greg broger is the ceo. thank you very much for joining us. >> happy to be here. me. >> so you settled with the sec. you paid a fine of $80,000. the charges were that you engaged in securities transactions without registering as a broker/dealer. your business is the buyers and sellers of these shares. what happened? >> so back in 2010 our model were to refer our members to third party broker dealers and have the representatives of those facilitate our members' transactions. so it was part of the sec inquiry that came to us and said i think it is better for you to actually be a broker/dealer yourself. so we went out and we did that. then 2011 we acquired a broker dealer. and in december of last year, it was approved to begin operations. in addition in 2012, the sec accepted as an alternative trading system. >> how does that happen that a securities lawyer gets himself into this kind of mess? >> well, what we were talking about is a fairly technical legal issue. and there are a number of no action letters that we've looked at. always intended to be compliant. and un