Federal Regulatory Agencies
News releases, reports, statements and associated documents from federal regulatory agencies ranging from the Securities Exchange Commission to the Commodities Futures Trading Commission
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Seamless Carbon and Alloy Steel Standard, Line, and Pressure Pipe From Korea, Russia, and Ukraine Injures U.S. Industry, Says USITC
WASHINGTON, Aug. 3 -- The U.S. International Trade Commission issued the following news release on Aug. 2, 2021:
The United States International Trade Commission (USITC) today determined that a U.S. industry is materially injured by reason of imports of seamless carbon and alloy steel standard, line, and pressure pipe from Korea, Russia, and Ukraine that the U.S. Department of Commerce (Commerce) has determined are sold in the United States at less than fair value and subsidized by the governments of Korea and Russia.
Chair Jason E. Kearns, Vice Chair Randolph J. Stayin, and Commissioners David
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WASHINGTON, Aug. 3 -- The U.S. International Trade Commission issued the following news release on Aug. 2, 2021:
The United States International Trade Commission (USITC) today determined that a U.S. industry is materially injured by reason of imports of seamless carbon and alloy steel standard, line, and pressure pipe from Korea, Russia, and Ukraine that the U.S. Department of Commerce (Commerce) has determined are sold in the United States at less than fair value and subsidized by the governments of Korea and Russia.
Chair Jason E. Kearns, Vice Chair Randolph J. Stayin, and Commissioners DavidS. Johanson, Rhonda K. Schmidtlein, and Amy A. Karpel voted in the affirmative.
As a result of the Commission's affirmative determinations, Commerce will issue antidumping duty orders on imports of these products from Korea, Russia, and Ukraine and countervailing duty orders on imports of these products from Korea and Russia.
The Commission's public report Seamless Carbon and Alloy Steel Standard, Line, and Pressure Pipe from Korea, Russia, and Ukraine (Inv. Nos. 701-TA-654-655 and 731-TA-1530-1532 (Final), USITC Publication 5222, August 2021) will contain the views of the Commission and information developed during the investigations.
The report will be available by September 7, 2021; when available, it may be accessed on the USITC website at: http://pubapps.usitc.gov/applications/publogs/qry_publication_loglist.asp.
UNITED STATES INTERNATIONAL TRADE COMMISSION
Washington, DC 20436
FACTUAL HIGHLIGHTS
Seamless Carbon and Alloy Steel Standard, Line, and Pressure Pipe from Korea, Russia, and Ukraine
Investigation Nos. 701-TA-654-655 and 731-TA-1530-1532 (Final)
Product Description: Seamless carbon and alloy steel (other than stainless steel) pipes and redraw hollows, less than or equal to 16 inches (406.4 mm) in nominal outside diameter, regardless of wall-thickness, manufacturing process (e.g., hot finished or cold-drawn), end finish (e.g., plain end, beveled end, upset end, threaded, or threaded and coupled), or surface finish (e.g., bare, lacquered or coated). Redraw hollows are any unfinished carbon or alloy steel (other than stainless steel) pipe or "hollow profiles" suitable for cold finishing operations, such as cold drawing, to meet the American Society for Testing and Materials or American Petroleum Institute or comparable specifications.
Status of Proceedings:
1. Type of investigation: Final countervailing duty and antidumping duty investigations.
2. Petitioner: Vallourec Star, LP, Houston, TX.
3. USITC Institution Date: Wednesday, July 8, 2020.
4. USITC Hearing Date: Thursday, March 4, 2021.
5. USITC Vote Date: Monday, August 2, 2021.
6. USITC Notification to Commerce Date: Monday, August 16, 2021.
U.S. Industry in 2020:
1. Number of U.S. producers: 5.
2. Location of producers' plants: Alabama, Louisiana, Ohio, Pennsylvania, and Texas.
3. Production and related workers: /1
4. U.S. producers' U.S. shipments: 1
5. Apparent U.S. consumption: 1
6. Ratio of subject imports to apparent U.S. consumption: 1
U.S. Imports in 2020:
1. Subject imports: 1
2. Nonsubject imports: 1
3. Leading import sources: Mexico, Germany, Ukraine, Korea, and Czechia.
Footnote:
(1) Withheld to avoid disclosure of business proprietary information.
