SEC Orders Sanctions Against Unregistered Broker-Dealers

On June 19, 2009, the U.S. Securities and Exchange Commission (the "SEC") ordered sanctions against a company and its principals for acting as an unregistered broker-dealer in violation of the registration provisions of Section 15(a) of the Securities Exchange Act of 1934 (the "Exchange Act"). These sanctions are detailed in SEC Release No. 34-60149.

From 2001 through 2005, Ram Capital Resources, LLC ("Ram"), through its principals Michael E. Fein and Stephen E. Saltzstein, engaged in the following activities in connection with services it provided to investors in the private investments in public equities ("PIPEs") market:

• Identifying potential PIPE offerings;
• Soliciting investors, a majority of which were hedge funds, to invest in PIPE offerings;