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FOR IMMEDIATE RELEASE
January 23, 2012
Indiana Secretary of State Announces Major Fines Related to Ongoing ISTA Litigation
Morgan Stanley will pay in excess of $200,000 to Indiana securities division for violations related to the Indiana State Teachers Association’s financial troubles
INDIANAPOLIS (January 23, 2012) – Indiana Secretary of State Jerold A. Bonnet today announced that Securities Commissioner, Chris Naylor, has signed and approved an agreement in which Morgan Stanley & Co. LLC (Morgan Stanley) shall submit to a fine of $100,000 and pay $110,000 in investigative costs to the securities division in order to settle the Commissioner’s claims that Morgan Stanley charged excessive fees to the Indiana State Teachers Association (ISTA) Insurance Trust. By entering into a consent decree, Morgan Stanley neither admits nor denies the Commissioner’s allegations.
This resolution with the Securities Commissioner follows a settlement ISTA reached directly with Morgan Stanley after ISTA had filed a lawsuit against Morgan Stanley in 2009, which resolved issues of excessive compensation by Morgan Stanley. Claims by ISTA against other entities are still pending.
“We’re glad to see a resolution to another piece of the allegations into violations of Indiana securities laws related to ISTA and those it did business with,” White said. “We will continue to do everything we can to ensure that the largest possible percentage of the losses is returned to the schools, which are the real victims in this case.”
The Securities Division is currently involved in litigation regarding suitability of investments with Morgan Stanley agent and investment adviser, David Karandos, with an administrative hearing scheduled to begin on January 24th. The actions giving rise to the administrative litigation occurred while David Karandos was associated with UBS. The Securities Division’s lawsuit against ISTA for selling an unregistered security is scheduled for Trial, to begin on October 1, 2012.
The ISTA Insurance Trust’s current trustees have adopted a resolution that any settlement funds earmarked for ISTA relief will be held pending the outcome of what they refer to as the Naylor litigation in the Marion Superior Court, as well as the actions taken by the securities division. ISTA and the Securities Commissioner have also agreed that ISTA relief funds shall be held by the ISTA Trust and not used for ISTA general purposes, while the parties work to properly designate the distribution of the relief funds. In the event a more formal method of securing these funds for a longer term can not be reached by agreement, the Division expects to seek the court’s assistance to secure the funds pending the outcome of the federal court matter.
Link to ISTA on our website:
http://www.in.gov/sos/securities/3738.htm
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Media Contact: AJ Feeney-Ruiz, 317-233-8655, aj@sos.in.gov
AJ Feeney-Ruiz
Communications Director
Indiana Secretary of State Jerold A. Bonnet
200 W. Washington St.
Indianapolis, IN 46204
Office: 317-233-8655
Cell: 317-730-4778
aj@sos.in.gov
January 10, 2012
Election Season Begins Wednesday with Start of Candidate Filings
Secretary of State outlines procedures and deadlines for those seeking to be on the state’s May Primary Election ballot.
INDIANAPOLIS (January 10, 2012) – Indiana’s 2012 election season officially opens Wednesday with the commencement of filings for candidates seeking to be placed on the May 8, 2012 Primary Election ballot. Indiana Secretary of State Jerold A. Bonnet and the state’s Election Division will begin accepting candidate filings in Indianapolis at 8:30AM (EST) Wednesday, January 11, 2012. The Primary Election is open to Individuals seeking to become the Democratic or Republican Party candidates in November, 2012 for offices including President of the United States, Governor, U.S. Senator, U.S House of Representatives, Indiana General Assembly Senators and Representatives and county judges.
Four years ago, 540 total candidates filed paperwork needed to run for office including six candidates for U.S. President, three for Governor, 44 for U.S. Representative, 69 for State Senate, 194 for State Representative, 51 for Circuit Court Judge, 169 for Superior Court Judge and four for County Court Judge.
Only candidates seeking to represent the Democratic and Republican Party in the November General Election run in Indiana’s Primary Election. Candidates intending to represent the Libertarian Party, independent and minor party candidates, and write-in candidates, for the November election must meet specific qualification requirements and file their declaration of candidacy with the Election Division at various deadlines no later than July 16, 2012. Candidates for Lt. Governor, Attorney General and Superintendent of Public Instruction do not run in the Primary Election, but are instead, nominated by their political parties at caucus meetings.
The deadline for filing declarations of candidacy and verified petition signatures, if required, for Indiana’s May Primary is 12:00 Noon (EST) Friday, February 10, 2012. Though some Indiana counties observe Central Standard Time, the filing deadline is governed by Indianapolis local time. Official filing stamp clocks are synchronized with the U.S. Naval Observatory time clock in Washington, D.C. Both the Office of the Indiana Secretary of State and the Election Division will be closed on Monday, January 16, 2012 in observance of Martin Luther King Jr. Day and will not process filings.
Declarations of candidacy and petition signatures, if required, can be filed at the Indiana Election Division office on the second floor of the Indiana Government Center South Building (302 W. Washington Street, Room E 204) or at the Secretary of State’s office in the Indiana Statehouse (Room 201). Details including qualifications for becoming a candidate, filing forms, the official election calendar and contact information for the Indiana Election Division is available on the Web at: http://www.in.gov/sos/elections/ and for candidates at http://www.in.gov/sos/elections/files/2012CandidateGuide.pdf.
Candidates for different offices face varied requirements ranging from submitting certified signatures gathered in each of Indiana’s nine congressional districts for candidates running for U.S. President, U.S. Senate or Governor to statements of economic interest obtained from either the state’s house or senate chambers for their respective candidates, and from the State Court Administration for judge. There are no fees for filing to become a candidate for any elected position in Indiana.
Media Contact: AJ Feeney-Ruiz, 317-233-8655, aj@sos.in.gov
AJ Feeney-Ruiz
Deputy Chief of Staff
Communications Director
Indiana Secretary of State Jerold A. Bonnet
200 W. Washington St.
Indianapolis, IN 46204
Office: 317-233-8655
Cell: 317-730-4778aj@sos.in.gov
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