SEC charges transfer agents
January 18, 1999
In its continuing effort to compel the securities industry to be ready technologically for the turn of the century, the SEC last week said it filed charges against nine transfer agents for allegedly failing to report their Y2K preparedness on new SEC forms.
Four of the transfer agents are contesting the allegations and five have settled with the SEC for allegedly failing to file all or part of a form- TA-Y2K. The form was due at the SEC by Aug. 31. The SEC alleged that the transfer agents charged had failed to file at least part of the form by Dec. 8.
The transfer agents contesting the SEC's allegations are: Alpha Tech Stock Transfer Trust of Draper, Utah; Greenfield Fund of Old Greenwich, Conn.; Manor Investment Funds of West Chester, Pa. and United Stock Transfer of Englewood, Colo.
Three transfer agents agreed to pay a $7,500 fine as part of their settlement. They are: CSJ, LLC of Houston, Texas; Davidson Trust Co. of Great Falls, Mont.; and Ivy MacKenzie Services Corp. of Boca Raton, Fla. Two additional transfer agents -- Corporate Planners of Fountain Hills, Ariz. and National Stock transfer and Accounting of Palm Beach Gardens, Fla., settled but did not pay a fine because of inability to pay. All of those who settled agreed not to violate securities laws in the future.