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-     SEC.gov | Steven R. Garfinkel and Michael O&#039;Hanlon
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-              Steven R. Garfinkel and Michael O&#039;Hanlon
-        Steven R. Garfinkel and Michael O&#039;Hanlon
-                   U.S. SECURITIES AND EXCHANGE COMMISSION
- Litigation Release No. 21106 / June 25, 2009
- Accounting and Auditing Enforcement No. 2999 / June 25, 2009
-  Securities and Exchange Commission v. Steven R. Garfinkel and Michael O'Hanlon , Civil Action No. 09-CV-2851 (E.D.Pa. June 25, 2009)
- SEC CHARGES FORMER DVI, INC. EXECUTIVES WITH FINANCIAL FRAUD
- The United States Securities and Exchange Commission announced that it has filed a settled civil action in the United States District Court for the Eastern District of Pennsylvania against Steven R. Garfinkel (Garfinkel) and Michael O'Hanlon (O'Hanlon) for their participation in a financial fraud.  This caused the collapse of DVI, Inc. (DVI), a specialty finance company that loaned money to small healthcare service providers for the purchase of high-end medical equipment.  The Commission's complaint alleges that over a period of four years, Garfinkel, DVI's former Chief Financial Officer, and O'Hanlon, DVI's former Chief Executive Officer and President, used fraudulent means to conceal the company's liquidity crisis from investors and to fraudulently obtain additional funding from its commercial lenders.  Without admitting or denying the Commission's allegations, Garfinkel and O'Hanlon consented to settle the action.
- According to the Commission's complaint, Garfinkel and O'Hanlon engaged in a fraudulent scheme to obtain additional funding from DVI's commercial lenders by pledging collateral that did not meet the quality-related criteria specified in the loan covenants.  In addition, Garfinkel and O'Hanlon manipulated paperwork to enable DVI to double pledge collateral and sent DVI's commercial lenders false monthly reports to make it appear that there was adequate and appropriate collateral securing DVI's lines-of-credit.  Garfinkel and O'Hanlon concealed the fraudulent scheme from investors by knowingly filing false and materially misleading Commission reports and issuing false and materially misleading press releases.  In furtherance of their scheme, Garfinkel and O'Hanlon also aided and abetted DVI's filing violations by knowingly falsifying or causing others to falsify certain books and records, circumventing internal controls and misleading DVI's auditors.
- By engaging in the conduct described in this Complaint, Garfinkel and O'Hanlon violated Sections 10(b) and 13(b)(5) of the Securities Exchange Act of 1934 (Exchange Act) and Rules 10b-5, 13b2-1, 13b2-2 and 13a-14 thereunder and aided and abetted DVI's violations of Sections 13(a) and 13(b)(2)(A) of the Exchange Act and Rules 12b-20, 13a-1 and 13a-13 thereunder.  Garfinkel and O'Hanlon have agreed to the entry of a Final Judgment that permanently enjoins them from further violations of the relevant provisions of the Exchange Act and prohibits them from acting as officers or directors of a public company.
- On November 17, 2006, the United States Attorney's Office for the Eastern District of Pennsylvania filed an Information against Garfinkel charging him with violations of 18 U.S.C. §§ 1341 (mail fraud) and 1350 (false certification of financial reporting) of the Sarbanes Oxley Act.  On March 28, 2007, Garfinkel pled guilty to violations of these provisions, was sentenced to 30 months incarceration and was ordered to pay restitution of $51 million.  Garfinkel is currently incarcerated.
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+ UNITED STATES OF AMERICA
+ Before the
+SECURITIES AND EXCHANGE COMMISSION
+SECURITIES EXCHANGE ACT OF 1934
+Release No. 60170 / June 25, 2009
+ACCOUNTING AND AUDITING ENFORCEMENT
+Release No. 3000 / June 25, 2009
+ADMINISTRATIVE PROCEEDING
+File No. 3-13528
+:
+:
+:
+In the Matter of : ORDER INSTITUTING ADMINISTRATIVE
+: PROCEEDINGS PURSUANT TO RULE
+CHRISTI R. SULZBACH, : 102(e) OF THE COMMISSION’S RULES OF
+: PRACTICE, MAKING FINDINGS, AND
+Respondent. : IMPOSING REMEDIAL SANCTIONS
+:
+:
+____________________________________ :
+I.
+The Securities and Exchange Commission (“Commission”) deems it appropriate and in the
+public interest that public administrative proceedings be, and hereby are, instituted against Christi
+R. Sulzbach (“Respondent” or “Sulzbach”) pursuant to Rule 102(e)(3)(i) of the Commission’s
+Rules of Practice.
+1
+II.
