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| TWPG > SEC Filings for TWPG > Form 8-K on 27-Jul-2009 | All Recent SEC Filings |
27-Jul-2009
Other Events
As previously reported, the Staff (the "Staff") of the Enforcement Department of the Financial Industry Regulatory Authority ("FINRA") has been conducting an inquiry into the purchases of auction rate securities ("ARS") through "downstream" broker-dealers, including Thomas Weisel Partners LLC ("TWP"), a subsidiary of Thomas Weisel Partners Group, Inc. (the "Company"). TWP has been responding to the Staff's requests for documents, testimony and other information.
On July 23, 2009, the Staff advised TWP that it has made a preliminary determination to recommend disciplinary action in connection with TWP's transactions in ARS on behalf of its customers, including transactions for and with the Company. The Staff's recommendation involves potential violations of FINRA and Municipal Securities Rulemaking Board rules and certain anti-fraud and other provisions of the federal securities laws in connection with the purchases and sales of ARS and certain statements and disclosures made in connection with those purchases and sales. A Staff preliminary determination is neither a formal allegation nor is it evidence of wrongdoing. TWP now has the opportunity to provide its perspective on relevant events and alleged conduct and to address issues raised prior to any formal action being taken.
TWP is continuing to work with the Staff to bring this matter to a close as expeditiously as practicable and, as applicable, will provide the Staff with legal and factual arguments relating to the preliminary determination, but there can be no assurance that those efforts will be successful or that a disciplinary proceeding will not be brought. TWP is prepared to contest vigorously any formal disciplinary action that would result in a censure, fine, or other sanction that could be material to our business, financial position or results of operations. If FINRA were to institute disciplinary action, it is possible that such action could result in a material adverse effect on the Company's business, financial position or results of operations. However, the Company is unable to determine at this time the impact on it of the ultimate resolution of this matter.
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