1

Table of Contents

Enforcement Milestones .........................................................................................................................2

Enforcement Action Summary by Primary Classification........................................................................3

Fiscal 2011 Enforcement Cases by Program Area .................................................................................4

Investigations of Possible Violations of the Acts 

 Administered by the Commission......................................................................................................24

Right to Financial Privacy .....................................................................................................................24

Ten Most Common Complaints.............................................................................................................25

Unconsolidated Financial Information for Broker-Dealers ...................................................................26

Unconsolidated Annual Revenues and Expenses for 

 Broker-Dealers Doing a Public Business ..........................................................................................27

Unconsolidated Balance Sheet for Broker-Dealers 

 Doing a Public Business ...................................................................................................................28

Unconsolidated Revenues and Expenses for 

 Carrying/Clearing Broker-Dealers.....................................................................................................29

Unconsolidated Balance Sheet for Carrying/Clearing Broker-Dealers .................................................30

Transaction Activity in Equities, Options and Security Futures.............................................................31

SELECT SEC AND MARKET DATA

FISCAL 2011
2

● Obtained orders in SEC judicial and administrative proceedings requiring securities

violators to disgorge illegal profits of approximately $1.878 billion and to pay penalties

of approximately $928 million.

● Sought orders barring 87 defendants and respondents from serving as officers or

directors of public companies.*

● Sought emergency relief from federal courts in the form of temporary restraining

orders (TROs) to halt ongoing fraudulent conduct in 39 actions, and sought asset

freezes in 42 actions.

● Filed 9 actions to enforce investigative subpoenas.

● Halted trading in securities of 276 issuers about which there was inadequate public

disclosure.

In SEC-related criminal cases, prosecutors filed 137 indictments, informations, or contempts 

in Fiscal 2011.

TABLE 1

ENFORCEMENT MILESTONES 

FISCAL 2011

*Revised June 01, 2015 from 82 as originally published.
3

Table 2

ENFORCEMENT ACTION SUMMARY CHART

FOR FISCAL YEAR 2011 BY PRIMARY CLASSIFICATION

(Each action initiated has been included in only one category listed below, even though 

many actions involved multiple allegations and may fall under more than one category. 

The number of defendants and respondents is noted parenthetically.)

Primary Classification Civil Actions Administrative 

Proceedings Total % of Total Actions

Securities Offering 82 (339) 41 (43) 123 (382) 16.7%

Issuer Reporting and Disclosure 32 (81) 57 (71) 89 (152) 12.1%

FCPA 16 (16) 4 (5) 20 (21) 2.7%

(formerly a subset of Issuer 

Reporting & Disclosure)

Investment Advisors/

Investment Companies

33 (109) 113 (150) 146 (259) 19.9%

Transfer Agent 2 (4) 3 (4) 5 (8) 0.6%

Delinquent Filings 0 (0) 121 (630) 121 (630) 16.5%

Broker Dealer 7 (19) 106 (130) 113 (149) 15.4%

Insider Trading 48 (116) 9 (10) 57 (126) 7.8%

Market Manipulation 27 (87) 8 (8) 35 (95) 4.8%

Contempt 14 (26) 0 (0) 14 (26) 1.9%

Municipal Securities & Public Pensions 3 (4) 5 (5) 8 (9) 1.1%

(formerly Municipal Offerings)

Miscellaneous 2 (2) 2 (2) 4 (4) 0.5%

TOTALS 266 (803) 469 (1058) 735 (1861) 100%
4

Name of Case Release No. Date Filed

Broker-Dealer

SEC v. Shawn A. Icely LR-21705 21-Oct-10

SEC v. Steven Brewer, et al. LR-21715 28-Oct-10

In the Matter of Jose O. Vianna, Jr. 34-63289 09-Nov-10

In the Matter of Algird M. Norkus 34-63315 15-Nov-10

In the Matter of World Group Securities, Inc. 34-63354 22-Nov-10

In the Matter of Robert M. Jaffe 34-63365 23-Nov-10

In the Matter of Hector Gallardo, et al. 34-65422 24-Nov-10

In the Matter of Bryan S. Rogers 34-63477 08-Dec-10

In the Matter of Steven L. Rattner 34-63478 09-Dec-10

In the Matter of Steven Byers 34-63861 10-Dec-10

In the Matter of MMR Investment Bankers, LLC, et al. 33-9221 14-Dec-10

In the Matter of Stephen Fayette 34-63698 11-Jan-11

In the Matter of Michel-Jean Geraud 34-64297 12-Jan-11

In the Matter of James J. Caprio 34-63714 13-Jan-11

In the Matter of BNY Mellon Securities, LLC 34-63724 14-Jan-11

In the Matter of Cary R. Kahn 34-64657 14-Jan-11

In the Matter of Mark Shaw 33-9174 14-Jan-11

In the Matter of Dale J. Engelhardt 34-64389 19-Jan-11

In the Matter of Merrill Lynch, Pierce, Fenner & Smith Incorporated 34-63760 25-Jan-11

