On January 30, 2012 U.S. Securities and Exchange Commission (SEC) announced that the commission deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be, and hereby are, instituted pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 against Jeffrey A. Wolfson, Robert A. Wolfson and Golden Anchor Trading II, LLC. After an investigation, the Division of Enforcement alleges that: These proceedings arise out of violations of the locate and close-out requirements of Regulation SHO of the Securities Exchange Act of 1934 by the Respondents, who, from July 2006 through July 2007, violated these requirements by taking advantage of an exemption to the locate rules to which they were not entitled and engaged in hundreds of sham transactions that caused large persistent fail to deliver positions in threshold securities generating over $17 million in unwarranted profits through their violative conduct. The Respondents are: J. Wolfson, his brother R. Wolfson, and the entity R. Wolfson traded through, Golden Anchor.

The original article can be found at U.S. Securities and Exchange Commission.