In the Matter of Curt Kramer et al., Admin Proc. No. 3-15621.  On November 25, 2013, the SEC announced the filing of a settled Order Instituting Cease-and-Desist Proceedings(“OIP”) against Curt Kramer and his firms Mazuma Corporation, Mazuma Funding Corporation, and Mazuma Holding Corporation.  According to the OIP, Kramer and his firms obtained unregistered penny stock in Laidlaw Energy Group and Bederra Corporation.  The SEC alleges that with the Laidlaw transactions, Kramer tried to circumvent the registration provisions of the federal securities laws by relying on Rule 504 of Regulation D that allows certain companies to offer and sell up to $1 million in unregistered shares.  Because the Mazuma firms bought more than $1 million, however, the Rule 504 exemption did not apply.  As a result, the transactions should have been registered when the shares were re-sold.  The SEC also alleges that Mazuma Holding Corporation bought and sold more than one billion unregistered shares of Bederra that had been misappropriated by the transfer agent and were not exempt from registration.  Without admitting or denying the charges, the Respondents agreed to settle the case. Kramer and the Mazuma firms will pay disgorgement totaling $1,061,367 plus prejudgment interest of $128,611 and penalties totaling $273,000.  They also consented to the entry of an order finding that they violated Sections 5(a) and 5(c) of the Securities Act and requiring them to cease and desist from future violations of the registration provisions of the federal securities laws.