Defendant Name: Overseas Shipholding Group, Inc.

Defendant Type: Public Company
SIC Code: 4412
CUSIP: 69036R86

Initial Case Details

Legal Case Name In the Matter of Overseas Shipholding Group, Inc. and Myles Robert Itkin
First Document Date 23-Jan-2017
Initial Filing Format Administrative Action
File Number 3-17807
Allegation Type Issuer Reporting and Disclosure
AAER 3855

Violations Alleged

Exchange Act
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-11
• Rule 13a-13
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Securities Act
• Sec 17(a)(2)
• Sec 17(a)(3)
Additionally, Myles Robert Itkin is alleged to have caused Overseas Shipholding Group, Inc.'s violation of Rule 12b-20 of the Exchange Act.
Myles Robert Itkin is alleged to have caused Overseas Shipholding Group, Inc.'s violation of Sec 13(a) of the Exchange Act.
Myles Robert Itkin is alleged to have caused Overseas Shipholding Group, Inc.'s violation of Rule 13a-1 of the Exchange Act.
Myles Robert Itkin is alleged to have caused Overseas Shipholding Group, Inc.'s violation of Rule 13a-11 of the Exchange Act.
Myles Robert Itkin is alleged to have caused Overseas Shipholding Group, Inc.'s violation of Rule 13a-13 of the Exchange Act.
Myles Robert Itkin is alleged to have caused Overseas Shipholding Group, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Myles Robert Itkin is alleged to have caused Overseas Shipholding Group, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.
Myles Robert Itkin is alleged to have caused Overseas Shipholding Group, Inc.'s violation of Sec 17(a)(2) of the Securities Act.
Myles Robert Itkin is alleged to have caused Overseas Shipholding Group, Inc.'s violation of Sec 17(a)(3) of the Securities Act.

Resolutions

First Resolution Date 23-Jan-2017
Headline Total Penalty and Disgorgement $5,075,000

Related Documents:

2017-29 23-Jan-2017 Press Release--Administrative Proceeding
Shipping Conglomerate and Former CFO Charged with Failure to Recognize Hundred of Millions in Tax Liabilities
On January 23, 2017 the SEC announced in a press release that they had charged the shipping conglomerate Overseas Shipholding Group (OSG) and its former CFO Myles R. Itkin with violations of negligence based antifraud provisions as well as reporting books-and-records, and internal controls provisions of the federal securities laws. According to the SEC: from 2000 to the second quarter of 2012, "OSG and Itkin, who participated in the negotiation of the credit agreements and signed them, failed to recognize OSG's tax liability despite significant indicia that the structure of its credit agreements in effect made OIN a guarantor under the agreements and could trigger tax consequences, including tax memos from outside counsel and communications with the banks negotiation phase of the credit agreements."
33-10286 23-Jan-2017 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On January 23, 2017 the SEC instituted a settled order against Overseas Shipholding Group, Inc. ("OSG") and Myles Robert Itkin. According to the SEC: "this matter concerns the failure of OSG to record material federal income tax liabilities in its financial statements from 2000 through the second quarter of 2012."

Other Defendants in Action:

Myles Robert Itkin