Jul 2010 Financial News

Angostura to pay $160,000 in penalties

Jul 29, 2010

The Securities Exchange Commission (SEC) has ordered Angostura Ltd to pay $160,000 in penalties after it contravened several rules in the Securities Industry Act and the Securities Industry by-laws. The contraventions are: Sections 64(3), 66(1)(a) and 66(2) of the Securities Industry Act and Sections 55(1) and 56(1) of the by-laws. In its judgement handed down on July 20, 2010, the SEC said Angostura failed to file a copy of its interim financial statements with the SEC for 2006, 2007 and 2009, and was fined a total of $30,000.

Another violation was Angostura’s failure to file a copy of its annual report with the SEC on or before April 30, 2005, to 2007, and was ordered to pay a total $30,000 in total. For not filing its annual report in 2008, Angostura was fined a further $20,000. Angostura also failed to file its audited comparative financial statements for the period ended March 31, 2005, 2007 and was ordered to pay $20,000. For not filing its 2008 comparative financial statements, the SEC ordered it to pay a further $20,000. The company did not file for 2006 and was fined $10,000. A registration statement is a carefully prepared set of documents, including a prospectus that is filed with the SEC prior to an initial public offering.

Angostura did not file its amended registration statement with SEC on July 20, 2007 and 2008 and was fined $20,000. For not filing the 2006 amended registration statement on time, Angostura was fined $10,000. It filed the statement on October 30, 2007, past the due date of July 20, 2007. The SEC said two penalties were waived after a proposed settlement agreement was approved by the settlement panel these were:

1. Angostura’s failure to file its annual report with SEC on or before April 30, 2004. 2. Failure to file its interim financial statement with SEC on or before August 29, 2004.

Home Mortgage Bank
The SEC in its judgement on July 20, 2010, ordered Home Mortgage Bank (HMB) to pay $30,000 in fines for contravening by-law 56(1) and Section 66(1)(a) of the Securities Industry Act, 1995. The SEC said the HMB did not file its 2008 audited comparative financial statement with SEC on or before March 31, 2009 in accordance with by-law 56(1). HMB also did not file a copy of its 2008 Annual Report with SEC on or before April 30, 2009 in accordance with Section 66(1)(a) of the Securities Industry Act, 1995.


Source:
NADALEEN SINGH
Trinidad Guardian
Thursday July 29, 2010

http://guardian.co.tt/business/business-guardian/2010/07/29/angostura-pay-160000-penalties-bg