In the Matter of Bich Quyen Nguyen 34-64569 28-Jan-11

In the Matter of Johnny E. Johnson 34-64408 28-Jan-11

In the Matter of Gregory J. Buchholz 34-63800 31-Jan-11

In the Matter of Jack C. Smith, Jr. 34-63834 03-Feb-11

In the Matter of TD Ameritrade, Inc. 34-63829 03-Feb-11

In the Matter of Torrey Pines Securities, Inc. 34-64317 03-Feb-11

In the Matter of Eugene C. Geiger 34-63849 07-Feb-11

In the Matter of Scott D. Farah 34-63882 09-Feb-11

In the Matter of Craig Demizio 34-63921 17-Feb-11

In the Matter of Darin Demizio 34-63922 17-Feb-11

In the Matter of Johnny Clifton 33-9188 17-Feb-11

In the Matter of Salvatore Zangari 34-63923 17-Feb-11

In the Matter of Shaun Sarnicola 34-63924 17-Feb-11

In the Matter of Elizabeth Pagliarini 34-63964 24-Feb-11

In the Matter of Tony Ahn 34-63963 24-Feb-11

Table 3

FISCAL 2011 ENFORCEMENT CASES

LISTED BY PROGRAM AREA
5

Name of Case Release No. Date Filed

In the Matter of Divine Capital Markets, LLC, et al. 33-9248 25-Feb-11

SEC v. Advanced Optics Electronics, Inc., et al. LR-21967 25-Feb-11

SEC v. Steven T. Kobayashi LR-21872 03-Mar-11

In the Matter of Matthew J. Ryan 34-65173 15-Mar-11

In the Matter of Jason N. Ginder 34-64098 18-Mar-11

In the Matter of Monroe L. Beachy 34-64100 18-Mar-11

SEC v. James J. Konaxis LR-21897 23-Mar-11

In the Matter of Anthony Fareri 34-64413 28-Mar-11

In the Matter of Wells Fargo Securities LLC 33-9200 05-Apr-11

In the Matter of Capital Financial Services, Inc., et al. 34-64218 06-Apr-11

In the Matter of Jeffrey A. Lindsey 34-64219 06-Apr-11

In the Matter of David C. Levine 34-64222 07-Apr-11

In the Matter of Frederick O. Kraus 34-64221 07-Apr-11

In the Matter of Marc A. Ellis 34-64220 07-Apr-11

In the Matter of Jason K. Fifield 34-64281 08-Apr-11

In the Matter of James J. Konaxis 34-64298 13-Apr-11

In the Matter of Michael A. Picone 34-64301 14-Apr-11

In the Matter of Steven E. Malin 34-64302 14-Apr-11

In the Matter of Amanda E. Knorr 34-64701 20-Apr-11

In the Matter of David L. Olson 34-64609 20-Apr-11

In the Matter of James R. Spurger 34-65044 20-Apr-11

In the Matter of Navigators International Management Co., LTD 34-65045 20-Apr-11

In the Matter of Troy B. Wragg 34-64702 20-Apr-11

In the Matter of Wayde M. McKelvy 34-65423 20-Apr-11

In the Matter of Huntleigh Securities Corp., et al. 34-64336 25-Apr-11

In the Matter of Joshua F. Escobedo 34-64344 26-Apr-11

In the Matter of Roy D. Higgs 34-64375 02-May-11

In the Matter of Paul N. Nicholson 34-64396 04-May-11

In the Matter of Brett S. Kleese 34-64412 05-May-11

In the Matter of Gregory L. Oldham 34-64491 13-May-11

In the Matter of Michael P. Watson 34-64492 13-May-11

In the Matter of Legend Securities, Inc., et al. 34-64502 16-May-11

In the Matter of Richard L. Goble 34-64503 16-May-11

In the Matter of Steven T. Kobayashi 34-64508 17-May-11

In the Matter of Tom Hirsch, et al. 34-64507 17-May-11

In the Matter of Lowell Gene "Bob" Hancher 34-64513 18-May-11

In the Matter of Larry Feinblum 34-64575 31-May-11

In the Matter of Lodavina Grosnickle 34-64587 02-Jun-11
6

Name of Case Release No. Date Filed

In the Matter of Giuseppe Tullio Abatemarco 34-64600 03-Jun-11

In the Matter of William J. Hammons 37-64646 10-Jun-11

In the Matter of James Patrick Reedy 34-64703 20-Jun-11

In the Matter of Joseph Shereshevsky 34-64704 20-Jun-11

In the Matter of Alvin C. Ramsey 34-64716 21-Jun-11

In the Matter of Gautham Shankar 34-64714 21-Jun-11

In the Matter of Gregory S. Schaefer 34-65278 23-Jun-11

In the Matter of Travis L. Wright 34-64739 24-Jun-11

In the Matter of Eric Maher 34-64752 27-Jun-11

In the Matter of Jason Mutascio 34-65351 27-Jun-11

In the Matter of Raymond James & Associates,, Inc., et al. SA-9228 29-Jun-11

SEC v. Joshua Constantin, et al. LR-22030 06-Jul-11

In the Matter of Blake G. Williams 34-65296 07-Jul-11

In the Matter of Janney Montgomery Scott LLC 34-64855 11-Jul-11

In the Matter of Jennifer Kim 34-64862 12-Jul-11

In the Matter of Gregory D. Wood 34-64873 13-Jul-11

In the Matter of Kadar M. Josey 34-64912 18-Jul-11

In the Matter of Benjamin W. Young, Jr. 34-64943 21-Jul-11

In the Matter of Glenn R. Harris 34-64942 21-Jul-11

In the Matter of Patricia Diane Gruber 34-64944 21-Jul-11

In the Matter of Vladimir Boris Bugarski, et al. 34-65003 01-Aug-11

In the Matter of Franz N. Tudor 34-65009 02-Aug-11

In the Matter of Scott F. Gelbard 34-65006 02-Aug-11

In the Matter of Frank R. Peperno 34-65018 03-Aug-11

In the Matter of Daniel Cohen 34-65123 12-Aug-11

In the Matter of Peter Emrich, et al. 34-65167 18-Aug-11

In the Matter of Jacob Spinner 34-65171 19-Aug-11

In the Matter of Mottes Drillman 34-65172 19-Aug-11

In the Matter of Jay L. Lebouef 34-65216 29-Aug-11

In the Matter of Margaret Grey 34-65214 29-Aug-11

In the Matter of Richard A. Geiger 34-65265 06-Sep-11

In the Matter of Rick Lawton 34-65270 06-Sep-11

In the Matter of Brian W. Walsh 34-65284 07-Sep-11

In the Matter of W. Todd Smith 34-65285 07-Sep-11

In the Matter of John Scott Clark 34-65294 08-Sep-11

SEC v. Richard A. Finger, Jr., et al. LR-22087 08-Sep-11

In the Matter of Dustin D. White 34-65331 13-Sep-11

In the Matter of Matthew R. Jennings 34-65349 16-Sep-11
7

Name of Case Release No. Date Filed

In the Matter of Justin William Rifkin 34-65357 20-Sep-11

In the Matter of Manuel Lopez-Tarre 34-65391 23-Sep-11

In the Matter of Gilford Securities, Incorporated, et al. 33-9264 30-Sep-11

Civil Contempt

SEC v. Ryan M. Reynolds None 18-Oct-10

SEC v. William A. Goldstein, et al. None 27-Oct-10

SEC v. Jordan River Resources Liquidation Trust, et al. None 03-Nov-10

SEC v. Marie Dalton None 08-Dec-10

SEC v. Richard Dalton None 20-Dec-10

SEC v. Steven Brewer, et al. None 18-Jan-11

SEC v. Robert Glenn Bard None 18-Mar-11

SEC v. Stanley J. Kowalewski None 18-Mar-11

SEC v. Patrick M. Brody None 18-Apr-11

SEC v. Patrick M. Brody, et al None 13-May-11

SEC v. Tom Hirsch, et al. None 10-Jun-11

SEC v. Charles William Petty, II None 06-Jul-11

SEC v. David G. Stern None 03-Aug-11

SEC v. Stanley J. Kowalewski None 29-Aug-11

Delinquent Filing: Issuer Reporting

In the Matter of AOB Holdings, Inc., et al. 34-63294 06-Oct-10

In the Matter of Andain, Inc., et al. 34-64015 07-Oct-10

In the Matter of Camera Platforms Intrnational, Inc., et al. 34-63225 13-Oct-10

In the Matter of Cape Systems Group, Inc., et al. 34-63298 19-Oct-10

In the Matter of Electrosound Group, Inc., et al. 34-63370 19-Oct-10

In the Matter of Speedlane.com, Inc., et al. 34-63870 27-Oct-10

In the Matter of Spendthrift Farm, Inc. 34-63369 27-Oct-10

In the Matter of Animatrix, Inc., et al. 34-63408 04-Nov-10

In the Matter of Mid-American Waste Systems, Inc., et al. 34-63380 04-Nov-10

In the Matter of Edentify, Inc., et al. 34-63446 10-Nov-10

In the Matter of Enclaves Group, Inc., et al. 34-63421 10-Nov-10

In the Matter of Tabatha V, Inc., et al. 34-63884 17-Nov-10

In the Matter of VIPC Communications, Inc., et al. 34-63702 17-Nov-10

In the Matter of Speednet, Inc., et al. 34-63459 23-Nov-10

In the Matter of Colormax Technologies, Inc. 34-63409 02-Dec-10

In the Matter of Payphone Wind Down Corp. 34-63410 02-Dec-10
8

Name of Case Release No. Date Filed

In the Matter of Springfield Co., Inc., et al. 34-63684 03-Dec-10

In the Matter of Apex Capital Group, Inc., et al. 34-63797 06-Dec-10

In the Matter of Ministor Peripherals International Ltd., et al. 34-63683 08-Dec-10

In the Matter of Golden Goose Resources, Inc. 34-63516 10-Dec-10

In the Matter of C-3D Digital, Inc., et al. 34-64255 17-Dec-10

In the Matter of Caibs International, Inc., et al. 34-64069 21-Dec-10

In the Matter of EC Power, Inc., et al. 34-63670 21-Dec-10

In the Matter of Absolutefuture.com 34-64083 07-Jan-11

In the Matter of Alternative Construction Technologies, Inc. 34-63689 11-Jan-11

In the Matter of Campo Electronics, Appliances & Computers, Inc., et al. 34-63866 11-Jan-11

In the Matter of Enter Tech Corp., et al. 34-63846 19-Jan-11

In the Matter of Canadian Mono Mines, Inc., et al. 34-64019 24-Jan-11

In the Matter of Clean Energy and Power, Inc. 34-64528 27-Jan-11

In the Matter of Andresmin Gold Corp. 34-64116 01-Feb-11

In the Matter of Eternal Technologies Group, Inc. 34-64064 01-Feb-11

In the Matter of China 9D Construction Group 34-64117 02-Feb-11

In the Matter of Advantage Life Products, Inc., et al. 34-64092 03-Feb-11

In the Matter of ActiveCore Technologies, Inc., et al. 34-63991 04-Feb-11

In the Matter of Cellpoint, Inc., et al. 34-64046 08-Feb-11

In the Matter of ATC Healthcare, Inc. 34-63871 09-Feb-11

In the Matter of Hemiwedge Industries, Inc. 34-63872 09-Feb-11

In the Matter of China Digital Media Corporation 34-63888 11-Feb-11

In the Matter of Score One, Inc., et al. 34-64045 11-Feb-11

In the Matter of Carrier1 International S.A., et al. 34-64180 15-Feb-11

In the Matter of Emporia Systems, et al. 34-64031 15-Feb-11

In the Matter of eMobile Data Corp., et al. 34-64109 22-Feb-11

In the Matter of Bio-Life Labs, Inc., et al. 34-64482 24-Feb-11

In the Matter of Electrochemical industries (1952) Ltd., et al. 34-64410 28-Feb-11

In the Matter of Tronox Incorporated 34-63992 01-Mar-11

In the Matter of Advanced Optics Electronics, Inc. 34-64952 02-Mar-11

In the Matter of Andain, Inc. 34-64016 02-Mar-11

In the Matter of IndyMac Bancorp., Inc. 34-64020 03-Mar-11

In the Matter of AccessTel, Inc., et al. 34-64146 08-Mar-11

In the Matter of AdA1 Group, Inc., et al. 34-64307 09-Mar-11

In the Matter of Admiralty Holding Co., et al. 34-64125 10-Mar-11

In the Matter of Circadian, Inc., et al. 34-64332 22-Mar-11

In the Matter of Clarion Internet, Inc., et al. 34-64450 28-Mar-11

In the Matter of Sporlox Corp. 34-64331 28-Mar-11
9

Name of Case Release No. Date Filed

In the Matter of Centrack International, Inc., et al. 34-64787 04-Apr-11

In the Matter of Circuit Systems, Inc., et al. 34-64417 04-Apr-11

In the Matter of Sabratek Corp., et al. 34-64765 05-Apr-11

In the Matter of Secured Digital Applications, Inc., et al. 34-64533 05-Apr-11

In the Matter of Powder River Petroleum International, Inc. 34-64257 08-Apr-11

In the Matter of Commercial Mortgage Resources Corp., et al. 34-64554 26-Apr-11

In the Matter of Safe Waste Systems, Inc., et al. 34-64509 26-Apr-11

In the Matter of Magnum D’OR Resources, Inc. 34-64368 29-Apr-11

In the Matter of Advanced Refractive Technologies, Inc., et al. 34-64567 03-May-11

In the Matter of Columbia Futures Fund, et al. 34-64601 03-May-11

In the Matter of Comedco, Inc., et al. 34-64532 03-May-11

In the Matter of Dijji Corp., et al. 34-64527 04-May-11

In the Matter of Davin Computer Corp., et al. 34-64659 09-May-11

In the Matter of Diversified Investors Corp., et al. 34-64658 10-May-11

In the Matter of American Resource Technologies, Inc., et al. 34-64684 11-May-11

In the Matter of City Network, Inc. 34-64749 11-May-11

In the Matter of Data Fortress Systems Group, Ltd., et al. 34-64620 12-May-11

In the Matter of Dechtar Direct Inc., et al. 34-64683 16-May-11

In the Matter of Saf T Lok, Inc., et al. 34-64685 16-May-11

In the Matter of Citizens Capital Corp., et al. 34-65028 23-May-11

In the Matter of Columbia Lease Income Fund B LP, et al. 34-64726 23-May-11

In the Matter of Delcott Commodity Partners, et al. 34-64838 31-May-11

In the Matter of Sanctuary Woods Multimedia Corp., et al. 34-64827 31-May-11

In the Matter of Consolidated Resources Health Care Fund III., et al. 34-64737 06-Jun-11

In the Matter of D’Brit Corp., et al. 34-64815 06-Jun-11

In the Matter of Apparel America, Inc., et al. 34-64995 13-Jun-11

In the Matter of Dawn Technologies, Inc., et al. 34-64947 14-Jun-11

In the Matter of Samaritan Pharmaceuticals, Inc., et al. 34-65129 14-Jun-11

In the Matter of BP International, Inc., et al. 34-64829 16-Jun-11

In the Matter of SHC Corp., et al. 34-65130 16-Jun-11

In the Matter of Animal Cloning Sciences, Inc. 34-64986 21-Jun-11

In the Matter of Shiming U.S., Inc., et al. 34-64979 21-Jun-11

In the Matter of International Poultry Co., et al. 34-65168 28-Jun-11

In the Matter of Internet Marketing, Inc., et al. 34-65139 28-Jun-11

In the Matter of Basin Water, Inc. 34-65364 05-Jul-11

In the Matter of Interactive Telesis, Inc., et al. 34-64960 05-Jul-11

In the Matter of SFH II Acquisition Corp., et al. 34-65403 05-Jul-11

In the Matter of Aqua Society, Inc., et al. 34-65194 13-Jul-11

In the Matter of Columbus Geographic Systems (GIS) Ltd, 34-65144 13-Jul-11
10

Name of Case Release No. Date Filed

In the Matter of Maxicare Health Plans, Inc., et al. 34-65402 13-Jul-11

In the Matter of bioMETRX, Inc., et al. 34-65272 14-Jul-11

In the Matter of M.B.A. Holdings, Inc., et al. 34-65289 14-Jul-11

In the Matter of International Butec Industries Corp., et al. 34-65219 20-Jul-11

In the Matter of M (2003) PLC, et al. 34-65242 20-Jul-11

In the Matter of Circle Fine Art Corp., et al. 34-65290 25-Jul-11

In the Matter of Derand Real Estate Investment Trust, et al. 34-65336 26-Jul-11

In the Matter of D.G. Jewellery of Canada Ltd., et al. 34-65332 10-Aug-11

In the Matter of Santa Cruz Gold, Inc., et al. 34-65366 10-Aug-11

In the Matter of Auriga Laboratories, Inc., et al. 34-65333 17-Aug-11

In the Matter of Colorado Wyoming Reserve Co., et al. 34-65365 18-Aug-11

In the Matter of Consolidated Energy, Inc., et al. 34-65415 18-Aug-11

In the Matter of Magic Lantern Group, Inc., et al. 34-65414 24-Aug-11

In the Matter of Shepaug Corp., et al. 34-65476 24-Aug-11

In the Matter of Matthews Studio Equipment Group, et al. 34-65218 29-Aug-11

In the Matter of Somerset International Group, Inc. 34-65464 30-Aug-11

In the Matter of Excellency Investment Realty Trust, Inc. 34-65248 02-Sep-11

In the Matter of American Capital Partners Limited, Inc., et al. 34-65274 07-Sep-11

