Kent D. Sweat and Intermountain Financial Securities, Inc., Exchange Act Rel. 34-65117 (August 11, 2011)
Cobalis Corp., Exchange Act Rel. 34-65118 (August 12, 2011)
Sweat's appeal of Finra sanctions was dismissed for failure to timely file his brief. He sought reconsideration on the grounds that he had been ill. The Commission rejected his motion for reconsideration noting that the motion did not specify the nature of the illness or explain why this made it impossible for him to file his brief.
Cobalis' Exchange Act registration was revoked despite repeated claims that it would soon file its delinquent periodic reports. Its motion to reconsider was based on claims that it had hired a CPA and would soon be able to file its delinquent reports. The Commission rejected the motion viewing it as simply a rehash of previous arguments about its attempts to become current with its filings.
The lessons here are obvious folks. Motions for reconsideration are granted only under exceptional circumstances. They must be supported by argument and explanation. Rehashing arguments rejected the first time around won't do.
