Related Documents:
33-9313
16-Apr-2012
Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Sections 15(b) and 21C of the Securities Exchange Act of 1934, and Section 9(b) of the Investment Company Act of 1940 and Notice of Hearing
On April 6, 2012, the SEC filed an administrative proceeding against OptionsExpress. According to the SEC: "This case involves a complex short selling scheme to profit by circumventing the delivery requirements of Regulation SHO of the Exchange Act ('Reg. SHO'). From at least October 2008 to March 18, 2010, optionsXpress, Inc. ('optionsXpress'), a wholly-owned subsidiary of The Charles Schwab Corporation ('Schwab'), failed to satisfy its close-out obligations under Rules 204 and 204T of Reg. SHO by repeatedly engaging in a series of sham transactions, known as 'resets,' designed to give the appearance of having purchased shares to close-out an open failure-to-deliver position while in fact not doing so."
2012-66
16-Apr-2012
Press Release--Administrative Proceeding
SEC Charges optionsXpress and Five Individuals Involved in Abusive Naked Short Selling Scheme
On April 16, 2012, the SEC announced in a Press Release that: "The Securities and Exchange Commission today charged an online brokerage and clearing agency specializing in options and futures as well as four officials at the firm and a customer involved in an abusive naked short selling scheme."
Order Following Prehearing Conference
On April 16, 2012, the SEC issued an Order Instituting Administrative and Cease-and-Desist Proceedings against optionsXpress, Inc., Thomas E. Stern, and Jonathan I. Feldman. On May 25, 2012, Chief Administrative Law Judge Brenda P. Murray, among other things, detailed the procedural schedule for a hearing on the matter.
Order on Motions
On July 11, 2012, Chief Administrative Law Judge Brenda P. Murray rules on three pending motions filed by the Respondents and the SEC. The ALJ Order stated, among other things, that: "On June 5, 2012, the Division filed a Motion for Reconsideration Regarding the Denial of its Request to Subpoena TD Ameritrade, Inc...." Chief Administrative Law Judge Brenda P. Murray granted the subpoena to TD Ameritrade.
Order on subpoenas
On August 20, 2012, the administrative law judge filed an order granting optionsXpress, Inc.'s request for a subpoena against TD Ameritrade.
Second Order on Subpoenas
According to the ALJ Order: "On August 20, 2012, optionsXpress, Inx. (optionsXpress), filed a Motion for the Issuance of Subpoena (Subpoena Duces Tecum) to the Financial Industry Regulatory Authority, Inc. (FINRA)". As well: "On August 20, 2012, optionsXpress also filed a Motion for the Issuance of Subpoenas (Subpoenas Ad Testificandum) to the following employees of FINRA: Gene Demaio, Jocelyn Mello-Gibbon, Yvonne Huber, and Christina Aylward...." On August 23, 2012, Chief Administrative Law Judge Brenda P. Murray denied the Subpoena Duces Tecum to FINRA and granted the Subpoenas Ad Testificandum.
Order on Motion to File Correct Exhibits
On November 27, 2012, Brenda P. Murray, Chief Administrative Law Judge, denied the Division of Enforcement's Motion (Dated October 31, 2012) to Offer Supplemental Evidence Concerning Dr. Harris's Disgorgement Calculations.
Order on Official Notice Request
On February 6, 2013, Chief Administrative Law Judge Brenda P. Murray denied the SEC Division of Enforcement's Request to Take Official Notice of a settlement agreement between the Investment Industry Regulatory Organization of Canada's Enforcement Staff and optionsXpress Canada Corp. signed on December 19, 2012.
Order Granting Extensions
On April 13, 2013, the Commission granted the motion of Chief Administrative Law Judge Brenda P. Murray for an extension of time until August 19, 2013 to issue the initial decision in the proceeding.
id490bpm
07-Jun-2013
ALJ Initial Decision
Initial Decision
On June 7, 2013 the Chief Administrative Law Judge Brenda P. Murray issued an initial decision on the administrative proceeding against optionsXpress, Inc., Thomas E. Stern, and Jonathan I. Feldman. According to the initial decision: "The issues presented are whether a clearing broker can meet its obligation to deliver securities by executing buy-writes, i.e., does a purchase of securities offset by a simultaneous sale of a deep-in-the-money call option count as delivery. If the answer is no, did the clearing broker's customer commit fraud by engaging in buy-writes, did the clearing broker's Chief Financial Officer (CFO) cause and aid and abet all the violations, and did the clearing broker cause and aid and abet its customer's violations."
33-9466
16-Oct-2013
Commission Order and Opinion
Order Granting In Part And Denying In Part The Motions To Adduce Additional Evidence Regarding The CBOE Settlement
On October 16, 2013, the SEC issued an Order Granting in Part and Denying in Part the Motions to Adduce Additional Evidence Regarding the CBOE Settlement.
33-9474
05-Nov-2013
Commission Order and Opinion
Order Granting Petitions For Review and Scheduling Briefs
On November 5, 2013, the SEC issued an Order Granting Petitions for Review and Scheduling Briefs.
33-9873
31-Jul-2015
Commission Order and Opinion
Order Directing Additional Briefing
On July 31, 2015, the Commission, by the Office of the General Counsel, pursuant to delegated authority, granted the motion of respondents optionsXpress, Inc. and Jonathan Feldman seeking, "leave to file an additional brief with respect to the argument that 'Chief Administrative Law Judge ('ALJ') Brenda Murray, who presided over this matter, was unconstitutionally appointed to her post.'"
33-9982
02-Dec-2015
Administrative Proceeding
Order Scheduling Oral Argument
On December 2, 2015, the SEC ordered that: "this matter is scheduled for oral argument at 1:00 p.m. on Monday, December 14, 2015, at 100 F Street, NE, Washington DC, in the Auditorium (L-0002)."
33-9984
04-Dec-2015
Administrative Proceeding
Order Cancelling Oral Argument
On December 4, 2015, the SEC ordered the cancellation of the oral argument and that the oral argument may be rescheduled at a later date.
33-9986
10-Dec-2015
Administrative Proceeding
Order Rescheduling Oral Argument
On December 10, 2015, the SEC ordered that: "this matter is rescheduled for oral argument at 12:00 p.m. on Friday, January 15, 2016, at 100 F Street, NE, Washington, DC, in the Auditorium (L-0002)."
33-10125
18-Aug-2016
Commission Order and Opinion
Order Dismissing Proceeding as to Jonathan I. Feldman and Imposing Remedial Sanction as to OptionsXpress, Inc.
On August 18, 2016, the SEC issued an "order dismissing proceedings as to Jonathan I. Feldman and imposing remedial sanctions as to OptionsXpress, Inc." According to the SEC: OptionsXpress, Inc. "violated its close-out obligation under Rule 204 of Regulation SHO with respect to large and continuing fail to deliver positions that arose from trading activity by its retail customers."
33-10206
13-Sep-2016
Commission Order and Opinion
Corrected Order Dismissing Proceeding as to Jonathan I. Feldman and Imposing Remedial Sanctions as to OptionsXpress, Inc.
On September 13, 2016, the SEC issued Corrected Order Dismissing Proceeding as to Jonathan I. Feldman and Imposing Remedial Sanction as to OptionXpress, Inc.
