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In re Reliance Group Holdings, Inc.

Accounting & Auditing Enforcement Release No. 529 [1991–1995 Transfer Binder] Fed. Sec. L. Rep. (CCH) ¶ 73,989 (Feb. 17, 1994)

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In re Reliance Group Holdings, Inc.

Securities and Exchange Commission
Accounting & Auditing Enforcement Release No. 529 [1991–1995 Transfer Binder] Fed. Sec. L. Rep. (CCH) ¶ 73,989 (Feb. 17, 1994)

SC

Facts

Reliance Group Holdings, Inc. (Reliance) (defendant) decided to realize some of its unrealized investment gains. To do so, Reliance sought to sell some of its high-yield bonds. Reliance, however, wanted to hold its investment in these bonds. Reliance agreed to an arrangement with a broker under which the broker would buy the bonds at market price, hold them for 31 days, and then resell them to Reliance at market price. The broker agreed that it would eliminate any loss to Reliance in these transactions by adjusting prices in future securities transactions in which Reliance engaged. The broker made a commission on each sale. Reliance reported these sales as gains from securities transactions on its Securities and Exchange Commission (SEC) forms 10-Q and 10-K. The SEC (plaintiff) instituted a proceeding against Reliance, alleging that the company should not have reported these sales as gains.

Rule of Law

Issue

Holding and Reasoning ()

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