In the Matter of Astralis Ltd., et al. 34-65487 07-Sep-11

In the Matter of BSK & Tech, Inc. 34-65273 07-Sep-11

In the Matter of Dialpoint Communications Corp., et al. 34-65288 08-Sep-11

In the Matter of Amerex Group, Inc., et al. 34-65474 09-Sep-11

In the Matter of Interactive Therapeutics, Inc., et al. 34-65475 12-Sep-11

In the Matter of International Solubles Corp., et al. 34-65321 12-Sep-11

In the Matter of SGI International, et al. 34-65359 20-Sep-11

In the Matter of Sharon Energy, Ltd., et al. 34-65463 20-Sep-11

In the Matter of MAS Acquisition XX Corp., et al. 34-65412 27-Sep-11

In the Matter of North Shore Capital I, Inc., et al. 34-65413 27-Sep-11

Foreign Corrupt Practices Act

In the Matter of Royal Dutch Shell, plc., et al. AAER-3204 04-Nov-10

SEC v. GlobalSantaFe Corp. AAER-3201 04-Nov-10

SEC v. Noble Corporation AAER-3206 04-Nov-10

SEC v. Panalpina, Inc. AAER-3205 04-Nov-10

SEC v. Pride International, Inc. AAER-3203 04-Nov-10

SEC v. Tidewater Inc. AAER-3207 04-Nov-10

SEC v. Transocean Inc. AAER-3202 04-Nov-10

SEC v. RAE Systems Inc. LR-21770 10-Dec-10

SEC v. Alcatel-Lucent, S.A. LR-21795 27-Dec-10
11

Name of Case Release No. Date Filed

SEC v. Paul W. Jennings AAER-3235 24-Jan-11

SEC v. Maxwell Technologies, Inc. AAER-3236 31-Jan-11

SEC v.Tyson Foods, Inc. LR-21851 10-Feb-11

SEC v. International Business Machines Corporation AAER-3254 18-Mar-11

In the Matter of Ball Corporation AAER-3255 24-Mar-11

SEC v. Comverse Technology, Inc. LR-21920 07-Apr-11

SEC v. Johnson & Johnson AAER-3261 08-Apr-11

In the Matter of Rockwell Automation, inc. AAER-3274 03-May-11

SEC v. Tenaris, S.A. 2011-112 17-May-11

SEC v. Armor Holdings, Inc. AAER-3302 13-Jul-11

In the Matter of Diageo plc AAER-3307 27-Jul-11

Investment Adviser/Investment Company Cases

In the Matter of Altschuler, Melvoin and Glasser LLP, et al. AAER-3194 04-Oct-10

In the Matter of Robert P. Pinkas IA-3097 05-Oct-10

SEC v. Carlo G. Chiaese, et al. LR-21684 05-Oct-10

SEC v. Paul T. Mannion, Jr., et al. LR-21699 19-Oct-10

In the Matter of Sands Brothers Asset Management LLC, et al. IA-3099 22-Oct-10

SEC v. Southridge Capital Management, LLC, et al. LR-21709 25-Oct-10

In the Matter of Joseph D. Bonanno 34-63232 02-Nov-10

In the Matter of Gregory M. Bell IA-3102 03-Nov-10

In the Matter of Robert L. Duncan IA-3103 09-Nov-10

In the Matter of Won Sok Lee 34-63303 10-Nov-10

In the Matter of Yung Bae Kim 34-63302 10-Nov-10

In the Matter Robert J. Sucarato IA-3104 10-Nov-10

In the Matter of Thrasher Capital Management, LLC, et al. IA-3108 16-Nov-10

In the Matter of The Buckingham Research Group, Inc., et al. 34-63323 17-Nov-10

SEC v. Annette Bongiorno LR-21750 18-Nov-10

SEC v. Joanne Crupi LR-21750 18-Nov-10

SEC v. Steven L. Rattner LR-21748 18-Nov-10

In the Matter of Emil C. Busse, Jr. 33-9159 22-Nov-10

In the Matter of F&S Asset Management Group, Inc. IA-3112 22-Nov-10

In the Matter of Neil Godbole IA-3117 01-Dec-10

In the Matter of John W. Lawton IA-3123 14-Dec-10

SEC v. William K. Harrison, et al. LR-21781 15-Dec-10

In the Matter of Daniel Spitzer IA-3142 17-Dec-10

SEC v. Alfred Clay Ludlum III, et al. LR-21785 20-Dec-10

In the Matter of American Pegasus LDG, LLC, et al. 33-9167 21-Dec-10
12

Name of Case Release No. Date Filed

SEC v. Robert L. Buckhannon, et al. LR-21787 21-Dec-10

In the Matter of Aaron Riddle IA-3127 23-Dec-10

In the Matter of Enrique F. Villalba IA-3130 29-Dec-10

SEC v. Stanley J. Kowalewski, et al. LR-21800 06-Jan-11

In the Matter of Fontana Capital, LLC, et al. 34-64839 07-Jan-11

In the Matter of Kimball L. Young 34-63675 07-Jan-11

In the Matter of Thomas S. Albright 34-63676 07-Jan-11

In the Matter of Charles Schwab Investment Management, et al. 33-9171 11-Jan-11

In the Matter of Jay D. Johnson 34-63710 12-Jan-11

SEC v. Warren D. Nadel, et al. LR-21812 13-Jan-11

In the Matter of Evelyn Litwok IA-3140 14-Jan-11

In the Matter of Michael R. Pelosi IA-3141 14-Jan-11

SEC v. Francisco Illarramendi, et al. LR-22015 14-Jan-11

SEC v. William Landberg, et al. LR-21829 20-Jan-11

In the Matter of Jack W. Luna IA-3148 02-Feb-11

In the Matter of Mitchell Porter & Williams, Inc., et al. 34-64438 02-Feb-11

In the Matter of AXA Rosenberg Group, LLC, et al. 33-9181 03-Feb-11

In the Matter of Robert L. Buckhannon IA-3151 03-Feb-11

In the Matter of Terry D. Rawstern IA-3150 03-Feb-11

In the Matter of Alpine Woods Capital Investors, LLC, et al. 33-9182 07-Feb-11

In the Matter of Mark Kurland IA-3156 07-Feb-11

In the Matter of Robert J. Riddle IA-3155 07-Feb-11

SEC v. Neal R. Greenberg LR-21852 07-Feb-11

In the Matter of Envision Capital Management, Ltd., et al. 33-9187 16-Feb-11

In the Matter of Jacques R. Gendreau IA-3162 17-Feb-11

In the Matter of William J. Reid IA-3163 17-Feb-11

In the Matter of Neal R. Greenberg 34-63932 18-Feb-11

SEC v. Lawrence R. Goldfarb, et al. LR-21870 01-Mar-11

In the Matter of SBM Investment Certificates, Inc., et al. 33-9195 04-Mar-11

SEC v. Jason Bo-Alan Beckman, et al. LR-21887 07-Mar-11

In the Matter of Timothy Smith IA-3171 09-Mar-11

In the Matter of Stephen Cina IA-3173 10-Mar-11

In the Matter of JSK Associates, Inc., et al. IA-3175 14-Mar-11

SEC v. Juno Mother Earth Asset Management, LLC, et al. LR-21886 15-Mar-11

In the Matter of Rebecca A. Townsend IA-3177 21-Mar-11

SEC v. Timothy J. Roth, et al. LR-21895 21-Mar-11

SEC v. JSW Financial Inc., et al. LR-21893 22-Mar-11

In the Matter of J. Jonathan Coleman IA-3178 23-Mar-11
13

Name of Case Release No. Date Filed

In the Matter of Roman Lyniuk 33-9236 23-Mar-11

SEC v. Daniel Sholom Frishberg LR-21901 25-Mar-11

In the Matter of Isaac I. Ovid IA-3182 30-Mar-11

In the Matter of Printz Capital Management, LLC IA-3223 31-Mar-11

In the Matter of Delta Global Advisors, Inc., et al. IA-3283 07-Apr-11

In the Matter of Gualario & Co., LLC, et al. 33-9202 08-Apr-11

SEC v. Perry A. Gruss LR-21923 08-Apr-11

In the Matter of Robert David Beauchene 34-64323 22-Apr-11

In the Matter of Donald L. Koch, et al. 34-64337 25-Apr-11

In the Matter of Lawrence R. Goldfarb 34-64377 02-May-11

SEC v. Jupiter Group Capital Advosprs LLC, et al. LR-21861 03-May-11

SEC v. Robert C. Butler LR-21959 03-May-11

In the Matter of Douglas K. Landeen IA-3194 05-May-11

In the Matter of Guy Albert de Chimay IA-3196 05-May-11

In the Matter of Aletheia Research and Management, Inc., et al. 34-64442 09-May-11

