WASHINGTON >> Honolulu-based WSF Corp., which develops resort and residential real estate in Belize, has had its registration permanently revoked by the Securities and Exchange Commission. SEC revokes registration
of Honolulu developerFrom staff and wire reports
An SEC administrative law judge ruled the company, which until 1998 was Wall Street Financial, violated securities laws by failing to file a 2000 annual report or quarterly reports for the first three quarters of 2001. The judge also faulted the firm for having failed to find a public auditor for its 2000 financial statements.
The ruling follows a suspension of the company's stock for 10 business days in January over similar concerns when the SEC said it was studying whether to revoke the company's registration.
Gerhart Walch, chairman, president and chief executive of WSF, yesterday declined immediate comment and said the company would issue a press release today.
WSF's last financial report was filed for the third quarter of 2000 and showed earnings of $2.8 million. The company has been delisted from the over-the-counter bulletin board, where it last traded under the ticker WSFC on May 21 when it closed at one thousandth of a penny.
Bloomberg News contributed to this story.