SEC Issues Order Involving Paul L. Chancey Jr.
WASHINGTON, Aug. 3 -- The Securities and Exchange Commission issued the following order (Admin. Proc. File No. 3-20394) involving Paul L. Chancey Jr.:
In the Matter of PAUL L. CHANCEY, JR., CPA
ORDER
On July 13, 2021, the Securities and Exchange Commission issued an order instituting an administrative proceeding ("OIP") against Paul L. Chancey, Jr., CPA ("Respondent"), pursuant to Sections 4C and 21C of the Securities Exchange Act of 1934 and Rule 102(e)(1)(ii) of the Commission's Rules of Practice./1
In compliance with the statutory provision governing cease-and-desist proceedings, the OIP
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WASHINGTON, Aug. 3 -- The Securities and Exchange Commission issued the following order (Admin. Proc. File No. 3-20394) involving Paul L. Chancey Jr.:
In the Matter of PAUL L. CHANCEY, JR., CPA
ORDER
On July 13, 2021, the Securities and Exchange Commission issued an order instituting an administrative proceeding ("OIP") against Paul L. Chancey, Jr., CPA ("Respondent"), pursuant to Sections 4C and 21C of the Securities Exchange Act of 1934 and Rule 102(e)(1)(ii) of the Commission's Rules of Practice./1
In compliance with the statutory provision governing cease-and-desist proceedings, the OIPspecified that a "public hearing before the Commission for the purpose of taking evidence . . . shall be convened not earlier than 30 days and not later than 60 days" from service of the OIP./2
The statute also provides that "an earlier or later date" for the hearing may be "set by the Commission with the consent of any respondent so served."/3
Respondent was served with the OIP on July 21, 2021./4
As a consequence, in the absence of consent by Respondent regarding a later hearing date, a public hearing will be set for a date on or before September 17, 2021./5
To facilitate the orderly and expeditious resolution of this matter, it is ORDERED that the parties shall file a statement advising the Commission of any agreement to a later hearing date (or a statement that no agreement could be reached) by August 9, 2021. In the event the parties do not reach an agreement by that date, this order does not preclude the parties from reaching such an agreement subsequently. The Commission will specify further proceedings by subsequent order.
The parties' attention is directed to the most recent amendments to the Commission's Rules of Practice, which took effect on April 12, 2021, and which include new e-filing requirements./6
For the Commission, by the Office of the General Counsel, pursuant to delegated authority.
Vanessa A. Countryman, Secretary
* * *
Footnotes:
1/ Paul L. Chancey, Jr., CPA, Exchange Act Release No. 92378, 2021 WL 2953721 (July 13, 2021).
2/ Id. at *13.
3/ 15 U.S.C. Sec. 78u-3(b).
4/ On July 30, 2021, the Division of Enforcement filed a status report appending tracking information for a copy of the OIP directed to Respondent's counsel. The tracking information shows that the mailing was "Delivered, Individual Picked Up at Postal Facility" on July 21, 2021. This information confirming delivery is sufficient for us to conclude that service was effected on Respondent under Commission Rule of Practice 141(a)(2)(i), 17 C.F.R. Sec. 201.141(a)(2)(i), on July 21, 2021. The Division sent a copy of its status report to the Office of Administrative Law Judges ("OALJ"). We remind the parties that the OIP set the matter down for a hearing before the Commission, meaning that OALJ at this time is not involved in this proceeding. Paul L. Chancey, Jr., CPA, Exchange Act Release No. 92460, 2021 WL 3109831, at *1 n.2 (July 21, 2021) (citing Chancey, 2021 WL 2953721, at *1, 13).
5/ Sixty calendar days after July 21, 2021 is Sunday, September 19, 2021.
