Kit Addleman in Main Justice: In Killing Off Zombie Companies, SEC Rev Its Stats
Some companies are rising from the dead. They pop up in the ranks of enforcement actions from the Security and Exchange Commission (SEC), and they're never heard from again.
Recently, the commission issued an administrative order against a dissolved company called Florida First Equities Corp. The company has not filed with the SEC in 19 years. The company had filed yearly reports since 1974, but it wasn't until August that the commission decided the company was deliquent and revoked its registration...
"It's crazy to suggest that those cases are as important or should be counted the same way as another kind of case," said Kit Addleman, former director of the SEC's Regional Office in Atlanta.
Excerpted from Main Justice, October 2, 2012. To view full article, click here.