SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 42956 / June 19, 2000
ADMINISTRATIVE PROCEEDING FILE NO. 3-10235
The United States Securities and Exchange Commission ("Commission") has instituted administrative proceedings pursuant to Sections 15(b) and 19(h) of the Securities Exchange Act of 1934 ("Exchange Act") against Luis Bulas, Jr. ("Bulas") of Miami, Florida, to determine whether remedial sanctions should be imposed against him based on an allegation that a final judgment of permanent injunction was entered against Bulas, enjoining him from further violations of Section 17(a) of the Securities Act of 1933 ("Securities Act"), Sections 10(b) and 15(a)(1) of the Exchange Act and Rule 10b-5 thereunder. The Order Instituting Public Administrative Proceedings ("Order") alleges that Bulas was associated with Corporate Securities Group, a registered broker-dealer, during the period of April 1993 through December 1996, and that during the period of July 1997 through November 1997, Bulas was associated with Intersecurities, Inc., a registered broker-dealer. The Order further alleges, among other things, that during the period from at least March 1995 through October 1997, Respondent Bulas misappropriated approximately $700,000 from eleven investors. The Order alleges that Bulas obtained funds from investors on the false pretense that he would invest their monies in stocks, mutual funds, secured promissory notes and other investments when, in reality, he misappropriated their funds. A hearing will be scheduled to determine whether remedial sanctions will be imposed against Bulas.