Defendant Name: Asta Funding, Inc.

Defendant Type: Public Company
SIC Code: 6140
CUSIP: 04622010

Initial Case Details

Legal Case Name In the Matter of Asta Funding, Inc.
First Document Date 29-Apr-2021
Initial Filing Format Administrative Action
File Number 3-20271
Allegation Type Issuer Reporting and Disclosure
AAER 4215

Violations Alleged

Exchange Act
• Sec 13(a)
Other
• Rule 12b-25 Exchange Act

Resolutions

First Resolution Date 29-Apr-2021
Headline Total Penalty and Disgorgement $50,000

Related Documents:

34-91718 29-Apr-2021 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On April 29, 2021, the SEC instituted settled cease-and-desist proceedings against Asta Funding, Inc. stating: "These proceedings arise out of the violation of Exchange Act Rule 12b-25, which requires that issuers that fail to file timely a periodic report shall file a Form 12b-25 “Notification of Late Filing,” commonly known as “Form NT,” which contains, among other things, reasonable detail as to why the issuer’s periodic report could not be filed on time and an explanation of any anticipated, significant changes in the issuer’s results of operations."
2021-76_3-20271 29-Apr-2021 Press Release--Administrative Proceeding
SEC Charges Eight Companies for Failure to Disclose Complete Information on Form NT
The SEC stated that: "[It] charged eight companies for failing to disclose in SEC Form 12b-25 filings that their request for seeking a delayed quarterly or annual reporting filing was caused by an anticipated restatement or correction of prior financial reporting. The violations were uncovered by an initiative focused on Form 12b-25 filings by companies that quickly thereafter announced financial restatements or corrections. Each of the companies was a public reporting company at the time of the violations and agreed to settle the Commission's charges and pay civil penalties."