6/ Amendments to the Commission's Rules of Practice, Exchange Act Release No. 90442, 2020 WL 7013370 (Nov. 17, 2020), 85 Fed. Reg. 86,464, 86,474 (Dec. 30, 2020), https://www.sec.gov/rules/final/2020/34-90442a.pdf; Instructions for Electronic Filing and Service of Documents in SEC Administrative Proceedings and Technical Specifications, https://www.sec.gov/efapdocs/instructions.pdf. The amendments impose other obligations such as a new redaction and omission of sensitive personal information requirement. Amendments to the Commission's Rules of Practice, 85 Fed. Reg. at 86,465-81.
SEC Issues Order Involving Genoil and Samex Mining
WASHINGTON, Aug. 3 -- The Securities and Exchange Commission issued the following order (Admin. Proc. File No. 3-19661) involving Genoil and Samex Mining:
In the Matter of GENOIL, INC., and SAMEX MINING CORP.
SCHEDULING ORDER
On January 15, 2020, the Securities and Exchange Commission issued an order instituting proceedings ("OIP") against Genoil, Inc. ("Respondent") pursuant to Section 12(j) of the Securities Exchange Act of 1934./1
On August 2, 2021, the Division filed a motion for summary disposition that requested that the Commission revoke the registration of Genoil's securities. Rule
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WASHINGTON, Aug. 3 -- The Securities and Exchange Commission issued the following order (Admin. Proc. File No. 3-19661) involving Genoil and Samex Mining:
In the Matter of GENOIL, INC., and SAMEX MINING CORP.
SCHEDULING ORDER
On January 15, 2020, the Securities and Exchange Commission issued an order instituting proceedings ("OIP") against Genoil, Inc. ("Respondent") pursuant to Section 12(j) of the Securities Exchange Act of 1934./1
On August 2, 2021, the Division filed a motion for summary disposition that requested that the Commission revoke the registration of Genoil's securities. Ruleof Practice 250(b) provides that summary disposition is appropriate if "there is no genuine issue with regard to any material fact and . . . the movant is entitled to summary disposition as a matter of law."/2
An opposition to a motion for summary disposition should precisely specify in the brief the basis for that opposition, identify with particularity the material factual issues in dispute, and address relevant commission precedent./3
It is appropriate to set the following briefing schedule for the Division's motion for summary disposition. This schedule provides the parties with more time than generally provided for in Rule 154(b) for the filing of opposition and reply briefs./4
Accordingly, IT IS ORDERED that Respondents' opposition is due by September 2, 2021 and the Division's reply is due by September 16, 2021./5
Pursuant to Rule of Practice 180(c), a party's failure to file a brief or comply with this order may result in the Commission's determination of the matter at issue against that party, a finding of waiver, dismissal of the proceeding, or such other sanction as the Commission finds appropriate./6
The parties' attention is also directed to the most recent amendments to the Commission's Rules of Practice, which took effect on April 12, 2021, and which include new e-filing requirements./7
For the Commission, by the Office of the General Counsel, pursuant to delegated authority.
Vanessa A. Countryman, Secretary
* * *
Footnotes:
1/ Genoil, Inc., Exchange Act Release No. 87979, 2020 WL 260279 (Jan. 15, 2020). The OIP also instituted proceedings against SAMEX Mining Corp. This order applies only to Genoil, Inc.
2/ 17 C.F.R. Sec. 201.250(b). Motions for summary disposition may be made under Rule 250(b) after a respondent's answer has been filed and documents have been made available to the respondent for inspection and copying pursuant to Rule of Practice 230. Id.; 17 C.F.R. Sec. 201.230. Respondent has answered and we assume that documents have been made available to it pursuant to Rule 230. If that is not the case, the parties should notify the Commission and this scheduling order will be modified.
3/ See, e.g., United Dev. Funding III, L.P., Exchange Act Release No. 85197, 2019 WL 936699, at *1-2 & nn.6-9 (Feb. 26, 2019) (discussing appropriateness of summary disposition in Section 12(j) proceeding); Absolute Potential, Inc., Exchange Act Release No. 71866, 2014 WL 1338256, at *5-8 (Apr. 4, 2014) (discussing types of factual disputes that may be relevant in ruling on summary disposition in Section 12(j) proceeding).
