Willis Lease Finance settles SEC action on late filings

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By TESTCustomwebLP TESTCustomwebLP September 15, 2014 19:47

Willis Lease Finance settles SEC action on late filings

Engine lessor, Willis Lease Finance Corporation and certain executive has settled with the US Securities and Exchange Commission (SEC) for failing to file timely reports regarding their stock ownership. The SEC’s case was part of a broad sweep against multiple public companies and their executives relating to late filings of such reports.

Willis Lease Finance commented that the “officers had typically reported their securities transactions to the Company, and had been informed that timely filings with the SEC had been made on their behalf. However, on certain occasions, Company personnel failed to make such filings with the SEC on a timely basis, leading to filings being delayed by 1 or more days. According to the SEC, alleged violations of these reporting provisions have no state of mind requirement, and even an inadvertent failure to timely file the disclosure may constitute a violation.”

The company has revealed that it has since hired a new General Counsel and has taken remedial steps to ensure ongoing compliance with filing deadlines, including the hiring of a new SEC compliance manager.

“We take our responsibilities as a publicly listed company very seriously and have always endeavoured to comply with all applicable filing requirements,” said Charles F. Willis, Chairman and CEO. “We are confident that the procedures we have put in place will prevent recurrence of these issues.”

Without admitting or denying the allegations, Willis Lease Finance has agreed to pay a civil penalty of $150,000 and to cease and desist from future violations of applicable securities law provisions, while officers Charles F. Willis IV, Bradley S. Forsyth, and Donald A. Nunemaker have agreed to pay $75,500, $25,000, and $25,000, respectively.

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By TESTCustomwebLP TESTCustomwebLP September 15, 2014 19:47