Shareholder update June 05, 2023
On Friday, June 2, 2023, the SEC issued an Order entitled “Order Dismissing Proceedings” as Release No. 4413, advising 42 companies that their pending Administrative Proceedings had been Dismissed.
NEW YORK, NY, June 05, 2023 (GLOBE NEWSWIRE) — Digital Brand Media & Marketing Group Inc. (OTC Pink: DBMM): In summary, the enforcement and in-house ruling arms of the SEC are supposed to be kept completely separate from each other regarding such matters. The “Chinese Wall” between adjudication and enforcement is a sacrosanct tenet of the SEC and of internal control policy.
After concluding that the enforcement staff had improper access to materials meant for the commission officials ruling on those cases, all cases affected were Dismissed “to preserve the Commission’s resources.”
The review was initiated by the Chair of the Commission under the supervision of the Commission’s General Counsel (the “review team” / ”OGC”). The review team has been supported by Berkeley Research Group, LLC, a consulting firm retained by OGC that includes a team of experienced investigators and forensic analysts.
Since the Initial Decision Dismissal on November 12, 2019, by ALJ Carol Fox Foelak, it had remained the Standing Order, until the SEC announcement which superseded and Dismissed the AP as a Final Order. The action affected 42 companies, including DBMM.
SAFE HARBOR PROVISIONS:
The foregoing contains certain predictive statements that relate to future events or future business and financial performance. Such statements can only be predictions, and the actual events or results may differ from those discussed due to, among other things, those risks described in DBMM’s reports filed with the SEC. Opinions expressed herein are subject to change without notice. This document is published solely for information purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any securities in any state. Past performance does not guarantee future performance. Additional information is available upon request.