SEC lifts 3yrs suspension placed on Falcon Securities Ltd

The Securities and Exchange Commission (SEC) has notified the investing public that the suspension placed on Falcon Securities Ltd and its Sponsored Individuals has been lifted.

SEC had on June 17, 2013, suspended of Falcon Securities Limited and its sponsored individuals from all capital market activities as an enforcement action for failing to respond to issues regarding the filing of its quarterly reports with the Commission.

On the resolve to lift the suspension, SEC said it was as a result of the firm resolving all issues that led to its suspension as well as compliance with the Commission’s directives.

The company was suspended for failing to attach the company’s schedule of investments marked to market and failure to report its investments in quoted securities at market value.

Also, the company was found guilty of reporting a false and misleading financial status of the company in its 2012 annual reports, as well as complete erosion of the company’s shareholders’ funds as shown in its returns for the period ended December 31, 2012.

The suspension was hinged on the zero tolerance to malpractices as declared by the commission.