The Securities and Exchange Commission (SEC) revoked the securities registration of a Utah mortgage company for failing to periodically file updates of the securities.
The SEC announced that in the interest of protecting investors, it revoked the registration of Cybergate Inc.'s securities consisting of a class of common stock par value $0.001.
Although the securities have not been publicly traded, the SEC said it found that since registering the stock on Aug. 30, 2000, Cybergate, which is also known as Mortgage Financial Link.Com, had not filed required periodic reports since the period ending March 31, 2001.
Without admitting or denying the SECs findings, Salt Lake City, Utah-based Cybergate consented to the SEC revoking its securities registration for the purpose of settlement of the proceedings initiated against it in June, the announcement said. At that time, the SEC released a news digest informing it issued an Order to institute administrative proceedings and notice of hearing pursuant to Section 12(j) of the Securities Exchange Act of 1934 against Cybergate and 13 other companies to determine whether the registration of their securities should be revoked or suspended.
The Order alleged that the 14 issuers are or were affiliated with Richard D. Surber of Salt Lake City, were all delinquent in their periodic filings and had all failed to regard the delinquency letters sent to them by the Commission's Division of Corporation Finance requesting compliance with their periodic filing obligations.
Cybergate could not be reached for comment before press time.
Asked whether Cybergate had given any reason as to why it had not filed the periodic statements, the SEC said it could not comment on specific companies.