As part of its regulatory enforcement actions, the Securities and Exchange Commission (SEC) has suspended Falcon Securities Limited and Wizetrade Capital and Asset Management Limited and their sponsored individuals from all capital market activities.
Giving reason for this action, SEC said the suspension of Falcon Securities is as a result of the company’s failure to respond to issues regarding the filing of its quarterly reports with the commission.
According to SEC, Falcon Securities Limited failed to attach its schedule of investments marked to market and failure to report its investments in quoted securities at market value.
Another reason for this, according to SEC, was that Falcon Securities reported “a false and misleading financial status of the company in its 2012 annual report; and complete erosion of the company’s shareholders’ funds as shown in its returns for the period ended December 31, 2012.”
In a related enforcement action, the SEC also suspended Wizetrade Capital and Asset Management Limited and its sponsored individuals from all capital market activities.
