Thomas A. Carrey and Frank Marsella

Securities Exchange Act of 1934
Release No. 45356 / January 29, 2002

Administrative Proceeding
File No. 3-10604

I.

The Securities and Exchange Commission ("Commission") instituted public administrative proceedings pursuant Sections 15(b) and 19(h) of the Securities Exchange Act of 1934 ("Exchange Act") in this matter on September 28, 2001. Respondent Frank Marsella ("Marsella") 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 in which the Commission is a party, and without admitting or denying the findings, except the jurisdiction of the Commission with respect to him and the matters set forth herein, and the findings contained in paragraphs II. A. and F. below, which he admits, Marsella consents to the entry of this Order Making Findings and Imposing Remedial Sanctions Against Respondent Frank Marsella ("Order").

II.

On the basis of this Order and Respondent's' Offer, the Commission makes the following findings:

A. From May 1992 to May 1993, Marsella was associated as a registered representative of Cohig & Associates ("Cohig"), a broker-dealer registered with the Commission.

B. On September 14, 1999, Marsella pled guilty to one count of an indictment charging him with conspiracy to commit securities fraud and wire fraud.

C. In the plea agreement, Marsella admitted that, while associated with Cohig, he received extraordinary compensation, above and beyond his normal commission, in return for retailing the stock of Eagle Holdings, Inc. ("Eagle") to his customers.

D. In the plea agreement, Marsella further admitted that he failed to disclose this extraordinary compensation to investors.

E. In the plea agreement, Marsella further admitted that trade confirmations sent to Cohig customers who purchased Eagle stock were misleading in that the confirmations did not disclose the total compensation Marsella would receive for recommending Eagle stock to the customers.

F. On April 4, 2000, based upon his guilty plea, Marsella was convicted of conspiracy to commit securities fraud and wire fraud. United States v. Frank Marsella [(No. 99CR-1514-JM (S.D. Cal. 2000)].

III.

In view of the foregoing, it is in the public interest and for the protection of investors to impose the sanctions specified in the Offer.

Accordingly, IT IS HEREBY ORDERED THAT Marsella be, and hereby is, barred from association with any broker or dealer.

For the Commission, by its Secretary, pursuant to delegated authority.

Jonathan G. Katz
Secretary