Wells Notice / Wells Submission / SEC enforcement actions

"Lawrence Shaw was the founder, president, chief executive officer, and largest shareholder of Internet Solutions for Business, Inc. (ISFB), a Nevada corporation with its headquarters in Coventry, England."

"In October 2000 the SEC's staff provided Shaw and Shaw's corporate attorney in the United States . . . with a Wells Notice, informing Shaw that the staff intended to recommend that the SEC authorize the filing of a civil action against ISFB and Shaw.  Shaw made a Wells Submission in response, explaining why the Commission should not accept the staff's recommendation."

“A Wells Notice notifies the recipient that the SEC's Enforcement Division is close to recommending to the full Commission an action against the recipient and provides the recipient the opportunity to set forth his version of the law or facts.  The recipient's response, by which it sets forth its version of the law or facts, typically providing documents in support thereof, is termed a Wells Submission."