In the Matter of Daniel M. Hughes 33-9207 13-May-11

In the Matter of Daniel Sholom Frishberg IA-3206 16-May-11

In the Matter of Heath M. Biddlecome 34-64500 16-May-11

In the Matter of Jonathan Hollander IA-3208 19-May-11

In the Matter of Gregory a. Seib IA-3276 20-May-11

In the Matter of Wunderlich Securities, inc., et al. 34-64558 27-May-11

In the Matter of Belsen Getty, LLC, et al. 33-9214 31-May-11

SEC v. Eric Lipkin None 06-Jun-11

In the Matter of Thomas C. Hardin IA-3214 14-Jun-11

In the Matter of Pegasus Investment Management, LLC, et al. IA-3215 15-Jun-11

In the Matter of Adam Smith IA-3216 16-Jun-11

SEC v. Edward S. Steffelin LR-22008 21-Jun-11

In the Matter of Brookside Capital, LLC 34-64764 28-Jun-11

In the Matter of Eddie W. Sawyers 34-64759 28-Jun-11

In the Matter of Level Global Investors, L.P. 34-64763 28-Jun-11

In the Matter of Ahmad Haris Tajyar IA-3228 29-Jun-11

In the Matter of Patrick L. Martin 34-65029 30-Jun-11

In the Matter of Jeffrey R. Neufeld IA-3230 01-Jul-11

In the Matter of Christopher Love Blackwell IA-3231 06-Jul-11

In the Matter of Leila C. Jenkins 34-64849 08-Jul-11

In the Matter of Locke Capital Management, Inc. IA-3234 08-Jul-11

SEC v. Sam Otto Folin, et al. LR-22036 12-Jul-11

In the Matter of Joseph F. Sofo, CPA AAER-3303 14-Jul-11
14

Name of Case Release No. Date Filed

In the Matter of Robert C. Brown, Jr. IA-3240 14-Jul-11

SEC v. James M. Peister, et al. LR-22043 14-Jul-11

In the Matter of Carlo G. Chiaese 34-64932 20-Jul-11

In the Matter of Christopher T. Paganes 34-64922 20-Jul-11

In the Matter of Dale E. St. Jean IA-3244 20-Jul-11

In the Matter of Glenn M. Barikmo 34-64923 20-Jul-11

In the Matter of Imperium Investment Advisors, LLC IA-3295 20-Jul-11

In the Matter of Michael Cardillo IA-3249 20-Jul-11

In the Matter of Richard D. Mittasch 34-65461 20-Jul-11

In the Matter of Danielle Chiesi IA-3251 22-Jul-11

In the Matter of Jeffrey Yokuty IA-3250 22-Jul-11

In the Matter of William Kevin Harrison 34-64965 26-Jul-11

In the Matter of Benchmark Asset Managers LLC IA-3253 28-Jul-11

In the Matter of Kenneth W. Burnt IA-3255 29-Jul-11

In the Matter of Otto Sam Folin IA-3254 29-Jul-11

SEC v. Brian A. Bjork, et al. LR-22058 01-Aug-11

In the Matter of Francisco Illarramendi IA-3257 03-Aug-11

SEC v. Belal K. Faruki, et al. LR-22079 10-Aug-11

In the Matter of GSCP (NJ) L.P. 33-9252 25-Aug-11

In the Matter of David G. Brouwer 33-9253 26-Aug-11

In the Matter of Renee Marie Brown 34-65205 26-Aug-11

In the Matter of Matthew Crisp 34-65217 29-Aug-11

In the Matter of Shawn A. Icely 34-65215 29-Aug-11

In the Matter of Sean Mansfield IA-3269 31-Aug-11

SEC v. John A. Grant, et al. LR-22081 01-Sep-11

In the Matter of Robert Feinblatt IA-3270 02-Sep-11

In the Matter of Gregory P. Loles IA-3272 06-Sep-11

In the Matter of Montford and Company, Inc. IA-3273 07-Sep-11

In the Matter of Anthony Scolaro IA-3275 08-Sep-11

In the Matter of Roy E. Scarboro IA-3274 08-Sep-11

SEC v. EagleEye Asset Management, LLC, et al. LR-22086 08-Sep-11

In the Matter of David A. Souza IA-3277 13-Sep-11

In the Matter of James Davis Risher IA-3278 14-Sep-11

In the Matter of Vinayak S. Gowrish IA-3279 16-Sep-11

In the Matter of Stanley J. Kowalewski IA-3281 19-Sep-11

In the Matter of Barr M. Rosenberg IA-3285 22-Sep-11

In the Matter of Janis Barsuk IA-3286 22-Sep-11

In the Matter of Bruce F. Prevost, et al. IA-3288 23-Sep-11
15

Name of Case Release No. Date Filed

In the Matter of James M. Peister IA-3287 23-Sep-11

In the Matter of Donald Longueuil IA-3292 27-Sep-11

In the Matter of LPB Capital, et al. AAER-3323 27-Sep-11

In the Matter of Daryl Dworkin IA-3293 28-Sep-11

SEC v. Kurt S. Hovan, et al. LR-22107 28-Sep-11

SEC v. NIR Group, LLC, et al., (The) LR-22106 28-Sep-11

In the Matter of Alfred Clay Ludlum, III IA-3294 29-Sep-11

Insider Trading

SEC v. Marleen Jantzen, et al. LR-21685 05-Oct-10

In the Matter of Gregory C. Gunn 34-63114 15-Oct-10

SEC v. Dr. Yves M. Benhamou, et al. LR-21928 02-Nov-10

SEC v. Franz N. Tudor LR-21741 12-Nov-10

SEC v. Lanexa Management LLC, et al. LR-21741 12-Nov-10

SEC v. Thomas C. Hardin LR-21740 12-Nov-10

SEC v. Arnold McClellan, et al. LR-21758 30-Nov-10

SEC v. Jeffery J Temple, et al. LR-21765 07-Dec-10

SEC v. Brett A. Cohen, et al. LR-21767 08-Dec-10

SEC v. One or More Unknown Purchasers of Securities of Wimm-Bill-Dann Foods LR-21766 08-Dec-10

SEC v. Joseph M. Elles AAER-3219 20-Dec-10

SEC v. One or More Unknown Purchasers of Securities of Martek Biosciences Corporation LR-21792 22-Dec-10

SEC v. One or More Unknown Purchasers of Options of Intermune, Inc. LR-21794 23-Dec-10

SEC v. Robert Feinblatt, et al. LR-21802 10-Jan-11

SEC v. CytoCore, Inc., et al. LR-21811 13-Jan-11

SEC v. George H. Holley, et al. LR-21815 13-Jan-11

SEC v. Zizhong Fan, et al. LR-21820 19-Jan-11

SEC v. Adam Smith LR-21827 26-Jan-11

SEC v. Michael Cardillo LR-21826 26-Jan-11

In the Matter of Eric A. Holzer, CPA AAER-3239 02-Feb-11

SEC v. Mark Anthony Longoria, et al. LR-21844 03-Feb-11

In the Matter of Frederick E. Bowers 34-63901 14-Feb-11

In the Matter of Jeffrey R. Glover 34-63903 14-Feb-11

In the Matter of Thomas Faulhaber 34-63902 14-Feb-11

SEC v. Zhenyn Ni LR-21859 16-Feb-11

In the Matter of Rajat K. Gupta 33-9192 01-Mar-11

SEC v. Gregory A. Seib LR-21871 01-Mar-11

SEC v. Todd Leslie Treadway LR-21877 07-Mar-11
16

Name of Case Release No. Date Filed

SEC v. Joseph A. Dawson LR-21878 08-Mar-11

SEC v. Kim Ann Deskovick, et al. LR-21890 17-Mar-11

SEC v. Patrick M. Carroll, et al. LR-21954 17-Mar-11

SEC v. Daniel F. Wiener, II LR-21896 23-Mar-11

SEC v. Mark A. Duffell LR-21899 24-Mar-11

In the Matter of Joseph A. Dawson 34-64126 25-Mar-11

SEC v. Cheng Yi Liang, et al. LR-21987 29-Mar-11

SEC v. Matthew H. Kluger, et al. LR-21917 06-Apr-11

SEC v. Jonathan Hollander LR-21950 28-Apr-11

SEC v. Bruce Hvidsten, et al. None 04-May-11

SEC v. Mary Beth Knight, et al. LR-21972 17-May-11

SEC v. Abraham Haim LR-21977 24-May-11

SEC v. Donald L. Johnson, et al. LR-21981 26-May-11

SEC v. Dean A. Goetz LR-21990 03-Jun-11

SEC v. One or More Unknown Purchasers of Securities of Telvent GIT S.A. LR-21991 03-Jun-11

SEC v. Phillip E. Powell LR-21996 10-Jun-11

SEC v. Compania International Financiera S.A., et al. LR-22055 15-Jul-11

SEC v. Howard B. Wildstein LR-22048 19-Jul-11

SEC v. Robert Doyle LR-22050 19-Jul-11

SEC v. William A. Marovitz LR-22059 03-Aug-11

SEC v. Douglas V. DeCinces, et al. LR-22062 04-Aug-11

In the Matter of Steven Scoppetuolo, CPA AAER-3312 05-Aug-11

SEC v. H. Clayton Peterson, et al. LR-22063 05-Aug-11

SEC v. Toby G. Scammell LR-22066 11-Aug-11

SEC v. Anthony Scolaro LR-22078 31-Aug-11

SEC v. Clay Capital Management, LLC, et al. LR-22080 31-Aug-11

SEC v. Scott Allen, et al. LR-22093 15-Sep-11

SEC v. One or More Unknown Purchasers of Securities of Global Industries LR-22099 16-Sep-11

In the Matter of Spencer D. Mindlin, et al. 33-9261 21-Sep-11

Issuer Reporting and Disclosure

SEC v. LocatePlus Holdings Corporation AAER-3213 14-Oct-10

In the Matter of Office Depot, Inc. AAER-3198 21-Oct-10

In the Matter of Patricia A. McKay, CPA 34-63154 21-Oct-10

In the Matter of Stephen A. Odland 34-63153 21-Oct-10

SEC v. Office Depot, Inc. AAER-3199 21-Oct-10

In the Matter of Leslie L. Jackson, CPA AAER-3211 05-Nov-10

In the Matter of Nicholas A.R. Dunning, ACA AAER-3208 05-Nov-10
17

Name of Case Release No. Date Filed

In the Matter of Randall D. Imhoff (CPA) AAER-3209 05-Nov-10

In the Matter of Robert W. Davis (CPA) AAER-3210 05-Nov-10

In the Matter of Catherine Rozanski (CPA) AAER-3214 22-Nov-10

In the Matter of Paul R. Beckwith (CPA) AAER-3216 08-Dec-10

SEC v. Vitesse Semiconductor Corp., et al. AAER-3217 10-Dec-10

In the Matter of Milan Belans, CPA AAER-3220 20-Dec-10

In the Matter of Moore Stephens Wurth Frazer & Torbet LLP, et al. AAER-3221 20-Dec-10

