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In the Order, the Division of Enforcement (the Division) alleges that Hipple willfully violated Sections 10(b) and 13(b)(5) of the Exchange Act and Rules 10b-5, 13a-14, 13b2-1, and 13b2-2 thereunder, and Sections 34(b) and 57(a)(1) of the Investment Company Act, by fraudulently reporting the value of iWorld's portfolio companies, failing to conduct the requisite asset valuation for BDCs, failing to make and keep requisite books and records, failing to maintain a system of sufficient internal accounting controls, and misleading the iWorld's auditors. The Division also alleges that, as a result of the foregoing, Hipple willfully aided and abetted and caused iWorld's violations of Sections 13(a), 13(b)(2)(A) 13(b)(2)(B) of the Exchange Act and Rules 13a-11, 13a-13 and 12b-20 thereunder, and Section 31(a) of the Investment Company Act and Rule 31a-1 thereunder.
A hearing will be scheduled before an administrative law judge to determine whether Hipple should be ordered to cease and desist from committing or causing any violations and any future violations of Sections 10(b) and 13(b)(5) of the Exchange Act and Rules 10b-5, 13a-14, 13b2-1, 13b2-2 thereunder, and Sections 34(b) and 57(a) of the Investment Company Act, and from causing any violations and any future violations of Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act and Rules 13a-11 and 13a-13 and 12b-20 thereunder, and Section 31(a) of the Investment Company Act and Rule 31a-1 thereunder, and to determine whether: i) Hipple should be ordered to pay a penalty; ii) Hipple should be prohibited from acting as an officer or director of any issuer that has a class of securities registered, or that is required to file reports, pursuant to the Exchange Act; iii) any remedial action against Hipple is appropriate under Section 9(b) of the Investment Company Act; and iv) Hipple should be censured, or denied, temporarily or permanently, the privilege of appearing or practicing before the Commission, pursuant to Rule 102(e)(1) of the Commission's Rules of Practice.
The Order requires the Administrative Law Judge to issue an initial decision no later than 300 days from the date of service of this Order, pursuant to Rule 360(a)(2) of the Commission's Rules of Practice. (Rels. 34-60269; IC-28816; File No. 3-13543)
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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