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Life Partners Holdings, Inc. Message Board

  • ohowcynical ohowcynical Feb 6, 2013 3:21 PM Flag

    SEC Amended Complaint

    The SEC just filed an amended complaint. Does anyone know what was amended?

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    • As usual, the stock is pumped to time bad news hitting (this time the amended complaint) with the usual pumper showing up at YAHOO. It looks like Life Partners didn't beat the investigation, didn't beat the Wells notice, didn't beat the SEC complaint with a Motion to Dismiss, and is now going to trial with amended charges designed to recover ill gotten gains and profits from Pardo and Martin.

      • 1 Reply to antislapp1
      • The beauty of SOX 304. The CFO and CEO have to pay back whether they are at fault or not. Another interesting aspect is that it was recently upheld that the SEC could do so, and in a Western Tx court at that!! Nope no Judge Smith.
        "In a November 13, 2012 opinion (here), Western District of Texas Judge Sam Sparks has upheld the right of the SEC under Section 304 of Sarbanes Oxley to seek to clawback bonus compensation paid to the CEO and CFO". This was on another company that had to restate.

    • As usual, the stock is pumped to time bad news hitting (this time the amended complaint) with the usual pumper showing up at YAHOO. It looks like Life Partners didn't beat the investigation, didn't beat the Wells notice, didn't beat the SEC complaint with a Motion to Dismiss, and is now going to trial with amended charges designed to recover ill gotten gains and profits from Pardo and Martin.

    • This actually strengthens both the stock fraud AND the insider trading aspect of the case. Most people I know thing the insider trading claim was the weakest part of the case. It is looking much stronger now. The Commission is making it clear it wants disgorgement.

      I seriously doubt the new CFO has a clue about what it means to but her signature on the financials. I have no idea about what the SEC thinks, but shouldn't there be an impairment of the trust investment by now?

    • EIGHTH CLAIM FOR RELIEF
      Failure to Reimburse
      (Violation of Section 304(a) of the Sarbanes-Oxley Act of 2002 [15 U.S.C. § 7243(b)] [against Defendants Pardo and Martin]

      186. The Commission realleges and incorporates by reference Paragraphs 1 through 185.
      187. Pardo and Martin caused LPHI to file the following forms, all of which were in
      material non-compliance with the financial reporting requirements of the federal securities laws:
       January 16, 2007 Form 10-QSB
       May 29, 2007 Form 10-KSB
       July 16, 2007 Form 10-QSB
       October 15, 2007 10-QSB
       January 14, 2008 10-QSB
       May 16, 2008 Form 10-K/A
       July 9, 2008 Form 10-Q
       October 10, 2008 Form 10-Q
       January 9, 2009 Form 10Q
       May 29, 2009 Form 10-K
       July 10, 2009 Form 10-Q

      • 1 Reply to falseclaimsact1863
      •  October 9, 2009 Form 10-Q
         January 11, 2010 Form 10-Q
         May 12, 2010 Form 10-K
         July 9, 2010 Form 10-Q
         October 8, 2010 Form 10-Q
         January 10, 2011 Form 10-Q

        188. Due to LPHI’s non-compliance with financial reporting requirements and as a result of misconduct, LPHI was required to prepare accounting restatements for every quarter of fiscal years 2007 and 2010 as well as the first three fiscal quarters of fiscal year 2011.
        189. Pardo and Martin have failed to reimburse LPHI for the SOX 304 compensation received or obtained during the statutory time periods established by the Sarbanes-Oxley Act of 2002.
        190. The Commission has not exempted Pardo or Martin, pursuant to Section 304(b) of the Sarbanes-Oxley Act of 2002 [15 U.S.C. § 7243(b)], from its application under Section 304(a)
        [15 U.S.C. § 7243(a)].
        191. By engaging in the conduct described above, Pardo and Martin violated, and unless ordered to comply will continue to violate, Section 304(a) of the Act, [15 U.S.C. §7243(a)].

 
LPHI
0.220.00(0.00%)Mar 13 4:00 PMEDT