IN THE MATTER OF HALT, BUZAS & POWELL, LTD. AND WAYNE A.
The SEC alleged that Halt, Buzas & Powell, Ltd. and its CPA partners Wayne A. Powell and Steven R. Halt willfully violated Sarbanes-Oxley Act Section 102(a) by issuing three audit reports for a public company in 2004 without registering with the PCAOB, leading to administrative proceedings seeking cease-and-desist orders, practice bans, and disgorgement.
The U.S. SEC charged Halt, Buzas & Powell, Ltd. and its two CPA partners, Wayne A. Powell and Steven R. Halt, with willfully violating Section 102(a) of the Sarbanes-Oxley Act by preparing and issuing three audit reports for a public company in 2004 without registering with the PCAOB, a requirement effective since October 22, 2003. The SEC alleged that this conduct rendered the firm and individuals unqualified to practice before the Commission and constituted a willful breach of federal law. Proceedings were instituted seeking cease-and-desist orders, potential censure, temporary or permanent bars from practicing before the SEC, and possible disgorgement, though no final sanctions or monetary penalties had been imposed at the time of the Order.
The U.S. Securities and Exchange Commission (SEC) initiated administrative and cease-and-desist proceedings against Halt, Buzas & Powell, Ltd. and its two CPA partners, Wayne A. Powell and Steven R. Halt, for violating Section 102(a) of the Sarbanes-Oxley Act of 2002. The SEC alleged that the firm and individuals prepared and issued three audit reports for a public company in 2004 without registering with the Public Company Accounting Oversight Board (PCAOB), a legal requirement that took effect on October 22, 2003. This failure rendered them unqualified to represent others before the Commission and constituted a willful violation of federal law. The Order sought to determine whether to issue cease-and-desist orders against the firm and whether to censure or permanently or temporarily bar Powell and Halt from practicing before the SEC. The SEC also sought disgorgement of any ill-gotten gains, though no specific monetary penalties had been determined at the time of filing. A hearing before an administrative law judge was scheduled to evaluate the allegations, allow the respondents to respond, and decide on appropriate sanctions. The judge was directed to issue an initial decision no later than 300 days after service of the Order, with all outcomes pending adjudication.
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- company halt ltd.
- agency the united states securities and exchange commission
- The United States Securities and Exchange Commission Announced the issuance Order Instituting Administrative and Cease-and-Desist Proceedings
- Halt Ltd. Participated in the preparation and issuance three audit reports on the financial statements of a public company in 2004
- Halt Ltd. Lacked the requisite qualifications to represent others
- Halt Ltd. Willfully violated Section 102(a) of the Sarbanes-Oxley Act
- The Order Institutes cease-and-desist proceedings against Halt Ltd. pursuant to Section 21C of the Securities Exchange Act of 1934
- The Order Determines whether the allegations in the Order are true
- The Order Determines whether Halt Ltd., Powell, and Halt should be censured or temporarily or permanently denied the privilege of appearing or practicing before the Commission as an accountant
- The Order Determines whether Halt Ltd. should be ordered to pay disgorgement
- The Order Directs the Administrative Law Judge to issue an initial decision in this matter no later than 300 days from the date of service of the Order
U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. SECURITIES EXCHANGE ACT OF 1934 Release No. 56431 / September 13, 2007 ACCOUNTING AND AUDITING ENFORCEMENT Release No. 2711 / September 13, 2007 ADMINISTRATIVE PROCEEDING File No. 3-12792 IN THE MATTER OF HALT, BUZAS & POWELL, LTD. AND WAYNE A. POWELL, CPA, AND STEVEN R. HALT, CPA The United States Securities and Exchange Commission (Commission) announced the issuance of an Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 4C and 21C of the Securities Exchange Act of 1934 and Rule 102(e) of the Commission’s Rules of Practice (Order) against Halt, Buzas & Powell, Ltd. (Halt Ltd.), Wayne A. Powell, CPA (Powell), and Steven R. Halt, CPA (Halt). The Order alleges that Halt Ltd. prepared and issued and Powell