SEC v. FORTEL; and NOW KNOWN AS ENVIT CAPITAL GROUP, No. 1:12-cv-11489-MBB (Dec. 16, 2015)
raw: IN THE MATTER OF FORTEL, INC., NOW KNOWN AS ENVIT CAPITAL GROUP,
IN THE MATTER OF FORTEL, INC., NOW KNOWN AS ENVIT CAPITAL GROUP,, No. 1:12-cv-11489-MBB (Dec. 16, 2015)
The SEC temporarily suspended trading in Fortel, Inc. (now Envit Capital Group, Inc.) securities from May 12 to May 26, 2009, due to the company’s failure to file required periodic reports, with no fraud allegations or penalties imposed—only an administrative halt to protect investors from insufficient disclosure.
The U.S. Securities and Exchange Commission suspended trading in Fortel, Inc. (now Envit Capital Group, Inc.) securities from May 12 to May 26, 2009, under Section 12(k) of the Securities Exchange Act of 1934, due to the company’s failure to file required periodic reports, resulting in a lack of current and accurate public information. No fraud, financial misconduct, or monetary penalties were alleged; the action was purely administrative, targeting non-compliance with disclosure obligations. The SEC warned brokers and dealers that they could not resume quoting the stock after the suspension unless they fully complied with Rule 15c2-11, which requires verification of current information before publishing over-the-counter quotations.
The U.S. Securities and Exchange Commission temporarily suspended trading in the securities of Fortel, Inc. (now Envit Capital Group, Inc.) from May 12 to May 26, 2009, under Section 12(k) of the Securities Exchange Act of 1934, due to the company’s failure to file required periodic reports, which led to a lack of current and accurate public information. This action was administrative in nature and did not involve allegations of fraud, financial misconduct, or any civil or criminal penalties. The SEC emphasized that the suspension was intended to protect investors from trading in securities with insufficient transparency and disclosure. Brokers, dealers, and prospective purchasers were cautioned to consider all available information and were reminded that, under Rule 15c2-11, no quotations could be entered for the company’s securities after the suspension unless strict compliance with the rule’s disclosure requirements was met. The SEC explicitly warned that any violation of Rule 15c2-11 could trigger prompt enforcement action. Individuals with relevant information were encouraged to contact the Boston Regional Office of the SEC. The action served as a procedural compliance measure, not a punitive or investigative proceeding, and no charges or fines were levied against the company or any individuals.
Extracted insights
- company fortel, inc., now known as envit capital group, inc.
- person john t. dugan
- agency United States Securities And Exchange Commission
- organization United States Securities And Exchange Commission
- United States Securities and Exchange Commission announced the temporary suspension trading in the securities of Fortel, Inc., now known as Envit Capital Group, Inc., commencing at 9:30 a.m. EDT on May 12, 2009, and terminating at 11:59 p.m. EDT on May 26, 2009
- Fortel, Inc., now known as Envit Capital Group, Inc. failed to file certain periodic reports with the Commission
- Commission entered the order pursuant to Section 12(k) of the Securities Exchange Act of 1934
- Brokers and dealers must comply with Exchange Act Rule 15c2-11 to enter quotations after trading suspension termination
- Commission will consider the need for prompt enforcement action if brokers or dealers violate Rule 15c2-11
- John T. Dugan should be telephoned by anyone with information relating to this matter at (617) 573-8936
- United States Securities and Exchange Commission announced the temporary suspension trading in the securities of Fortel, Inc., now known as Envit Capital Group, Inc., commencing at 9:30 a.m. EDT on May 12, 2009, and terminating at 11:59 p.m. EDT on May 26, 2009
- Fortel, Inc., now known as Envit Capital Group, Inc. failed to file certain periodic reports with the Commission
- Commission entered the order pursuant to Section 12(k) of the Securities Exchange Act of 1934
- Brokers and dealers must comply with Exchange Act Rule 15c2-11 to enter quotations after trading suspension termination
- Commission will consider the need for prompt enforcement action if brokers or dealers violate Rule 15c2-11
- John T. Dugan should be telephoned by anyone with information relating to this matter at (617) 573-8936
UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES AND EXCHANGE ACT OF 1934 Release No. 34-59900 / May 12, 2009 IN THE MATTER OF FORTEL, INC., NOW KNOWN AS ENVIT CAPITAL GROUP, INC. The United States Securities and Exchange Commission (Commission) announced the temporary suspension of trading in the securities of Fortel, Inc., now known as Envit Capital Group, Inc. (“the Company”), commencing at 9:30 a.m. EDT on May 12, 2009, and terminating at 11:59 p.m. EDT on May 26, 2009. The Commission temporarily suspended trading in the securities of the Company due to a lack of current and accurate information about the company because it failed to file certain periodic reports with the Commission. The order was entered pursuant to Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act). The Commission cautions brokers, dealers, shareholders and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by this company. Brokers and dealers should be alert to the fact that, pursuant to Exchange Act Rule 15c2- 11, at the termination of the trading suspension, no quotation may be entered relating to the securities of the Company unless and until the broker or dealer has strictly complied with all of the provisions of the rule. If any broker or dealer is uncertain as to what is required by the rule, it should refrain from entering quotations relating to the securities of the Company until such time as it has familiarized itself with the rule and is certain that all of its provisions have been met. Any broker or dealer with questions regarding the rule should contact the staff of the Securities and Exchange Commission in Washington, DC at (202) 551-5720. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action. If any broker, dealer or other person has any information which may relate to this matter, John T. Dugan of the Boston Regional Office of the Securities and Exchange Commission should be telephoned at (617) 573-8936.
UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES AND EXCHANGE ACT OF 1934 Release No. 34-59900 / May 12, 2009 IN THE MATTER OF FORTEL, INC., NOW KNOWN AS ENVIT CAPITAL GROUP, INC. The United States Securities and Exchange Commission (Commission) announced the temporary suspension of trading in the securities of Fortel, Inc., now known as Envit Capital Group, Inc. (“the Company”), commencing at 9:30 a.m. EDT on May 12, 2009, and terminating at 11:59 p.m. EDT on May 26, 2009. The Commission temporarily suspended trading in the securities of the Company due to a lack of current and accurate information about the company because it failed to file certain periodic reports with the Commission. The order was entered pursuant to Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act). The Commission cautions brokers, dealers, shareholders and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by this company. Brokers and dealers should be alert to the fact that, pursuant to Exchange Act Rule 15c2- 11, at the termination of the trading suspension, no quotation may be entered relating to the securities of the Company unless and until the broker or dealer has strictly complied with all of the provisions of the rule. If any broker or dealer is uncertain as to what is required by the rule, it should refrain from entering quotations relating to the securities of the Company until such time as it has familiarized itself with the rule and is certain that all of its provisions have been met. Any broker or dealer with questions regarding the rule should contact the staff of the Securities and Exchange Commission in Washington, DC at (202) 551-5720. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action. If any broker, dealer or other person has any information which may relate to this matter, John T. Dugan of the Boston Regional Office of the Securities and Exchange Commission should be telephoned at (617) 573-8936.