4/ See 17 C.F.R. Sec. 201.154(b) (providing that briefs in opposition to a motion shall be filed within five days after the service of the motion and reply briefs within three days after the service of the opposition).
5/ Attention is called to Rules of Practice 150-153, 17 C.F.R. Sec.Sec. 201.150-153, with respect to form and service, and Rule of Practice 250(e) and (f), 17 C.F.R. Sec. 250(e) and (f), with respect to length limitations. See also In re: Pending Admin. Proceedings, Exchange Act Release No. 88415, 2020 WL 1322001 (stating that "pending further order of the Commission, all reasonable requests for extensions of time will not be disfavored as stated in Rule 161" (citing 17 C.F.R. Sec. 201.161(b)(1)).
6/ 17 C.F.R. Sec. 201.180(c).
7/ Amendments to the Commission's Rules of Practice, Exchange Act Release No. 90442, 2020 WL 7013370 (Nov. 17, 2020), 85 Fed. Reg. 86,464, 86,474 (Dec. 30, 2020), https://www.sec.gov/rules/final/2020/34-90442a.pdf; Instructions for Electronic Filing and Service of Documents in SEC Administrative Proceedings and Technical Specifications, https://www.sec.gov/efapdocs/instructions.pdf. The amendments impose other obligations such as a new redaction and omission of sensitive personal information requirement. Amendments to the Commission's Rules of Practice, 85 Fed. Reg. at 86,465-81.
NRC Issues Event Notification for Columbia Generating Station in Washington
WASHINGTON, Aug. 3 -- The Nuclear Regulatory Commission issued the following event notification (No. 55385) involving Columbia Generating Station, Washington:
EN Revision Imported Date: 8/2/2021
EN Revision Text: INOPERABLE SECONDARY CONTAINMENT
"At 0922 PDT, on 07/28/21, the reactor building roof hatch was opened to support maintenance activities on the roof. Secondary containment differential pressure lowered and was recovered by the operating crew. Secondary containment differential pressure was maintained negative during the transient and was verified to have met technical specification
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WASHINGTON, Aug. 3 -- The Nuclear Regulatory Commission issued the following event notification (No. 55385) involving Columbia Generating Station, Washington:
EN Revision Imported Date: 8/2/2021
EN Revision Text: INOPERABLE SECONDARY CONTAINMENT
"At 0922 PDT, on 07/28/21, the reactor building roof hatch was opened to support maintenance activities on the roof. Secondary containment differential pressure lowered and was recovered by the operating crew. Secondary containment differential pressure was maintained negative during the transient and was verified to have met technical specificationrequirements the whole time, however it was not identified at the time that the secondary containment was inoperable due to the roof hatch exceeding the allowable containment breech size and as such a TS 3.6.4.1.A entry was warranted.
"This report is being made pursuant to 10 CFR 50.72(a)(1)(ii) when it was identified that the secondary containment was inoperable while the roof hatch was open and a report should have been made under 10 CFR 50.72(b)(3)(v)(C) and (D) for loss of safety function.
"There were no radiological releases, system actuations, or isolations associated with this event."
The licensee has notified the NRC Resident Inspector.
Power Reactor
Event Number: 55385
Facility: Columbia Generating Station
Region: 4
State: WA
Unit: [2] [] []
RX Type: [2] GE-5
NRC Notified By: Tracy Howard
HQ OPS Officer: Bethany Cecere
Notification Date: 07/30/2021
Notification Time: 00:16 [ET]
Event Date: 07/29/2021
Event Time: 16:51 [PDT]
Last Update Date: 07/30/2021
Emergency Class: Non Emergency
10 CFR Section:
50.72(b)(3)(v)(C) - Pot Uncntrl Rad Rel
50.72(b)(3)(v)(D) - Accident Mitigation
Person (Organization):
PICK, GREG (R4)
Table omitted: https://www.nrc.gov/reading-rm/doc-collections/event-status/event/2021/20210802en.html#en55385
Litigation: SEC Vs. 3 Companies and 2 Individuals - SEC Charges Two Public Companies and Executives With Financial and Disclosure Fraud
WASHINGTON, Aug. 3 -- The Securities and Exchange Commission issued the following litigation release (No. 2:21-cv-01433; D. Nev. filed August 2, 2021):
The Securities and Exchange Commission charged a publicly-traded Las Vegas-based holding company, its CEO, its CFO, an LLC controlled by the CEO, and another Nevada-based public company with multiple financial, disclosure, and reporting violations related to inflated income and earnings per share, stock promotion and secret trading, and undisclosed executive compensation.