and Halt participated in the preparation and issuance of three audit reports on the financial statements of a public company in 2004, without first registering with the Public Company Accounting Oversight Board (Board). Section 102(a) of the Sarbanes-Oxley Act of 2002 (Sarbanes- Oxley Act) prohibits accounting firms not registered with the Board from preparing or issuing audit reports with respect to any issuer after October 22, 2003. The Order alleges that, by this conduct, Halt Ltd., Powell, and Halt lacked the requisite qualifications to represent others and that Halt Ltd. willfully violated Section 102(a) of the Sarbanes-Oxley Act. Based on the above, the Order institutes cease-and-desist proceedings against Halt Ltd. pursuant to Section 21C of the Securities Exchange Act of 1934 (Exchange Act), as well as proceedings under Section 4C(a)(1) and 4C(a)(3) of the Exchange Act and Rules 102(e)(1)(i) and 102(e)(1)(iii) of the Commission’s Rules of Practice, and as to Powell and Halt, Section 4C(a)(1) and Rule 102(e)(1)(i), to determine whether the allegations in the Order are true, whether a cease-and-desist order should be entered against Halt Ltd., whether Halt Ltd., Powell, and Halt should be censured or temporarily or permanently denied the privilege of appearing or practicing before the Commission as an accountant, and whether Halt Ltd. should be ordered to pay disgorgement. A hearing will be scheduled before an administrative law judge to determine whether the allegations in the Order are true, to provide Halt Ltd., Powell, and Halt an opportunity to dispute these allegations, and to determine what sanctions, if any, are appropriate. The Order directs the Administrative Law Judge to issue an initial decision in this matter no later than 300 days from the date of service of the Order.
U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. SECURITIES EXCHANGE ACT OF 1934 Release No. 56431 / September 13, 2007 ACCOUNTING AND AUDITING ENFORCEMENT Release No. 2711 / September 13, 2007 ADMINISTRATIVE PROCEEDING File No. 3-12792 IN THE MATTER OF HALT, BUZAS & POWELL, LTD. AND WAYNE A. POWELL, CPA, AND STEVEN R. HALT, CPA The United States Securities and Exchange Commission (Commission) announced the issuance of an Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 4C and 21C of the Securities Exchange Act of 1934 and Rule 102(e) of the Commission’s Rules of Practice (Order) against Halt, Buzas & Powell, Ltd. (Halt Ltd.), Wayne A. Powell, CPA (Powell), and Steven R. Halt, CPA (Halt). The Order alleges that Halt Ltd. prepared and issued and Powell and Halt participated in the preparation and issuance of three audit reports on the financial statements of a public company in 2004, without first registering with the Public Company Accounting Oversight Board (Board). Section 102(a) of the Sarbanes-Oxley Act of 2002 (Sarbanes- Oxley Act) prohibits accounting firms not registered with the Board from preparing or issuing audit reports with respect to any issuer after October 22, 2003. The Order alleges that, by this conduct, Halt Ltd., Powell, and Halt lacked the requisite qualifications to represent others and that Halt Ltd. willfully violated Section 102(a) of the Sarbanes-Oxley Act. Based on the above, the Order institutes cease-and-desist proceedings against Halt Ltd. pursuant to Section 21C of the Securities Exchange Act of 1934 (Exchange Act), as well as proceedings under Section 4C(a)(1) and 4C(a)(3) of the Exchange Act and Rules 102(e)(1)(i) and 102(e)(1)(iii) of the Commission’s Rules of Practice, and as to Powell and Halt, Section 4C(a)(1) and Rule 102(e)(1)(i), to determine whether the allegations in the Order are true, whether a cease-and-desist order should be entered against Halt Ltd., whether Halt Ltd., Powell, and Halt should be censured or temporarily or permanently denied the privilege of appearing or practicing before the Commission as an accountant, and whether Halt Ltd. should be ordered to pay disgorgement. A hearing will be scheduled before an administrative law judge to determine whether the allegations in the Order are true, to provide Halt Ltd., Powell, and Halt an opportunity to dispute these allegations, and to determine what sanctions, if any, are appropriate. The Order directs the Administrative Law Judge to issue an initial decision in this matter no later than 300 days from the date of service of the Order.