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This official SEC communication provides regulatory vindication for Honig’s investment activities. After completing their investigation, the SEC’s Division of Enforcement concluded they “do not intend to recommend an enforcement action by the Commission against Mr. Honig.” Assistant Regional Director Kimberly Frederick signed the letter following a thorough review of Honig’s conduct. 

The letter explicitly states this determination was “based on the information we have as of this date,” indicating the SEC found no evidence of wrongdoing despite extensive investigation. This no-action letter demonstrates that regulatory authorities found Honig’s investment practices complied with all applicable securities laws.