An unauthorized collection of the records of Alternate Energy Holdings, inc., its principals and subsidiaries, and their antics, trials, and tribulations

Former AEHI CEO Don Gillispie

Former AEHI CEO Don Gillispie
OK, everyone, I've got to step out for just a minute. I'll be right back, I promise!

Monday, November 8, 2010

Wrapping it All Up: The E-Z SEC Complaint Form

Question posed to the SEC via their website:
"I was wondering what the potential sanctions are for publicly traded company officers who fail to file timely forms 4 and 5 for changes in beneficial ownership of shares in the company?"

This was the response:
"Thank you for contacting the U.S. Securities and Exchange Commission.  Failure to disclose required information may result in civil or criminal action against persons involved for violations of the Federal securities laws and rules. The SEC may file a case in federal court or bring an administrative action.  The District Court or Administrative Law judge may order civil monetary penalties, or the return of illegal profits (called disgorgement). The court may also bar or suspend an individual from serving as a corporate officer or director.
Rinell Randolph
Office of Investor Education and Advocacy
U.S. Securities and Exchange Commission"

Time to get the party started!   The SEC has a handy complaint form page here.  But what to write? Where to start?

This makes a nice summary:
Alternate Energy Holdings, Inc. has repeatedly failed to file timely reports with the SEC as outlined below:
Their Form 10-Q for the period ending 9/30/2008 was filed on 2/6/2009 and was due on 11/14/2008.
9 Form 3 filings were late as follows: 1 dated 11/14/08, 7 dated 12/08/08, and 1 dated 1/16,09, all were due on 10/8/2008.
8 Form 4 filings were late as follows:
 3 Forms 4 filed on 3/10/2010 for transactions occurring on 1/8/10 and 2/18/10, and due within 2 business days following those dates (1/12 and 2/22/10);
 3 Forms 4 filed on 3/18/2010 for transactions occurring on 1/8/10 and 2/18/10, but due 1/12/10 and 2/22/10;
 2 Forms 4 filed on 3/25/2010 for transactions occurring on 1/8/10 and 2/18/10, but due on 1/12/10 and 2/22/10;
8 Forms 5, for the year ending 12/31/2009 and due within 45 days of the end of that year, 2/16/2010:
 3 Forms 5 filed on 3/10/2010; 3 Forms 5 filed on 3/18/2010; 2 Forms 5 filed on 3/25/2010, all due on 2/16/2010.

Furthermore, the late filed 10-Q described above contains at least one false statement: namely, that during the period of the report (7/1/08-9/30/08) the company was not party to any legal proceedings, when in fact the company had filed a lawsuit in Ada County Idaho (CV-OC-2008- 15868, later dismissed with prejudice well after the time period covered in the report) and this lawsuit was still pending as of the ending period of that report (9/30/08).

We shall see.

1 comment:

  1. I really look forward to reading your blog. Thanks!