant to Section 12(j) of the 

Securities Exchange Act of 1934, alleging that Respondents have securities 

registered with the Commission under Section 12(g) of the Exchange Act and 

are delinquent in their periodic filings.
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A different administrative law judge was originally assigned to this 

proceeding and issued an initial decision of default against Respondents. 

China Hefeng Rescue Equip., Inc., Initial Decision Release No. 1209, 2017 

SEC LEXIS 3431 (ALJ Oct. 27, 2017). The Commission vacated that decision 

following the Supreme Court’s decision in Lucia v. SEC, 138 S. Ct. 2044 

(2018). See Pending Admin. Proc., Securities Act of 1933 Release No. 10536, 

2018 SEC LEXIS 2058, at *2-3 (Aug. 22, 2018). The matter was then 

reassigned to me to provide Respondents with the opportunity for a new 

hearing. Pending Admin. Proc., Admin. Proc. Rulings Release No. 5955, 2018 

SEC LEXIS 2264, at *2-3 (ALJ Sept. 12, 2018). Respondents were directed to 

submit proposals for the conduct of further proceedings. China Hefeng 

Rescue Equip., Inc., Admin. Proc. Rulings Release No. 6055, 2018 SEC LEXIS 

2518, at *1 (ALJ Sept. 21, 2018). None did. I have therefore proceeded under 

the Commission’s instruction not to give weight to or otherwise presume the 

correctness of any prior opinions, orders, or rulings issued by the prior 

administrative law judge. Pending Admin. Proc., 2018 SEC LEXIS 2058, at 

*4.

Previously, I independently reviewed the evidence submitted by the 

Division and determined that Respondents were served with the OIP by 

September 18, 2017. China Hefeng Rescue Equip., Inc., Admin. Proc. Rulings 

Release No. 6314, 2018 SEC LEXIS 3175, at *1-2 (ALJ Nov. 9, 2018). 

Because Respondents failed to answer, I ordered them to show cause why the 

registration of their securities should not be revoked by default due to their 

failures to file answers or otherwise defend this proceeding. Id. at *2. To 

date, Respondents have failed to answer, submit proposals for the conduct of 

further proceedings, respond to the show cause order, or otherwise defend 

this proceeding.

FINDINGS OF FACT

China Hefeng Rescue Equipment, Inc., Central Index Key (CIK) No. 

1506215 and ticker symbol CHRE, is a void Delaware corporation located in 

Huludao, Liaoning Province, People’s Republic of China, with a class of 

securities registered with the Commission pursuant to Exchange Act Section 

12(g). The company is delinquent in its periodic filings with the Commission, 

having not filed any periodic reports since it filed a Form 10-Q for the period 

ended September 30, 2013. As of September 7, 2017, the company’s common 

stock was quoted on OTC Link operated by OTC Markets Group Inc., had two 

market makers, and was eligible for the “piggyback” exception of Exchange 

Act Rule 15c2-11(f)(3).

Greenworld Development, Inc., CIK No. 1084899 and ticker symbol 

GREW, is a revoked Nevada corporation located in Fort Lauderdale, Florida,
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with a class of securities registered with the Commission pursuant to 

Exchange Act Section 12(g). The company is delinquent in its periodic filings 

with the Commission, having not filed any periodic reports since it filed a 

Form 10-Q for the period ended September 30, 2013, which reported a net 

loss of $652,621 for the prior nine months. As of September 7, 2017, the 

company’s common stock was quoted on OTC Link, had six market makers,

and was eligible for the “piggyback” exception of Exchange Act Rule 15c2-

11(f)(3).

Mountain National Bancshares, Inc., CIK No. 1177070 and ticker symbol 

MNBT, is a dissolved Tennessee corporation located in Sevierville, 

Tennessee, with a class of securities registered with the Commission 

pursuant to Exchange Act Section 12(g). The company is delinquent in its 

periodic filings with the Commission, having not filed any periodic reports 

since it filed a Form 10-K for the period ended December 31, 2011, which 

reported a net loss of $39,258,369 for the prior twelve months. As of 

September 7, 2017, the company’s common stock was quoted on OTC Link, 

had four market makers, and was eligible for the “piggyback” exception of 

Exchange Act Rule 15c2-11(f)(3).

UCP Holdings, Inc., CIK No. 1272906 and ticker symbol UCPH, is a 

revoked Nevada corporation located in New York, New York, with a class of 

securities registered with the Commission pursuant to Exchange Act Section 

12(g). The company is delinquent in its periodic filings with the Commission, 

having not filed any periodic reports since it filed a Form 10-Q for the period 

ended November 30, 2013, which reported a net loss of $3,070,387 for the 

prior six months. As of September 7, 2017, the company’s common stock was 

quoted on OTC Link, had one market maker and was eligible for the 

“piggyback” exception of Exchange Act Rule 15c2-11(f)(3).

In addition to their repeated failures to file timely periodic reports, 

Respondents failed to heed the delinquency letters sent to them by the 

Commission’s Division of Corporation Finance requesting compliance with 

their periodic filing obligations or, through their failures to maintain valid 

addresses on file with the Commission as required by Commission rules, did 

not receive such letters.

CONCLUSIONS OF LAW

Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 require issuers 

of securities registered with the Commission pursuant to Exchange Act 

Section 12 to file with the Commission current and accurate information in 

annual and quarterly reports, even if the registration is voluntary under 

Exchange Act Section 12(g). 17 C.F.R. §§ 240.13a-1, .13a-13. Compliance 
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with these reporting requirements is mandatory. America’s Sports Voice, 

Inc., Exchange Act Release No. 55511, 2007 SEC LEXIS 1241, at *12 (Mar. 

