ENFORCEMENT PROCEEDINGS - In the Matter of American Capital Partners Limited, Inc.
Mar 29, 2012 (SECURITIES AND EXCHANGE COMMISSION RELEASE/ContentWorks via COMTEX) --
Today the Commission instituted public administrative proceedings against American Capital Partners Limited, Inc. (ACPL) for failing to provide and maintain a fidelity bond and ceasing to engage in business.
ACPL is a Nevada corporation located in West Palm Beach, Florida. According to the Nevada Secretary of State, ACPL's corporate registration is currently in default. On December 6, 2004, ACPL elected to be regulated as a BDC. Its securities were registered under Section 12(g) of the Exchange Act, but the registration was revoked on November 8, 2011. (Rel. 34-65701, File No. 3-14534)
In the Order, the Division of Enforcement (Division) alleges that ACPL (1) violated Section 17(g) of the Investment Company Act and Rule 17g-1 thereunder by failing to provide and maintain a fidelity bond, and (2) has ceased to engage in business.
In this proceeding, instituted pursuant to Investment Company Act Sections 9(f) and 54(c), a hearing will be scheduled before an Administrative Law Judge. At the hearing, the judge will hear evidence from the Division and ACPL to determine whether the allegations of the Division contained in the Order are true. The judge in the proceeding will then determine whether to issue a cease-and-desist order against ACPL and whether to revoke ACPL's election as a BDC. The Commission ordered that the Administrative Law Judge in this proceeding issue an initial decision not later than 300 days from the date of service of the order instituting proceedings. (Rel IC-30015; File No. 3-14822)
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