In the Matter of James M. Schneider, CPA AAER-3222 22-Dec-10

SEC v. Joseph M. Braas AAER-3223 06-Jan-11

In the Matter of Carl W. Jasper, CPA AAER-3224 07-Jan-11

In the Matter of Eric Sieracki, CPA AAER-3225 07-Jan-11

In the Matter of Hudson Highland Group, Inc. AAER-3226 10-Jan-11

SEC v. Michael R. Drogin, CPA AAER-3228 11-Jan-11

SEC v. NIC, Inc., et al. AAER-3229 12-Jan-11

SEC v. Stephen M. Kovzan AAER-3229 12-Jan-11

SEC v. NutraCea, et al. AAER-3234 13-Jan-11

SEC v. Jimmy J. McGhan, et al. LR-21816 14-Jan-11

SEC v. Joseph D. Radcliffe, et al. AAER-3231 14-Jan-11

SEC v. Theodore R. Maloney LR-21816 14-Jan-11

In the Matter of Eric J. Bur, CPA AAER-3233 20-Jan-11

In the Matter of David M. Tamman, Esq. 34-63785 27-Jan-11

In the Matter of Deerfield Capital Corp., et al. AAER-3237 02-Feb-11

In the Matter of David E. Watson, CPA AAER-3240 03-Feb-11

In the Matter of Sahas Technologies, LLC 33-9184 07-Feb-11

In the Matter of Arthrocare Corporation AAER-3242 09-Feb-11

In the Matter of Rodney B. Johnson AAER-3241 09-Feb-11

SEC v. Michael W. Perry, et al. LR-21853 11-Feb-11

SEC v. S. Blair Abernathy LR-21853 11-Feb-11

In the Matter of Joanne Kline AAER-3244 18-Feb-11

SEC v. Desiree E. Brown AAER-3294 24-Feb-11

In the Matter of Scott Wilkinson, CPA AAER-3246 25-Feb-11

In the Matter of KPMG Australia AAER-3248 28-Feb-11

SEC v. DHB Industries, Inc. AAER-3247 28-Feb-11

SEC v. Jerome Krantz, et al. AAER-3247 28-Feb-11

SEC v. Catherine L. Kissick AAER-3294 02-Mar-11

In the Matter of S. Blair Abernathy, CPA AAER-3249 03-Mar-11

SEC v. Ian J. McCarthy AAER-3250 03-Mar-11

In the Matter of Sujata Sachdeva AAER-3251 08-Mar-11
18

Name of Case Release No. Date Filed

SEC v. Teresa A. Kelly AAER-3294 16-Mar-11

In the Matter of Lovelock & Lewes, et al. AAER-3257 05-Apr-11

In the Matter of Michael C. Pattison, CPA AAER-3260 05-Apr-11

SEC v. Satyam Computer Services Limited AAER-3258 05-Apr-11

In the Matter of Chisholm, Bierwolf, Nilson & Morrill, LLC AAER-3267 08-Apr-11

In the Matter of Jeffery Q. Johnson, CPA, et al. AAER-3265 08-Apr-11

In the Matter of Kempisty & Company, CPAs, LLC, et al. AAER-3269 08-Apr-11

In the Matter of Kentucky Energy Inc., et al. AAER-3268 08-Apr-11

In the Matter of Nicole Rae Kaplan, CPA AAER-3262 08-Apr-11

In the Matter of Todd D. Chisholm, CPA AAER-3266 08-Apr-11

In the Matter of Troy F. Nilson, CPA AAER-3264 08-Apr-11

In the Matter of Yatin Dilip Mody, CPA AAER-3263 08-Apr-11

SEC v. Brian D. Fox LR-21926 11-Apr-11

SEC v. Rebecca Lynn Higgins AAER-3270 14-Apr-11

SEC v. Terry M. Phillips AAER-3273 20-Apr-11

In the Matter of Southpeak Interactive Corp., et al. 34-64320 21-Apr-11

SEC v. Robert D. Orr, et al. AAER-3276 04-May-11

In the Matter of Michael Higgins, CPA AAER-3278 11-May-11

SEC v. Michael Baker Corporation, et al. AAER-3279 11-May-11

SEC v. Thor Industries, Inc., et al. AAER-3280 12-May-11

In the Matter of George B. Doherty AAER-3281 13-May-11

In the Matter of GSI Group, Inc. AAER-3283 13-May-11

In the Matter of Peter Disessa AAER-3282 13-May-11

SEC v. e-Smart Technologies, Inc., et al. LR-21976 13-May-11

In the Matter of John Scullin AAER-3285 23-May-11

In the Matter of Livingston & Haynes, P.C., et al. AAER-3288 06-Jun-11

In the Matter of Mark C. Schwartzhoff AAER-3289 07-Jun-11

In the Matter of China Intelligent Lighting and Electronics, Inc. 33-9223 10-Jun-11