22, 2007), recons. denied, Exchange Act Release No. 55867, 2007 SEC LEXIS 

1239 (June 6, 2007). Scienter is not required to establish violations of 

Exchange Act Section 13(a) and rules thereunder. SEC v. McNulty, 137 F.3d 

732, 740-41 (2d Cir. 1998). By failing to file required annual and quarterly 

reports, Respondents violated Exchange Act Section 13(a) and Rules 13a-1 

and 13a-13.

SANCTION

Under Exchange Act Section 12(j), the Commission is authorized, “as it 

deems necessary or appropriate for the protection of investors,” to revoke the 

registration of a security or suspend the registration for a period not 

exceeding twelve months if it finds, after notice and an opportunity for 

hearing, that the issuer of the security has failed to comply with any 

provision of the Exchange Act or rules thereunder. 15 U.S.C. § 78l(j). In 

determining what sanctions will adequately protect investors, the 

Commission “consider[s], among other things, the seriousness of the issuer’s 

violations, the isolated or recurrent nature of the violations, the degree of 

culpability involved, the extent of the issuer’s efforts to remedy its past 

violations and ensure future compliance, and the credibility of its assurances, 

if any, against further violations.” Gateway Int’l Holdings, Inc., Exchange 

Act Release No. 53907, 2006 SEC LEXIS 1288, at *19-20 (May 31, 2006).

Respondents’ failures to file required periodic reports are serious because 

they violate a central provision of the Exchange Act. The purpose of periodic 

reporting is “to supply investors with current and accurate financial 

information about an issuer so that they may make sound [investment] 

decisions.” Id. at *26. The reporting requirements are the primary tool that 

Congress “fashioned for the protection of investors from negligent, careless, 

and deliberate misrepresentations” in the sale of securities. Eagletech 

Commc’ns, Inc., Exchange Act Release No. 54095, 2006 SEC LEXIS 1534, at 

*12 (July 5, 2006) (quoting SEC v. Beisinger Indus. Corp., 552 F.2d 15, 18 

(1st Cir. 1977)). The violations are recurrent in that Respondents failed to 

file any periodic reports since 2013. See Nature’s Sunshine Prods., Inc., 

Exchange Act Release No. 59268, 2009 SEC LEXIS 81, at *20 (Jan. 21, 2009); 

Impax Labs., Inc., Exchange Act Release No. 57864, 2008 SEC LEXIS 1197, 

at *25-26 (May 23, 2008). Respondents are culpable because they knew, or 

should have known, of their obligation to file periodic reports. China-Biotics, 

Inc., Exchange Act Release No. 70800, 2013 SEC LEXIS 3451, at *37 & n.60 

(Nov. 4, 2013) (holding that scienter is not necessary to establish grounds for 

revocation); Robert L. Burns, Investment Advisers Act of 1940 Release No. 
5

3260, 2011 SEC LEXIS 2722, at *41 n.60 (Aug. 5, 2011) (stating that the 

Commission has “repeatedly held that ignorance of the securities laws is not 

a defense to liability thereunder”). They further failed to heed the 

delinquency letters sent to them by the Division of Corporation Finance. 

Even if Respondents did not receive such letters due to their failures to 

maintain valid addresses on file with the Commission as required by 

Commission rules, the other factors weigh in favor of revocation, and scienter 

is not necessary to establish grounds for revocation. See China-Biotics, Inc., 

2013 SEC LEXIS 3451, at *37 & n.60. In any event, there is no indication 

that their violations were inadvertent or accidental. Id. Finally, 

Respondents have not answered the OIP, submitted proposals for the further 

conduct of this proceeding, responded to the show cause order, or otherwise 

participated in the proceeding to address whether they have made any efforts 

to remedy their past violations, and have made no assurances against further 

violations.

On these facts, it is necessary and appropriate for the protection of 

investors to revoke the registrations of each class of Respondents’ registered 

securities.

Order

I ORDER that, pursuant to Section 12(j) of the Securities Exchange Act 

of 1934, the registrations of each class of registered securities of China 

Hefeng Rescue Equipment, Inc., Greenworld Development, Inc., Mountain

National Bancshares, Inc., and UCP Holdings, Inc., are REVOKED.1

This initial decision shall become effective in accordance with and 

subject to the provisions of Rule of Practice 360. 17 C.F.R. § 201.360. 

Pursuant to that Rule, I FURTHER ORDER that, a party may file a petition 

for review of this initial decision within twenty-one days after service of the 

initial decision. 17 C.F.R. § 201.360(b). A party may also file a motion to 

correct a manifest error of fact within ten days of the initial decision, 

pursuant to Rule of Practice 111. 17 C.F.R. § 201.111. If a motion to correct 

a manifest error of fact is filed by a party, then a party shall have twenty-one 

days to file a petition for review from the date of the order resolving such 

motion to correct a manifest error of fact. This initial decision will not 

become final until the Commission enters an order of finality. The 

 

1 This order applies to all classes of Respondents’ securities registered 

under Section 12 of the Exchange Act, whether or not such securities are 

specifically identified by ticker symbol or otherwise in this initial decision.
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Commission will enter an order of finality unless a party files a petition for 

review or motion to correct a manifest error of fact or the Commission 

determines on its own initiative to review the initial decision as to a party. If 

any of these events occur, the initial decision shall not become final as to that 

party.

A respondent has the right to file a motion to set aside a default within a 

reasonable time, stating the reasons for the failure to appear or defend and 

specifying the nature of the proposed defense. 17 C.F.R. § 201.155(b). The 

Commission can set aside a default at any time for good cause. Id.

_______________________________

Cameron Elliot

Administrative Law Judge