SEC Obtains Asset Freeze to Halt Fraud at Transfer Agent

The SEC announced fraud charges and an emergency asset freeze against a transfer agent and its owner whose misappropriation scheme was exposed during an SEC examination of the firm.

According to the SEC complaint, IST Shareholder Services and its owner were misusing money, which belonged to their corporate clients and the clients' shareholders, in order to fund their own payroll and business obligations.

See: SEC Complaint; SEC Press Release.