Business Context and Reporting Period
This Form 8-K is filed by Alpine Total Dynamic Dividend Fund (noting the registrant name discrepancy in the prompt metadata versus the filing text) for the reporting period of February 7, 2011. The filing addresses Item 8.01 (Other Events) concerning a settlement with the Securities and Exchange Commission (SEC) involving the fund's advisor, Alpine Woods Capital Investors, LLC ("Alpine"), and its CEO, Samuel A. Lieber.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial figures disclosed relate to the settlement penalties:
- Alpine Civil Monetary Penalty: $650,000
- CEO Civil Monetary Penalty: $65,000
- Total Penalties: $715,000
Material Changes and Events
The material event reported is the settlement of administrative proceedings brought by the SEC against Alpine and Mr. Lieber. The proceedings concerned record-keeping, compliance policies, and disclosures related to initial public offering investment activities between February 1, 2006, and January 31, 2008. The violations were non-fraud based. As part of the settlement, both parties agreed to cease and desist from future violations regarding fund disclosures, books and records, and compliance policies. Alpine also consented to a censure.
Outlook, Risks, and Management Commentary
The settlement order does not impose restrictions on Alpine's business operations or Mr. Lieber's ability to serve as CEO or manage fund portfolios. The SEC acknowledged that Alpine had already implemented significant enhancements to its personnel, policies, and procedures prior to and during the investigation. No other current or former Alpine-related entities or employees are subject to the order.
Investor Verification Checklist
- Verify the exact amount of the $715,000 total penalty and confirm which entity (the Fund vs. the Advisor) is responsible for payment.
- Confirm that the settlement does not trigger any contractual defaults or insurance implications for the Fund.
- Review the specific "enhancements" to compliance policies mentioned to assess ongoing operational risk.
- Ensure no other undisclosed proceedings exist related to the 2006-2008 period.