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U.S. Securities and Exchange Commission

UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934
Release No. 43449 / October 17, 2000

ADMINISTRATIVE PROCEEDING
File No. 3-9906

In the Matter of

ASIF AMEEN
and BRUCE W. BERTSCH

Respondent.

ORDER MAKING FINDINGS AND IMPOSING REMEDIAL SANCTIONS AS TO ASIF AMEEN

I.

On May 21, 1999, the Commission instituted administrative proceedings pursuant to Sections 15(b) and 19(h) of the Securities Exchange Act of 1934 ("Exchange Act") against Asif Ameen ("Ameen").

In response to the institution of these proceedings, Ameen has submitted an Offer of Settlement ("Offer") which the Commission has determined to accept. Ameen admits the jurisdiction of the Commission over him and over the subject matter of the administrative proceedings. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission or in which the Commission is a party, and without admitting or denying the findings contained herein, except the findings in paragraphs II.A. and II.C., which Ameen admits, Ameen consents to the entry of this Order of the Commission Making Findings and Imposing Remedial Sanctions ("Order").

II.

On the basis of this Order and the Offer submitted by Ameen, the Commission finds that:

A. Primeline Securities Corp. ("Primeline") is a broker-dealer registered with the Commission pursuant to Section 15(b) of the Exchange Act since December 20, 1984 (File No. 8-32899). It operated on an introducing and fully-disclosed basis, with its principal place of business in Wichita, Kansas. It ceased operations on December 16, 1997 and is currently being liquidated through SIPC. From approximately 1992 through mid-1997, Ameen, a Bangladesh native and then a Wichita resident, was a registered representative at Primeline.

B. During his period with Primeline, Ameen offered and sold securities in the form of debentures purportedly issued by various corporations he had formed. Ameen guaranteed investors that these debentures would pay a high monthly return. In fact, Ameen paid his investors their promised return with funds Ameen had obtained from subsequent investors rather than from any legitimate operations of any of his companies. Ameen also made unauthorized transfers of the funds from the securities accounts of many of his Primeline customers to bank accounts that he controlled.

C. On or about April 16, 1998, Ameen was convicted of four counts of felony theft and one count of securities fraud for his theft of investor funds (State v. Ameen, Sedgwick County, Kansas case no. 97 CR 1196). On or about December 14, 1998, Ameen pleaded no contest to, and was judged guilty on, three additional felony theft counts and two additional securities fraud counts relating to his scheme (State v. Ameen, Sedgwick County, Kansas case no 98-811). In these two cases, Ameen was found to have defrauded over 30 persons of over $450,000.

III.

In view of the foregoing, the Commission deems it appropriate in the public interest and for the protection of investors to impose the sanctions specified by Ameen in his Offer.

Accordingly, IT IS ORDERED that Ameen is hereby barred from association with any broker or dealer.

By the Commission.

Jonathan G. Katz
Secretary

http://www.sec.gov/litigation/admin/34-43449.htm


Modified:10/17/1999