The Securities & Exchange Corp. has suspended trading in shares of Honolulu-based WSF Corp. for 10 days, through Jan. 16, and is studying whether to revoke its registration. SEC suspends trading in
isle-based developer WSFBy Russ Lynch
rlynch@starbulletin.comThe company, which until 1998 was Wall Street Financial, develops resort and residential real estate in Belize.
The SEC said it took the action because WSF, which trades on the over-the-counter bulletin board, has yet to file an annual report for 2000.
Its last financial report was for the third quarter of 2000, for which it reported a profit of $2.8 million, up from a profit of $132,000 in the year earlier period.
Gerhart W. Walch, WSF board chairman, said today that the company's reporting problems arose from its efforts to switch from an auditor in Belize, where the company's assets are, to its corporate home, Honolulu.
Complications arose in making the transfer and the company did not get around to filing the 2000 report, he said.
Walch said WSF is in touch with the SEC and hopes to resolve the problem.
The stock rose in December to 15.5 cents a share from less than 4 cents and Walch said he believes that movement alerted the SEC to take a closer look at the company. It last traded at 10 cents.