September 10, 2014
The SEC announced charges against 28 officers, directors, or major shareholders for violating federal securities laws requiring them to promptly report information about their holdings and transactions in company stock. Six publicly-traded companies were charged for contributing to filing failures by insiders or failing to report their insiders’ filing delinquencies. A total of 33 of the 34 individuals and companies named in the SEC’s orders agreed to settle the charges and pay financial penalties totaling $2.6 million as follows: Paul D. Arling, CEO and chairman of the board of directors of
Universal Electronics Inc. (agreed to pay a $60,375 penalty); Paul C. Cronson, a director of
eMagin Corporation (agreed to pay a $47,250 penalty); Bradley S. Forsyth, CFO and chief accounting officer of
Willis Lease Finance Corporation (agreed to pay a $25,000 penalty); Stephen Gans, a director and beneficial owner of
Digital Ally Inc. (agreed to pay a $100,000 penalty); Sidney C. Hooper, CFO and principal accounting officer of
Sutron Corporation (agreed to pay a $34,125 penalty); Edgar W. Levin, a director of
Dorman Products Inc. (agreed to pay a $46,300 penalty); Raul S. McQuivey, CEO, chairman of the board of directors, and a beneficial owner of
Sutron Corporation (agreed to pay a $60,000 penalty); Donald A. Nunemaker, president of
Willis Lease Finance Corporation (agreed to pay a $25,000 penalty); Thomas C. Nord, general counsel and senior vice president of
Willis Lease Finance Corporation (agreed to pay a $78,500 penalty); Alan M. Schnaid, principal accounting officer and corporate controller of
Starwood Hotels & Resorts Worldwide(agreed to pay a $25,000 penalty); Justin Tang, a director of
ChinaCast Education Corporation (agreed to pay a $100,000 penalty); Charles F. Willis IV, CEO, chairman of the board of directors, and a beneficial owner of
Willis Lease Finance Corporation(agreed to pay a $75,000 penalty); Stephen Adams, a beneficial owner of
Solar Senior Capital Ltd. shares (agreed to pay a $100,000 penalty); Thomas J. Edelman, a beneficial owner of
BioFuel Energy Corporation shares (agreed to pay a $64,125 penalty); Neil Gagnon, a beneficial owner of
General Finance Corporation and
NTS Inc. shares (agreed to pay a $75,000 penalty); Peter R. Kellogg, a beneficial owner of
Mercer International Inc.,
TRC Companies Inc.,
Evans & Sutherland Computer Corp., and
MFC Industrial Ltd. shares (agreed to pay a $100,000 penalty); Gregory M. Shepard, a beneficial owner of
Donegal Group Inc.’s Class A common stock (agreed to pay an $80,000 penalty);
Brown Brothers Harriman & Co. (agreed to pay a $120,000 penalty);
Del Mar Asset Management LP (agreed to pay a $66,000 penalty);
Lazarus Management Company LLC (agreed to pay a $60,000 penalty);
P.A.W. Capital Partners LP (agreed to pay a $68,000 penalty);
Ridgeback Capital Management LP (agreed to pay a $104,500 penalty);
RIMA Senvest Management LLC (agreed to pay a $64,000 penalty);
The Royal Bank of Scotland Group plc(agreed to pay a $120,000 penalty);
Sankaty Advisors LLC (agreed to pay a $68,000 penalty);
Security Capital Research & Management (agreed to pay an $88,000 penalty);
Trinad Management LLC (agreed to pay a $95,000 penalty);
Jones Lang LaSalle Incorporated (agreed to pay a $150,000 penalty);
KMG Chemicals Inc.(agreed to pay a $150,000 penalty);
Starwood Hotel & Resorts Worldwide Inc.(agreed to pay a $75,000 penalty);
Tel-Instrument Electronics Corp. (agreed to pay a $75,000 penalty);
Universal Electronics Inc. (agreed to pay a $75,000 penalty); and
Willis Lease Finance Corporation (agreed to pay a $150,000 penalty).