Sunshine Act Meeting, 62364-62365 [2013-24582]

Agencies

• SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 78, Number 203 (Monday, October 21, 2013)]
[Notices]
[Pages 62364-62365]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-24582]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the 
Government in the Sunshine Act, Public Law 94-409, that the Securities 
and Exchange Commission will hold an Open Meeting on October 8, 2013, 
at 10:00 a.m., and a Closed Meeting at 2:00 p.m., in Room 10800 at the 
Commission's headquarters building.
    The subject matters of October 8, 2013 Open Meeting will be:
    1. The Commission will hear oral argument in an appeal by China-
Biotics, Inc. from the initial decision of an administrative law judge.
    The law judge found that China-Biotics, Inc., an issuer with 
securities registered under Section 12 of the Securities Exchange Act 
of 1934, violated Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 
by failing to file timely periodic reports. The law judge found that 
the company failed to file a timely annual report for its fiscal year 
ended March 31, 2011 and failed to file timely subsequent quarterly 
reports. The law judge ordered that the registration of the company's 
securities be revoked.
    The issues likely to be considered at oral argument include whether 
revocation is in the public interest.
    2. The Commission will also hear oral argument in an appeal by 
Gordon Brent Pierce from an initial decision of an administrative law 
judge.
    The law judge found that Pierce violated Sections 5(a) and 5(c) of 
the Securities Act of 1933 in connection with unregistered offerings 
and sales of stock of Lexington Resources, Inc. (``Lexington'') through 
accounts in the names of two offshore companies he controlled (the 
``Corporate Accounts''). The law judge ordered Pierce to disgorge ill-
gotten gains of $7,247,635.75, plus prejudgment interest.
    The issues likely to be considered at oral argument include whether 
res judicata precluded the bringing of this proceeding (the ``Second 
Proceeding'') against Pierce, who was previously found to have traded 
unregistered shares of Lexington in a personal account; whether Pierce 
fraudulently concealed evidence that would have enabled the Division of 
Enforcement to include the charges of unregistered sales through the 
Corporate Accounts in the earlier proceeding, and if so, whether 
Pierce's fraudulent concealment allowed the Commission to initiate the 
Second Proceeding notwithstanding the res judicata doctrine; and 
whether disgorgement of trading proceeds from the Corporate Accounts is 
warranted under the circumstances.
    The General Counsel of the Commission, or her designee, has 
certified that, in her opinion, one or more of the exemptions set forth 
in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR 
200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the 
scheduled matter at the Closed Meeting.
    Commissioner Piwowar, as duty officer, voted to consider the items 
listed for the Closed Meeting in a closed session.
    The subject matters of October 8, 2013 Closed Meeting will be:

Post argument discussions

    For further information, please contact the Office of the Secretary 
at (202) 551-5400.


[[Page 62365]]


    Dated: October 1, 2013.
Elizabeth M. Murphy,
Secretary.

Editorial Note: This document was received by the Office of the Federal 
Register on October 17, 2013.

[FR Doc. 2013-24582 Filed 10-17-13; 4:15 pm]
BILLING CODE 8011-01-P