The SEC's complaint alleges that Las Vegas-based Live Ventures Incorporated
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WASHINGTON, Aug. 3 -- The Securities and Exchange Commission issued the following litigation release (No. 2:21-cv-01433; D. Nev. filed August 2, 2021):
The Securities and Exchange Commission charged a publicly-traded Las Vegas-based holding company, its CEO, its CFO, an LLC controlled by the CEO, and another Nevada-based public company with multiple financial, disclosure, and reporting violations related to inflated income and earnings per share, stock promotion and secret trading, and undisclosed executive compensation.
The SEC's complaint alleges that Las Vegas-based Live Ventures Incorporatedand its CEO, Jon Isaac, recorded income from a backdated contract to boost Live Ventures' pre-tax income for fiscal year 2016 by 20%. Live Ventures and Isaac also allegedly overstated earnings per share by 40% by improperly understating Live Ventures' outstanding share count. The complaint alleges that in addition to disclosing falsified financial results, Isaac hired a stock promoter to boost interest in Live Ventures. As alleged, the financial manipulation and stock promotion caused Live Ventures' share price to spike. Isaac allegedly profited by secretly selling Live Ventures shares in a nominee account that he controlled in the name of Kingston Diversified Holdings.
The complaint also alleges that Live Ventures misrepresented the date on which it had acquired a new subsidiary from Appliance Recycling Centers of America, Inc. (ARCA, currently known as JanOne Inc.), enabling Live Ventures to report a positive net income for its first quarter of 2018, which otherwise would have been an unprofitable quarter. According to the complaint, Isaac and Virland A. Johnson, who held the position of CFO at both Live Ventures and ARCA, engaged in a scheme to misrepresent the effective acquisition date, and lied to Live Ventures' auditors about the acquisition date to ensure Live Ventures could report positive net income. The complaint further alleges that Isaac underreported his executive compensation in Live Ventures' proxy statements. As alleged, for the fiscal years 2016, 2017, and 2018, Live Ventures disclosed that Isaac received, in aggregate, $162,000 of additional compensation, even though he had actually received approximately $315,000 during that period.
The SEC's complaint, which was filed in the U.S. District Court for the District of Nevada, charges Live Ventures, JanOne, Kingston Diversified, Isaac, and Johnson with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The complaint also charges Live Ventures with violating the reporting provisions of Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-1, and 13a-13 thereunder; Live Ventures and Isaac with violating the proxy solicitation provisions of Section 14(a) of the Exchange Act and Rule 14a-3 thereunder; and Isaac and Kingston Diversified with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933. The complaint further charges Isaac and Johnson with violating Section 13(b)(5) of the Exchange Act and Rules 13a-14, 13b2-1, and 13b2-2 thereunder, and aiding and abetting Live Ventures' violations of Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-1, and 13a-13 thereunder.
The SEC's investigation was conducted by Robert Stillwell, Wendy Pearson, and Christopher Conte and supervised by Finola Manvelian and Rhoda Chang of the Los Angeles Regional Office. The SEC's litigation will be led by John Bulgozdy and supervised by Amy J. Longo.
Federal Maritime Commission Issues Docket Involving MCS Industries Vs. COSCO Shipping Lines and MSC Mediterranean Shipping
WASHINGTON, Aug. 3 -- The Federal Maritime Commission issued the following docket (Docket No. 21-05):
MCS INDUSTRIES, INC., Complainant v. COSCO SHIPPING LINES CO., LTD. AND MSC MEDITERRANEAN SHIPPING COMPANY SA, Respondents.