In the Matter of China Century Dragon Media, Inc. 33-9224 13-Jun-11

SEC v. Peter L. Jensen, et al. LR-22014 24-Jun-11

SEC v. John Raffle, et al. LR-22027 27-Jun-11

In the Matter of Labarge, Inc. AAER-3297 30-Jun-11

In the Matter of Lawrence Collins, CPA AAER-3300 05-Jul-11

SEC v. Stephen D. Ferrone, et al. LR-22057 01-Aug-11

In the Matter of James E. Pratt, Esq. 34-65005 02-Aug-11

In the Matter of Karlheinz Redekopp, CGA AAER-3310 04-Aug-11

SEC v. James Li, et al. AAER-3315 30-Aug-11

SEC v. James O’Leary AAER-3314 30-Aug-11
19

Name of Case Release No. Date Filed

In the Matter of Sequenom, Inc. 34-65247 01-Sep-11

In the Matter of Leland G. Orr, CPA AAER-3317 02-Sep-11

In the Matter of Travis W. Vrbas AAER-3316 02-Sep-11

In the Matter of Ran H. Furman, CPA AAER-3318 06-Sep-11

In the Matter of Wayne A. Pratt, CPA AAER-3320 14-Sep-11

In the Matter of Larry Lee Crawdord (CPA) AAER-3322 21-Sep-11

Market Manipulation

SEC v. Anthony Mellone, et al. LR-21691 07-Oct-10

SEC v. Boyd Soussana, et al. None 07-Oct-10

SEC v. Bruce Palmer, et al. LR-21691 07-Oct-10

SEC v. Jean R. Charbit, et al. LR-21691 07-Oct-10

SEC v. Jeffrey Galpern LR-21691 07-Oct-10

SEC v. John “Buckeye” Epstein, et al. LR-21691 07-Oct-10

SEC v. Scott R. Sand, et al. LR-21691 07-Oct-10

SEC v. Stephen H. Larkin None 07-Oct-10

In the Matter of Barry Schwartz 34-63608 28-Oct-10

In the Matter of Mazhar Ul Haque 33-9155 01-Nov-10

SEC v. Javeed A. Matin, et al. LR-21719 01-Nov-10

In the Matter of New Castle Funds LLC 34-63358 22-Nov-10

SEC v. Joshua Konigsberg, et al. LR-21764 06-Dec-10

In the Matter of Gartmore Investment Limited 34-63460 08-Dec-10

SEC v. Alternate Energy Holdings, Inc., et al. LR-21783 16-Dec-10

SEC v. Gendarme Capital Corp., et al. LR-21798 06-Jan-11

SEC v. Christopher Wheeler, et al. LR-21817 14-Jan-11

In the Matter of Horseman Capital Management, L.P. 34-63757 24-Jan-11

SEC v. Christopher S. Metcalf, et al. LR-21824 24-Jan-11

SEC v. Gregg M.S. Berger, et al. LR-21833 01-Feb-11

In the Matter of Dean A. Esposito 34-63863 07-Feb-11

In the Matter of Frederick J. Birks 34-63862 07-Feb-11

SEC v. Sakwinder Singh Narwal, et al. LR-21861 16-Feb-11

SEC v. Jonathan R. Curshen, et al. LR-21862 18-Feb-11

SEC v. Todd M. Ficeto, et al. LR-21865 24-Feb-11

SEC v. Joseph Catapano, et al. LR-21902 25-Mar-11

In the Matter of Aristeia Capital, LLC 34-64374 02-May-11

SEC v. Allen E. Weintraub, et al. LR-21955 03-May-11

SEC v. Paul R. Allen AAER-3295 17-Jun-11

SEC v. Brian Gibson LR-22018 30-Jun-11
20

Name of Case Release No. Date Filed

SEC v. Donald W. Klein, et al. LR-22018 30-Jun-11

SEC v. Douglas Newton, et al. LR-22018 30-Jun-11

SEC v. Thomas Schroepfer, et al. LR-22018 30-Jun-11

SEC v. Jeff Greeney, et al. LR-22102 22-Sep-11

SEC v. Thomas Rubin, et al. LR-22102 22-Sep-11

Miscellaneous

SEC v. James D. Sterling LR-21714 29-Oct-10

SEC v. Noor Mohammed LR-21720 02-Nov-10

In the Matter of Robert F. McCullough, Jr., CPA 34-63913 15-Feb-11

In the Matter of Edwin Reese Davis, Jr., CPA AAER-3290 08-Jun-11

Municipal Securities and Public Pensions

In the Matter of Banc of America Securities LLC 34-63451 07-Dec-10

In the Matter of Douglas Lee Campbell 34-63450 07-Dec-10

In the Matter of Mark Zaino 34-64398 04-May-11

SEC v. UBS Financial Services, Inc. LR-21956 04-May-11

In the Matter of James L. Hertz 34-64831 07-Jul-11

SEC v. J.P. Morgan Securities LLC LR-22031 07-Jul-11

SEC v. Stifel, Nicolaus & Co., et al. LR-22064 10-Aug-11

In the Matter of RBC Capital Markets, LLC 33-9262 27-Sep-11

Securities Offering

SEC v. Imperia Invest IBC LR-21686 06-Oct-10

SEC v. Barbra Alexander, et al. LR-21690 07-Oct-10

SEC v. Robert R. Anderson, et al. LR-21688 07-Oct-10

SEC v. Algird M. Norkus, et al. LR-21850 14-Oct-10

SEC v. Bruce F. Prevost, et al. LR-21694 14-Oct-10

SEC v. Jason K. Fifield LR-21695 14-Oct-10

In the Matter of George Wesley Harris 34-63353 15-Oct-10

SEC v. Online-Registries, Inc., et al. LR-21702 19-Oct-10

In the Matter of Edward Tamimi 34-63605 27-Oct-10

In the Matter of Stuart E. Rawitt 34-63184 27-Oct-10

SEC v. Boston Trading and Research, LLC, et al. LR-21712 28-Oct-10

SEC v. Elite Resources, LLC, et al. LR-21713 29-Oct-10

SEC v. Alero Odell Mack, Jr., et al. LR-21731 04-Nov-10

In the Matter of Victor Selenow 34-63261 05-Nov-10

In the Matter of Ralph W. Thompson, Jr. 34-63622 09-Nov-10

SEC v. Garry B. Smith, et al. LR-21736 09-Nov-10
21

Name of Case Release No. Date Filed

SEC v. Joseph Paul Zada, et al. LR-21737 10-Nov-10

SEC v. Richard Dalton, et al. LR-21754 16-Nov-10

In the Matter of Walter W. Knitter 34-63328 17-Nov-10

In the Matter of Conal C. Doyle 33-9157 19-Nov-10

SEC v. Edward L. Moskop, et al. LR-21752 19-Nov-10

SEC v. Charles William Petty, II, et al. LR-21756 22-Nov-10

In the Matter of John Briner 34-63371 24-Nov-10

In the Matter of Iliana Maceiras 34-63378 26-Nov-10

In the Matter of Leonard Maceiras, Jr. 34-63377 26-Nov-10

In the Matter of Nildo Verdeja 34-63379 26-Nov-10

SEC v. Jennifer L. Dodge, et al. LR-21759 29-Nov-10

In the Matter of Milowe Allen Brost 34-63633 30-Nov-10

In the Matter of Priscilla G. Sabado 33-9238 30-Nov-10

SEC v. Clifton K. Oram, et al. LR-21761 30-Nov-10

In the Matter of Gordon A. Driver 34-63529 10-Dec-10

SEC v. Marcus Luna, et al. LR-21779 14-Dec-10

SEC v. Amit V. Patel LR-21790 20-Dec-10

SEC v. Kenneth W. Burnt, et al. LR-21789 20-Dec-10

SEC v. Pharma Holdings, Inc., et al. LR-21791 22-Dec-10

SEC v. Raymond P. Morris, et al. LR-21801 06-Jan-11

SEC v. Charles Schwab Investment Management, et al. LR-21806 11-Jan-11

SEC v. Kimon P. Daifotis, et al. LR-21805 11-Jan-11

SEC v. Petroleum Unlimited, LLC, et al. LR-21808 12-Jan-11

SEC v. Lowell Gene “Bob” Hancher, et al. LR-21813 13-Jan-11

In the Matter of Gary K. Juncker 34-63735 19-Jan-11

In the Matter of Jennifer L. Dodge 34-63730 19-Jan-11

In the Matter of Joseph R. Porche 34-64142 19-Jan-11

SEC v. IU Group, Inc., et al. LR-21947 19-Jan-11

SEC v. Provident Capital Indemnity, Ltd., et al. LR-21818 19-Jan-11

In the Matter of Delilah A. Proctor 34-63789 28-Jan-11

SEC v. William J. Reid, et al. LR-21840 01-Feb-11

In the Matter of Don S. Hershman 33-9180 02-Feb-11

In the Matter of Gustav George Bujkovsky 34-63826 02-Feb-11

In the Matter of Roger August Kimmel, Jr., Esq. 34-63824 02-Feb-11

In the Matter of Joseph DeVito 34-63864 07-Feb-11

In the Matter of U.S. College Trust Corp., 34-63854 07-Feb-11

In the Matter of U.S. Pension Trust Corp. 34-63853 07-Feb-11

In the Matter of Walter A. Tye 34-63865 07-Feb-11
22

Name of Case Release No. Date Filed

SEC v. Christopher Love Blackwell, et al. None 07-Feb-11

SEC v. Curtis Peterson, et al. LR-21843 07-Feb-11

SEC v. Wall Street Capital Funding LLC, et al. LR-21841 07-Feb-11

In the Matter of Global Sentry Equity Transfer, Inc. 34-65302 14-Feb-11

SEC v. Monroe L. Beachy LR-21856 15-Feb-11

SEC v. Secure Capital Funding Corporation, et al. LR-21864 18-Feb-11

SEC v. Francis E. Wilde, et al. LR-21866 24-Feb-11

In the Matter of Garry B. Smith 34-64026 03-Mar-11

SEC v. Larry Michael Parrish LR-21881 07-Mar-11

SEC v. Radius Capital Corporation, et al. LR-21876 07-Mar-11

In the Matter of Daniel G. Danker 34-64980 11-Mar-11

In the Matter of Kenneth R. Payne 34-64993 11-Mar-11

In the Matter of Robert J. Nelson, Jr. 34-64074 11-Mar-11

SEC v. Timothy S. Durham, et al. LR-21888 16-Mar-11

SEC v. St. Anselm Exploration Co., et al. LR-21891 17-Mar-11

SEC v. Spyglass Equity Systems, Inc., et al. LR-21892 21-Mar-11

SEC v. Mike Watson Capital, LLC, et al. LR-21898 23-Mar-11

SEC v. Marlon Quan, et al. LR-21906 24-Mar-11

SEC v. John Scott Clark, et al. LR-21903 25-Mar-11

SEC v. James Clements, et al. LR-21910 30-Mar-11

SEC v. Commodities Online, LLC, et al. LR-21940 01-Apr-11

In the Matter of Marc E. Bercoon AAER-3259 05-Apr-11

SEC v. Mam Wealth Management, LLC, et al. LR-21921 07-Apr-11

SEC v. Luis Garg, et al. LR-21925 08-Apr-11

SEC v. Paul Nicholson, et al. LR-21924 08-Apr-11

SEC v. Inofin, Inc., et al. LR-21929 14-Apr-11

SEC v. AIC, Inc., et al. LR-21934 15-Apr-11

SEC v. Art Intellect, Inc., et al. LR-21937 18-Apr-11

SEC v. mUrgent Corp., et al. LR-21944 21-Apr-11

In the Matter of David M. Otto, Esq. 34-64329 22-Apr-11

In the Matter of Todd Van Siclen, Esq. 34-64330 22-Apr-11

SEC v. David Ronald Allen, et al. LR-22006 28-Apr-11

SEC v. Magnum d’Or Resources, Inc., et al. LR-21951 29-Apr-11

SEC v. George Garcy, et al. LR-21963 11-May-11

SEC v. Jay L. Lebeoeuf LR-21969 11-May-11

SEC v. John Clement & Edgefund Capital, LLC LR-21971 12-May-11

SEC v. Lloyd V. Barriger LR-21968 13-May-11

In the Matter of Armando Ruiz, et al. 33-9209 16-May-11
23

Name of Case Release No. Date Filed

SEC v. David Gordon Wallace, Jr., et al. LR-21974 20-May-11

SEC v. Christopher T. Vulliez, et al. LR-21975 23-May-11

SEC v. Michael L. Rothenberg, et al. LR-22026 02-Jun-11

SEC v. Association for Betterment Through Education and Love, et al. LR-21988 03-Jun-11

SEC v. Ronald Abernathy, et al. LR-21989 03-Jun-11

In the Matter of Louis W. Zehil 34-64618 07-Jun-11

In the Matter of Michael Migliozzi II, et al. 33-9216 08-Jun-11

SEC v. Copper King Mining Corp., et al. LR-21995 09-Jun-11

SEC v. Norman F. Germany, et al. LR-21997 10-Jun-11

SEC v. Florin S. Ilovici, et al. LR-22009 20-Jun-11

SEC v. J.P. Morgan Securities LLC (f/k/a J.P. Morgan Securities Inc.) LR-22008 21-Jun-11

SEC v. John N. Irwin, et al. LR-22033 11-Jul-11

SEC v. Ronald F. LeGrand, et al. LR-22034 12-Jul-11

SEC v. Jeffery A. Lowrance, et al. LR-22040 14-Jul-11

In the Matter of Thomas F. Pierson 34-64936 20-Jul-11

In the Matter of John N. Irwin, CPA AAER-3305 21-Jul-11

SEC v. Evolution Capital Advisors, et al. LR-22065 10-Aug-11

SEC v. Jeffory D. Shields, et al. None 15-Aug-11

SEC v. James Davis Risher, et al. LR-22077 29-Aug-11

SEC v. Christian Stanley, Inc., et al. LR-22082 30-Aug-11

SEC v. Jody Dunn LR-22090 08-Sep-11

SEC v. James O’Reilly, et al. LR-22092 15-Sep-11

SEC v. K2 Unlimited, Inc., et al. LR-22098 19-Sep-11

SEC v. Doris E. Nelson LR-22101 22-Sep-11

SEC v. Jason G. Rivera, Jr., et al. LR-22103 23-Sep-11

In the Matter of Amnon Cohen 33-9263 27-Sep-11

SEC v. Shreyans Desai, et al. LR-22105 27-Sep-11

In the Matter of Michael L. Rothenberg 34-65416 28-Sep-11

SEC v. Christopher A. Seeley, et al. LR-22108 28-Sep-11

SEC v. Stephen Amella, et al. LR-22111 29-Sep-11

In the Matter of Brian Dvorak, Esq. 34-65446 30-Sep-11

Transfer Agent

In the Matter of Tzemach David Netzer Korem 34-63788 28-Jan-11

SEC v. Kevin Halter None 31-Jan-11

In the Matter of Securities Transfer Corporation, et al. 34-64030 03-Mar-11

In the Matter of Kevin Halter 34-64124 24-Mar-11

SEC v. National Stock Transfer, Inc., et al. LR-22083 02-Sep-11
24

TABLE 4

INVESTIGATIONS OF POSSIBLE VIOLATIONS OF THE ACTS

ADMINISTERED BY THE COMMISSION

Opened in Fiscal Year 2011.................................................................................933

Closed in Fiscal Year 2011...................................................................................628

Ongoing1/ as of September 30, 2011...................................................................1,665

Formal Orders of Investigation Issued in Fiscal Year 2011...........................................578

*****

Right to Financial Privacy

Section 21(h) of the Securities Exchange Act of 1934 [15 U.S.C. 78u(h)(6)] requires 

that the Commission “compile an annual tabulation of the occasions on which the 

Commission used each separate subparagraph or clause of [Section 21(h)(2)] or the 

provisions of the Right to Financial Privacy Act of 1978 [12 U.S.C. 3401-22 (the RFPA)] 

to obtain access to financial records of a customer and include it in its annual report 

to the Congress.” During the fiscal year, the Commission issued 2 subpoenas under Section 21(h)(2)(A)(4). Set forth below are the number of occasions on which the 

Commission obtained customer records pursuant to the provisions of the RFPA:

Section 1104 (Customer Authorizations).................................................................................13

Section 1105 (Administrative Subpoenas)............................................................................787

Section 1107 (Judicial Subpoenas).........................................................................................92

Section 1109 (Delayed Customer Notice).................................................................................0

