UNITED STATES OF AMERICA
SECURITIES EXCHANGE ACT OF 1934
The Securities and Exchange Commission ("Commission") deems it appropriate and in the public interest that public administrative proceedings be instituted against Daniel M. Porush ("Porush") pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Exchange Act").
In anticipation of the institution of these proceedings, Porush has submitted an Offer of Settlement ("Offer") which the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission, or to which the Commission is a party, and admitting the Commission's findings contained herein, Porush consents to the entry of this Order Instituting Proceedings Pursuant to Section 15(b) of the Exchange Act ("Order"), Making Findings and Imposing Remedial Sanctions.
Accordingly, IT IS HEREBY ORDERED that proceedings pursuant to Section 15(b) of the Exchange Act be and hereby are instituted.
On the basis of this Order and Porush's Offer, the Commission finds that:
A. On August 21, 2000, in the case of SEC v. Alan M. Stricoff, et al. (97 CIV. 8183) (S.D.N.Y.), the Honorable Denny Chin, United States District Judge for the Southern District of New York, entered a Final Judgment against Porush, permanently enjoining Porush from violating Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 ("Exchange Act") and Rules 10b-5 and 14e-3 promulgated thereunder. Porush consented to the entry of the Final Judgment and admitted the allegations of the Complaint.
B. The Complaint alleged that Porush and the other defendants engaged in illegal insider trading in options for the common stock of Caesars World, Inc. prior to the December 19, 1994 public announcement of ITT Corporation's tender offer for Caesars.
C. During the period from in or about December 7, 1994 through in or about December 16, 1994, Porush willfully violated Sections 10(b) and 14(e) of the Exchange Act and Rules 10b-5 and 14e-3 thereunder as alleged in the Commission's complaint in SEC v. Alan M. Stricoff, et al.
D. At all relevant times, Porush was associated with a broker-dealer registered with the Commission.
In light of the foregoing, it is in the public interest to impose the sanctions specified in the Offer submitted by Porush.
ACCORDINGLY, IT IS ORDERED that Daniel M. Porush be, and hereby is, barred from association with any broker or dealer.
By the Commission.