NOTICE OF FILING OF COMPLAINT AND ASSIGNMENT
Notice is given that a complaint has been filed with the Federal Maritime Commission (Commission) by MCS Industries, Inc., hereinafter "Complainant", against COSCO Shipping Lines Co., Ltd ("COSCO") and MSC Mediterranean Shipping Company SA ("MSC"), hereinafter "Respondents". Complainant is a Pennsylvania corporation and a shipper
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WASHINGTON, Aug. 3 -- The Federal Maritime Commission issued the following docket (Docket No. 21-05):
MCS INDUSTRIES, INC., Complainant v. COSCO SHIPPING LINES CO., LTD. AND MSC MEDITERRANEAN SHIPPING COMPANY SA, Respondents.
NOTICE OF FILING OF COMPLAINT AND ASSIGNMENT
Notice is given that a complaint has been filed with the Federal Maritime Commission (Commission) by MCS Industries, Inc., hereinafter "Complainant", against COSCO Shipping Lines Co., Ltd ("COSCO") and MSC Mediterranean Shipping Company SA ("MSC"), hereinafter "Respondents". Complainant is a Pennsylvania corporation and a shipper"as that term is defined by 46 U.S.C. Section 40102(23)." Complainant alleges that Respondent COSCO is a vessel-operating common carrier, and is a Chinese company acting in the U.S. through its agent, COSCO SHIPPING Lines (North America) Inc. Complainant alleges that Respondent MSC is also a vessel-operating common carrier, and a Swiss company.
Complainant alleges that Respondents violated 46 U.S.C. Sec.Sec. 41102(c), 41102(a)(2), 41104(a)(5), 41104(a)(9), and 41104(a)(10) with regard to provision of ocean shipping services. The full text of the complaint can be found in the Commission's Electronic Reading Room at https://www2.fmc.gov/readingroom/proceeding/21-05/.
This proceeding has been assigned to Office of Administrative Law Judges. The initial decision of the presiding office in this proceeding shall be issued by August 3, 2022, and the final decision of the Commission shall be issued by February 17, 2023.
Rachel E. Dickon, Secretary
FTC Sends Checks to People Who Were Deceived Into Buying Worthless Online Marketing Services
WASHINGTON, Aug. 3 -- The Federal Trade Commission issued the following news release on Aug. 2, 2021:
The FTC is sending checks totaling more than $1.5 million to more than 3,000 consumers who were deceived into buying worthless Internet-based marketing products and services by two companies called Position Gurus, LLC, and Top Shelf Ecommerce, LLC.
According to the FTC's May 2020 complaint, the companies and their owners targeted consumers looking to start retail businesses on the Internet. The complaint alleged that the defendants falsely represented that their services would drive more customers
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WASHINGTON, Aug. 3 -- The Federal Trade Commission issued the following news release on Aug. 2, 2021:
The FTC is sending checks totaling more than $1.5 million to more than 3,000 consumers who were deceived into buying worthless Internet-based marketing products and services by two companies called Position Gurus, LLC, and Top Shelf Ecommerce, LLC.
According to the FTC's May 2020 complaint, the companies and their owners targeted consumers looking to start retail businesses on the Internet. The complaint alleged that the defendants falsely represented that their services would drive more customersto consumers' new online stores and drastically increase sales and earnings.
The defendants also falsely claimed to be associated with unrelated coaching companies that consumers had prior dealings with; collected consumers' personal financial information under false pretenses; and illegally restricted consumers' ability to review or complain about the defendants' products, services, or conduct, the FTC alleged.
JND Legal Administration, the refund administrator for this case, will mail checks today. The checks average over $511 each. People who receive checks should deposit or cash them within 90 days, as indicated on the check. Recipients who have questions about their checks can call the refund administrator at 1-888-906-0551. The FTC never requires people to pay money or provide account information to cash a refund check.
The FTC's interactive dashboards for refund data provide a state-by-state breakdown of FTC refunds. In 2020, FTC actions led to more than $483 million in refunds to consumers across the country, but recently the United States Supreme Court ruled the FTC lacks authority under Section 13(b) to seek monetary relief in federal court going forward. The Commission has urged Congress to restore the FTC's ability to get money back for consumers.