+In anticipation of the institution of these proceedings, Respondent has submitted an Offer
+of Settlement (the “Offer”) which the Commission has determined to accept.  Solely for the
+purpose of these proceedings and any other proceedings brought by or on behalf of the
+Rule 102(e)(3)(i) provides, in relevant part, that:
+The Commission, with due regard to the public interest and without preliminary hearing,
+may, by order, . . . suspend from appearing or practicing before it any attorney . . . who has been
+by name . . . permanently enjoined by any court of competent jurisdiction, by reason of his or her
+misconduct in an action brought by the Commission, from violating or aiding and abetting the
+violation of any provision of the Federal securities laws or of the rules and regulations
+thereunder.
+1
+Commission, or to which the Commission is a party, and without admitting or denying the findings
+herein, except as to the Commission’s jurisdiction over her and the subject matter of these
+proceedings, and the findings contained in Section III.3. below, which are admitted, Respondent
+consents to the entry of this Order Instituting Administrative Proceedings Pursuant to Rule 102(e)
+of the Commission’s Rules of Practice, Making Findings, and Imposing Remedial Sanctions
+(“Order”), as set forth below.
+III.
+On the basis of this Order and Respondent’s Offer, the Commission finds that:
+1. Sulzbach, age 54, is and has been an attorney licensed to practice in the State
+of California.  She served as chief compliance officer, executive vice president and general counsel
+of Tenet Healthcare Corporation (“Tenet”) from February 1999 until her termination in September
+2003.
+2. Tenet was, at all relevant times, a Nevada corporation which maintained its
+principal executive offices in Santa Barbara, California.  At all relevant times, its common stock
+was registered with the Commission pursuant to Section 12(b) of the Securities Exchange Act of
+1934 (“Exchange Act”), and traded on the New York and Pacific Stock Exchanges.
+3. On June 18, 2009, a final judgment was entered against Sulzbach,
+permanently enjoining her from future violations of Section 17(a) of the Securities Act of 1933 and
+Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and aiding and abetting violations
+of Section 13(a) of the Exchange Act and Rules 12b-20, 13a-1 and 13a-13 thereunder, in the civil
+action entitled Securities and Exchange Commission v. Tenet Healthcare Corp., et. al, Civil Action
+Number CV-07-2144 RSWL (RZx), in the United States District Court for the Central District of
+California.  Sulzbach was also ordered to pay $1 in disgorgement of ill-gotten gains and a
+$120,000 civil money penalty.
+4. The Commission’s first amended complaint (“complaint”) alleges, among
+other things, that from 1999 through 2002, Tenet and certain of its officers engaged in an
+unsustainable strategy to improve Tenet’s earnings by deliberately exploiting a loophole in
+Medicare’s reimbursement system which allowed Tenet to obtain significantly greater Medicare
+outlier payments by aggressively increasing its gross charges.  The complaint further alleges that
+Tenet’s failure to disclose its unsustainable pricing strategy and its impact on Tenet’s Medicare
+revenues resulted in Tenet filing a materially false and misleading annual report on Form 10-K
+for its fiscal year ended May 31, 2002, and materially false and misleading quarterly reports on
+Form 10-Q for the third quarter of its fiscal year 2002 ending February 28, 2002, and the first
+quarter of its fiscal year 2003 ending August 31, 2002; and a materially false and misleading
+prospectus supplement on June 21, 2002, in connection with an offering of $400 million of debt
+securities registered pursuant to a Form S-3 registration statement that had been filed by Tenet in
+December 2001, which prospectus supplement incorporated by reference, among other filings,
+Tenet’s false and misleading third quarter 2002 Form 10-Q.  The complaint further alleges that
+Sulzbach was substantially involved in preparing, reading, reviewing and approving Tenet’s
+2
+public reports with the Commission and the prospectus supplement. The complaint further
+alleges that Sulzbach knew, or was reckless in not knowing, about Tenet’s unsustainable strategy
+to aggressively increase its gross charges in order to inflate its Medicare outlier revenues.  In
+particular, the complaint alleges that as early as 1999, Tenet personnel approached Sulzbach
+with questions and concerns regarding the legality of implementing the gross charge increases
+that triggered additional outlier payments, and that by 2002, Sulzbach had requested, received,
+and discussed data showing that Tenet’s outlier payments were a significant portion of its
+Medicare revenue.
+IV.
+In view of the foregoing, the Commission deems it appropriate and in the public interest to
+impose the sanction agreed to in Respondent Sulzbach’s Offer.
+Accordingly, it is hereby ORDERED, effective immediately, that:
+Sulzbach is suspended from appearing or practicing before the Commission as an attorney.
+ By the Commission.
+       E l i z a b e t h M . M u r p h y
+       S e c r e t a r y
+3