Bill, here is the full text of the SEC settlement.
ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST CABOT MONEY MANAGEMENT,
INC. AND ROBERT LUTTS
The Commission today announced the entry of a Cease-and-Desist Order
against Cabot Money Management, Inc. (Cabot), a registered
investment adviser, and its president, Robert T. Lutts (Lutts), that censures them and imposes monetary penalties on them. The Order
finds that the respondents failed to file timely Forms 13F
disclosing the holdings of certain equity securities in accounts
over which they exercised investment discretion. The Order finds
that as a result the respondents delayed disclosure in a Commission
filing of the concentration and magnitude of their holdings of
Presstek, Inc., a stock strongly recommended by The Cabot Market
Letter, which is published by Lutts' father, a Cabot director.
Simultaneously with the institution of these proceedings, the
Commission accepted the respondents' offers of settlement in which
they consented, without admitting or denying the findings, to the
issuance of an order finding that they willfully violated Section
13(f) of the Securities Exchange Act of 1934 (Exchange Act) and Rule
13f-1 thereunder; directing that they cease and desist from
committing or causing any violation or any future violation of
Section 13(f) of the Exchange Act and Rule 13f-1 thereunder; and
ordering each to pay a civil penalty in the amount of $12,500.
(Rel. Nos. 34-37573; IA-1577) |