1/

Refers to matters at the investigative stage, and excludes those that are open solely due 

to litigation, collections, distributions, and other post-litigation activity. Also excludes investigations in the closing process. Previous years’ reports included aggregate count of open 

investigations at all stages. Advances in the Division’s case management systems now allow 

for more refined reporting of investigations at various stages. Since the count now refers only 

to ongoing investigations, the count is significantly less than the prior year’s count of investigations at all stages, and is not an indication of a decrease in investigative activity.
25

Table 5

TEN MOST COMMON COMPLAINTS

Rank Complaint Type FY 2011 FY 2010 Change

Rank in

FY 2010

1 Advance fee fraud 1,144 1,217 Down 6% 1

2 Manipulation of securities/prices 803 788 Up 2% 2

3 Account administration and processing (matters 

relating to daily activity in an account) 621 660 Down 6% 4

4 Account administration and processing (maintenance, 

including account closing and redemption issues) 599 777 Down 23% 3

5 Delivery of funds/proceeds 487 494 Down 1% 5

6 Transfer of account 462 350 Up 32% n/a

7 Retirement or 401(k) plans 426 306 Up 39% n/a

8 Short selling 391 269 Up 45% n/a

9 Misrepresentations or omissions: inaccurate, 

misleading or non-disclosure by broker-dealers, 

investment advisers, and associated persons

383 444 Down 14% 6

10 Theft/forgery (by persons or entities other than 

registered representatives or investment advisers) 371 369 Up 0.5% n/a

INVESTOR COMPLAINTS AND QUESTIONS

During FY 2011, the SEC’s Office of Investor Education and Advocacy closed 33,632 files relating to complaints, 

questions, and other contacts received from investors. Comparable data for prior fiscal years is not available due to a 

change in reporting methodology. 
26

Table 6

UNCONSOLIDATED FINANCIAL INFORMATION FOR BROKER-DEALERS 

2006 - 2010 1/ 

($ in Millions) 

 2006 2007 2008 2009 2010

Revenues 

Securities Commissions $49,671.4 $54,371.6 $55,168.5 $48,969.0 $47,003.1 

Gains (Losses) in Trading and 

Investment Accounts 55,193.1 4,132.1 -55,305.0 45,337.0 31,202.7 

Profits (Losses) from Underwriting	 	 	 	 	 	 	 	 	 	

and Selling Groups 23,623.2 26,502.7 16,330.9 22,569.3 24,427.4 

Margin Interest 23,689.5 32,293.0 18,134.0 4,529.2 4,971.5

Revenues from Sale of Investment 

Company Shares 23,346.0 26,227.5 22,082.1 17,153.2 18,798.7

All Other Revenues 282,940.6 352,990.0 240,180.2 149,524.3 136,788.4

Total Revenues $458,463.7 $496,516.9 $296,590.8 $288,082.1 $263,191.8 

 

Expenses 

Registered Representatives’ 

Compensation (Part II Only) 2/ $36,606.7 $38,714.6 $34,956.4 $34,897.1 $38,220.2 

Other Employee Compensation 

	 and Benefits	 	 63,151.3 	 63,872.0 	 56,256.1 	 57,512.5 	 60,862.0

Compensation to Partners and 

	 Voting Stockholder Officers	 	 3,623.8 	 	 3,718.4 	 	 3,808.5 	 	 3,497.3 	 	 3,538.4

Commissions and Clearance Paid 

to Other Brokers 21,980.5 25,890.6 26,398.3 23,291.8 23,972.8 

Interest Expenses 226,146.5 282,238.7 122,712.6 21,883.6 22,450.3 

Regulatory Fees and Expenses 1,906.3 2,043.2 1,987.8 2,172.2 2,345.8

All Other Expenses 2/ 66,481.3 74,978.6 74,026.6 69,144.5 73,517.4 

Total Expenses $419,896.5 $491,456.0 $320,146.3 $212,398.9 $224,907.0 

 

Income and Profitability 

Pre-tax Income $38,567.2 $5,060.9 -$23,555.5 $75,683.2 $38,284.7 

Pre-tax Profit Margin	 	 8.4%	 	 1.0%	 	 -7.9%	 	 26.3%	 	 14.5%

Pre-tax Return on Equity 22.1% 2.7% -12.8% 38.3% 17.2%

 

Assets, Liabilities and Capital 

Total Assets $6,221,520.8 $6,777,335.6 $4,441,382.6 $4,345,375.5 $4,763,101.2 

Liabilities 

(a) Unsubordinated Liabilities 5,930,650.0 6,439,951.4 4,118,697.2 4,007,250.3 4,406,251.1 

(b) Subordinated Liabilities 106,241.0 150,895.3 141,803.9 123,608.6 125,127.1

(c) Total Liabilities $6,036,891.0 $6,590,846.7 $4,260,501.1 $4,130,858.9 $4,531,378.2 

 

Ownership Equity $184,629.7 $186,488.9 $180,881.5 $214,516.6 $231,722.9 

 

Number of Firms 5,808 5,562 5,178 5,063 4,908 

 

Figures may not add due to rounding.

1/ Calendar, rather than fiscal, year data is reported in this table.

2/ Registered representatives’ compensation for firms that neither carry nor clear is included in “other expenses”

as this expense item is not reported separately on Part IIA of the FOCUS Report.

Source: FOCUS Report
27

Table 7

UNCONSOLIDATED ANNUAL REVENUES AND EXPENSES FOR BROKER-DEALERS 

DOING A PUBLIC BUSINESS 

2006 - 2010 1/ 

($ in Millions) 

 2006 2007 2008 2009 2010

Revenues 

Securities Commissions $49,159.8 $53,946.1 $54,724.8 $48,531.5 $45,555.2 

Gains (Losses) in Trading and 

Investment Accounts 48,217.5 -2,964.0 -61,890.7 39,308.4 24,303.5 

Profits (Losses) from Underwriting	 	 	 	 	 	 	 	 	

and Selling Groups 23,627.9 26,502.7 16,330.9 22,569.3 24,049.6 

Margin Interest 23,687.7 32,286.9 18,134.7 4,529.3 4,923.6 

Revenues from Sale of Investment 

Company Shares 23,346.0 26,227.5 22,081.8 17,152.7 18,798.7 

All Other Revenues 272,325.1 339,802.4 232,150.0 146,971.4 130,207.1 

Total Revenues $440,364.0 $475,801.5 $281,531.6 $279,062.5 $247,837.6 

 

Expenses 

Registered Representatives’ 

Compensation (Part II Only) 2/ $36,604.7 $38,691.8 $34,955.4 $34,895.9 $38,054.7

Other Employee Compensation 

	 and Benefits	 	 62,146.3 62,858.4 	 54,804.1 	 56,378.2 	 56,333.9

Compensation to Partners and 

	 Voting Stockholder Officers	 	 3,449.7 	 3,569.9 	 	 3,602.0 	 	 3,361.0 	 	 3,410.8

Commissions and Clearance Paid 

to Other Brokers 21,479.0 25,305.1 25,721.6 22,184.1 22,619.5 

Interest Expenses 217,923.2 271,874.1 121,336.8 21,415.0 21,883.4 

Regulatory Fees and Expenses 1,632.3 1,824.1 1,773.2 1,776.7 1,863.1 

All Other Expenses 2/ 63,809.1 71,520.4 71,536.6 67,269.8 69,140.8 

Total Expenses $407,044.2 $475,643.7 $313,729.8 $207,280.8 $213,306.2

 

Income and Profitability 

Pre-tax Income $33,319.8 $157.8 -$32,198.2 $71,781.8 $34,531.4 

Pre-tax Profit Margin	 	 7.6%	 0.0%	 	 -11.4%		 25.7%	 	 13.9%

Pre-tax Return on Equity 21.3% 0.1% -19.2% 38.9% 16.5%

 

Number of Firms 5,077 4,991 4,708 4,660 4,577 

 

Figures may not add due to rounding.

1/ Calendar, rather than fiscal, year data is reported in this table.

2/ Registered representatives’ compensation for firms that neither carry nor clear is included in “other expenses”	

 as this expense item is not reported separately on Part IIA of the FOCUS Report.

Source: FOCUS Report
28

Table 8

UNCONSOLIDATED BALANCE SHEET FOR BROKER-DEALERS 

DOING A PUBLIC BUSINESS 

YEAR-END, 2006 - 2010 1/ 

($ in Millions) 

 2006 2007 2008 2009 2010

Assets 

Cash $85,695.8 $109,501.5 $126,326.1 $95,092.5 $101,249.0

Receivables from Other 

Broker-Dealers 2,465,769.3 2,534,768.8 1,406,955.4 1,446,116.5 1,361,490.5

Receivables from Customers 252,147.2 261,413.4 140,964.1 175,971.4 213,527.1

Receivables from Non-customers 37,937.7 65,205.8 22,174.2 22,939.6 65,581.3

Long Positions in Securities 

and Commodities 1,383,270.8 1,593,015.7 1,179,516.7 1,049,598.1 1,151,394.9

Securities and Investments 

not Readily Marketable 19,615.7 21,165.2 11,335.1 25,774.4 37,462.7

Securities Purchased Under Agreements 

to Resell (Part II only) 2/ 1,342,498.3 1,473,453.8 1,186,011.1 1,143,322.8 1,429,132.3

Exchange Membership 312.1 343.1 297.7 353.4 305.5

Other Assets 2/ 320,858.9 355,164.4 207,340.6 254,240.6 257,022.9

Total Assets $5,908,105.6 $6,414,031.7 $4,280,920.8 $4,213,409.3 4,617,166.2

 

Liabilities and Equity Capital 

Bank Loans Payable $104,855.4 $114,438.7 $43,251.3 $73,472.3 $74,979.3

Payables to Other Broker-dealers 1,222,095.1 1,302,092.0 544,974.5 603,840.5 632,667.5

Payables to Non-customers 102,941.8 105,636.7 83,576.6 87,459.6 64,142.0

Payables to Customers 560,712.9 761,135.8 665,648.9 579,542.7 630,180.6

Short Positions in Securities 

and Commodities 558,532.3 523,353.2 295,773.0 352,309.3 446,088.0

Securities Sold Under Repurchase 

Agreements (Part II only) 2/ 2,579,075.1 2,796,745.3 1,992,187.1 1,768,340.7 2,007,645.7

Other Non-subordinated Liabilities 2/ 510,191.8 492,080.3 347,333.0 423,803.0 419,809.4

Subordinated Liabilities 104,311.0 149,696.4 141,000.0 123,072.0 124,574.2

Total Liabilities $5,742,715.4 $6,245,178.3 $4,113,744.4 $4,011,840.2 4,400,086.8

 

Equity Capital $165,390.2 $168,853.5 $167,176.4 $201,569.2 $217,079.4

 

Number of Firms 5,077 4,991 4,708 4,660 4,577

 

 

Figures may not add due to rounding.

