Citizens Capital Corp., Exchange Act Rel. 67313, June 29, 2012
In another blockbuster opinion the SEC has spilled nineteen pages of ink and significant staff resources (two SEC staff are listed as counsel for the Division of Enforcement) upholding an ALJ's decision to revoke the registration of a company for delinquent filings. The company made no periodic filings from late 2001 until May 2011. Concluding the blindingly obvious - the Commission concluded that this constituted a "serious" violation of the reporting provisions. When the company attempted to file complaint reports after the proceedings were instituted those reports had serious faults and were not compliant.
Is it really necessary for the Commission to issue a nineteen page decision when a company has been delinquent in its periodic filings for ten years? Is there any meaningful reason why the Division doesn't move for summary affirmance of the ALJ's initial decision in cases like this?