UNITED STATES OF AMERICA
SECURITIES EXCHANGE ACT OF 1934
ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST JEROME M. WENGER
The Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 (Order) against Jerome M. Wenger (Wenger) of Bethesda, Maryland. In the Order, the Division of Enforcement alleges that on March 15, 2000, a final judgment of permanent injunction was entered against Wenger in the United States District Court for the Southern District of Florida, SEC v. Omnigene Development, Inc. f/k/a Omnigene Diagnostics, Inc., et al., Case No. 98-8672-CIV-RYSKAMP (S.D. Fla.). The final judgment permanently enjoined Wenger from further violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The Commission's complaint alleged that Wenger participated in a classic "pump-and-dump" scheme by touting the stock of Omnigene on his radio talk show, The Next SuperStock, but did not disclose that he received 66,000 shares of Omnigene stock to do so.
A hearing will be scheduled to determine what remedial sanctions, if any, are appropriate in the public interest.