1/ Calendar, rather than fiscal, year data is reported in this table.

2/ Resale agreements and repurchase agreements for firms that neither carry nor clear are included in “other

 assets” and “other non-subordinated liabilities,” respectively, as these items are not reported separately

 on Part IIA of the FOCUS Report.

Source: FOCUS Report
29

Table 9

UNCONSOLIDATED REVENUES AND EXPENSES FOR 

CARRYING/CLEARING BROKER-DEALERS 1/ 

($ in Millions)

2009 2010

Percent Percent Percent

of Total of Total Change

Dollars Revenues Dollars Revenues 2009-2010

Revenues

Securities Commissions $33,942.6 14.9% $31,335.0 16.2% -7.7%

Gains (Losses) in Trading and

Investment Accounts 33,781.4 14.9 21,226.1 10.9 -37.2

Profits (Losses) from Underwriting

and Selling Groups 21,468.4 9.4 22,546.2 11.6 5.0

Margin Interest 4,529.3 2.0 4,923.6 2.5 8.7 

Revenues from Sale of Investment

Company Shares 8,826.2 3.9 9,438.9 4.9 6.9 

Miscellaneous Fees 22,201.6 9.8 24,106.8 12.4 8.6 

Revenues from Research 83.2 0.0 104.9 0.1 26.1 

Commodities Revenues 4,070.1 1.8 1,503.6 0.8 -63.1 

All Other Revenues 98,530.5 43.3 78,664.7 40.6 -20.2 

Total Revenues $227,433.3 100.0% $193,849.7 100.0% -14.8%

Expenses

Registered Representatives’

Compensation $34,895.9 15.3% $38,054.7 19.6% 9.1%

Other Employee Compensation

and Benefits 42,154.7 18.5 41,772.1 21.5 -0.9 

Compensation to Partners and

Voting Stockholder Officers 1,244.1 0.5 1,351.3 0.7 8.6 

Commissions and Clearance Paid

to Other Brokers 10,693.6 4.7 10,097.8 5.2 -5.6 

Communications 5,769.7 2.5 5,332.5 2.8 -7.6 

Occupancy and Equipment Costs 6,907.9 3.0 6,603.7 3.4 -4.4 

Data Processing Costs 3,106.5 1.4 3,198.7 1.7 3.0 

Interest Expenses 21,129.8 9.3 21,743.9 11.2 2.9 

Regulatory Fees and Expenses 1,494.5 0.7 1,541.5 0.8 3.1 

Losses in Error Accounts and

Bad Debts 608.1 0.3 287.4 0.1 -52.7 

All Other Expenses 31,814.1 14.0 32,718.9 16.9 2.8 

Total Expenses $159,818.9 70.3% $162,702.3 83.9% 1.8%

Income and Profitability

Pre-tax Income $67,614.4 29.7% $31,147.4 16.1% -53.9%

Pre-tax Profit Margin 29.7% 16.1% 

Pre-tax Return on Equity 42.8% 17.0% 

 

Number of Firms 516 501 

Figures may not add due to rounding.

1/ Calendar, rather than fiscal, year data is reported in this table.

Note: Includes information for firms doing a public business that carry customer accounts or clear securities transactions.

Source: FOCUS Report
30

Table 11

UNCONSOLIDATED BALANCE SHEET FOR CARRYING/CLEARING 

BROKER-DEALERS 1/ 

($ in Millions)

2009 2010

Percent Percent Percent

of Total of Total Change

Dollars Assets Dollars Assets 2009-2010

Assets

Cash $90,228.8 2.2% $96,312.2 2.1% 6.7%

Receivables from Other Broker-Dealers 1,442,597.1 34.7 1,356,810.8 29.7 -5.9 

(a) Securities Failed to Deliver 62,057.6 1.5 43,185.8 0.9 -30.4 

(b) Securities Borrowed 1,292,939.4 31.1 1,222,997.0 26.8 -5.4 

(c) Other 87,600.1 2.1 90,628.1 2.0 3.5 

Receivables from Customers 175,971.4 4.2 213,527.1 4.7 21.3 

Receivables from Non-customers 21,956.7 0.5 64,500.7 1.4 193.8 

Long Positions in Securities and Commodities 1,015,137.0 24.4 1,121,556.9 24.6 10.5 

(a) Bankers Acceptances, Certificates

 of Deposit and Commercial Paper 41,508.1 1.0 36,149.9 0.8 -12.9 

(b) U.S. and Canadian Government

 Obligations 585,676.2 14.1 689,019.6 15.1 17.6 

(c) State and Municipal Government

 Obligations 35,430.0 0.9 39,991.0 0.9 12.9 

(d) Corporate Obligations 162,635.8 3.9 169,495.1 3.7 4.2 

(e) Stocks and Warrants 121,357.4 2.9 114,032.4 2.5 -6.0 

(f) Options 20,812.9 0.5 26,387.6 0.6 26.8 

(g) Arbitrage 9,781.3 0.2 5,501.9 0.1 -43.8 

(h) Other Securities 37,862.4 0.9 42,353.9 0.9 11.9 

(i) Spot Commodities 369.8 0.0 1,742.2 0.0 371.1 

Securities and Investments Not Readily

Marketable 25,407.2 0.6 37,107.7 0.8 46.1 

Securities Purchased Under Agreements

to Resell 1,143,322.8 27.5 1,429,132.3 31.3 25.0 

Exchange Membership 347.3 0.0 297.3 0.0 -14.4 

Other Assets 241,435.3 5.8 244,295.1 5.4 1.2 

Total Assets $4,156,403.6 100.0% $4,563,540.2 100.0% 9.8%

Liabilities and Equity Capital

Bank Loans Payable $64,933.5 1.6% $69,233.7 1.5% 6.6%

Payables to Other Broker-dealers 595,701.9 14.3 626,893.4 13.7 5.2 

(a) Securities Failed to Receive 61,773.5 1.5 49,871.8 1.1 -19.3 

(b) Securities Loaned 476,284.2 11.5 531,750.4 11.7 11.6 

(c) Other 57,644.2 1.4 45,271.1 1.0 -21.5 

Payables to Non-customers 86,848.1 2.1 63,522.8 1.4 -26.9 

Payables to Customers 579,542.7 13.9 630,180.6 13.8 8.7 

Short Positions in Securities

and Commodities 345,920.4 8.3 439,135.2 9.6 26.9 

Securities Sold Under Repurchase

Agreements 1,768,340.7 42.5 2,007,645.7 44.0 13.5 

Other Non-subordinated Liabilities 418,021.8 10.1 413,597.4 9.1 -1.1 

Subordinated Liabilities 120,951.2 2.9 122,502.9 2.7 1.3 

Total Liabilities $3,980,260.3 95.8% $4,372,711.8 95.8% 9.9%

Equity Capital $176,143.4 4.2% $190,828.4 4.2% 8.3%

Number of Firms 516 501

Figures may not add due to rounding.

1/ Calendar, rather than fiscal, year data is reported in this table.

Note: Includes information for firms doing a public business that carry customer accounts or clear securities transactions.

Source: FOCUS Report
31

Table 12

TRANSACTION ACTIVITY IN EQUITIES, OPTIONS, AND SECURITY FUTURES

Market Value of Sales (Millions)

Option 

Exercises Security

Equity Option and Futures Futures

Year Total Trading Trading Deliveries Trading1

1991 $2,666,702 $2,590,422 $27,104 $49,177 

1992 $3,148,024 $3,077,507 $26,586 $43,931 

1993 $4,261,937 $4,179,743 $33,779 $48,415 

1994 $4,591,283 $4,501,577 $35,883 $53,823 

1995 $6,321,475 $6,207,746 $50,803 $62,926 

1996 $8,266,339 $8,123,748 $67,862 $74,729 

1997 $11,692,830 $11,487,872 $104,535 $100,422 

1998 $15,164,183 $14,903,153 $140,261 $120,769 

1999 $23,218,783 $22,813,331 $260,294 $145,159 

2000 $36,275,278 $35,557,087 $485,106 $233,085 

2001 $26,138,050 $25,636,203 $277,549 $224,298 

2002 $23,028,157 $22,657,944 $161,278 $208,935 307,169

2003 $22,737,469 $22,291,534 $164,085 $281,851 2,501,247

2004 $27,875,851 $27,158,223 $222,962 $494,666 2,175,093

2005 $34,567,580 $33,222,684 $350,365 $994,531 5,493,850

2006 $43,940,594 $41,797,793 $531,302 $1,611,498 7,793,480

2007 $66,135,906 $63,064,287 $860,659 $2,210,959 7,858,431

2008 $82,012,446 $78,653,007 $1,095,766 $2,263,674 3,733,682

2009 $59,849,805 $57,565,681 $709,842 $1,574,282 2,728,266

2010 $64,008,305 $61,146,333 $724,614 $2,137,358 4,774,046

Calendar Year 2010

BATS $6,778,628 $6,764,212 $3,079 $11,337 

BATS_Y $61,003 $61,003 

C2OE $1,352 $482 $870 

CBOE $687,279 $111,876 $143,763 $431,641 

CMX $0 $0 1,186

CHX $406,164 $406,164 

EDGA $793,270 $793,270 

EDGX $1,100,944 $1,100,944 

FINRA $18,120,192 $18,120,192 

ISE $882,567 $409,938 $120,356 $352,272 

NASDAQ OMX BX $1,625,397 $1,565,270 $15,557 $44,570 

NASDAQ OMX 

PHLX $1,020,576 $62,173 $248,470 $709,934 

NASDAQ $13,432,532 $13,316,871 $27,139 $88,522 

NSX $331,294 $331,294 

NYSE $8,402,543 $8,402,543 

NYSE Amex $325,629 $30,464 $74,414 $220,751 

NYSE Arca $10,024,304 $9,670,120 $91,354 $262,830 

One Chicago $14,629 $14,629 4,772,860

Data are the value of all sales of equities and options listed on an exchange or subject to last-sale reporting. Also reported are the value of such options that were 

exercised, the value of single-stock futures that were delivered, and the number of round turn contracts in single-stock futures traded on an exchange. Specifically 

excluded are options and futures on indexes.

1

This is the number of round turn contracts, or one purchase and one sale of a contract for future delivery. Security futures began trading in November 2002.

Sources: Form R31 for October 2003 and later months. For September 2003 and earlier months, submissions to the SEC by national securities exchanges, the 

NASD, and the OCC, and various issues of the Nasdaq Factbook.