Alleges promoters fraudulently raised US$2.2 million
SEC also files unsettled civil injunctive action against several former Prudential registered reps
Many funds plan to retain compliance practices
Regulator pushes back initial compliance date
But U.S. regulator is moving forward on new proposals, including a new anti-fraud rule
Stewart also agrees to five-year ban from serving as a director of a public company
SEC, CESR joint plan will be implemented immediately
RFP has been issued to conduct the first stage of the study
No issue in SEC history has attracted this much attention, chairman says
“Not investments for Mom and Pop”, Cox says