UNITED STATES OF AMERICA
In the Matter of
MICHAEL J. CHRISTIE,
|ORDER INSTITUTING PUBLIC ADMINISTRATIVE PROCEEDINGS PURSUANT TO SECTION 15(b) OF THE SECURITIES EXCHANGE ACT OF 1934, MAKING FINDINGS AND IMPOSING REMEDIAL SANCTIONS|
The Securities and Exchange Commission (Commission) deems it appropriate and in the public interest that public administrative proceedings be and hereby are instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 (Exchange Act), against Michael J. Christie (Christie).
In anticipation of the institution of these proceedings, Christie has submitted an Offer of Settlement to the Commission, which the Commission has determined to accept. Solely for the purposes 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 as to the criminal conviction and entry of the permanent injunction described in paragraphs II.D. and II.E. below, and the Commission's jurisdiction over him and over the subject matter of this proceeding, which are admitted, Christie consents to the institution of public administrative proceedings, and the findings and remedial sanctions set forth below.
On the basis of this Order and the Offer of Settlement submitted by Christie, the Commission finds that:
A. During the relevant period, Christie, age 49, was a resident of Perryburg, Ohio. Christie is currently an inmate at the Federal Penitentiary in Lisbon, Ohio.
B. From approximately November 1994 to November 1999 Christie, doing business as MJC Financial Services, acted as an unregistered broker-dealer.
C. On October 27, 1999, the Commission filed an Amended Complaint in the United States District Court for the Northern District of Ohio against Christie captioned SEC v. Michael J. Christie d/b/a/ MJC Financial Services (Case No. 99 CV 7628). The Commission's Complaint alleges that from December 1993 to October 1999 Christie engaged in a scheme to defraud whereby he misappropriated approximately $650,000 from several investors for his personal use by, among other things, falsely representing that he would invest their money in securities. The Complaint also alleges that Christie made misrepresentations and omissions of material fact to investors regarding the nature and use of investor funds in the offer and sale of securities. The Complaint also alleges that Christie, in the course of marketing these securities, acted as an unregistered broker-dealer.
D. On January 19, 2001, in the case of United States of America v. Michael J. Christie (Case No. 00 CR 764), in the United States District Court for the Northern District of Ohio, Western Division, Christie was convicted, pursuant to his guilty plea, of one count of mail fraud (18 U.S.C. §1341) based on Christie's misappropriation of investor funds described above.
E. On March 13, 2001, in SEC v. Christie, the Honorable David A. Katz entered an order enjoining Christie from future violations of Section 17(a) of the Securities Act of 1933 and Sections 10(b), 15(a), and 15(c) of the Exchange Act and Rules 10b-5 and 15c1-2 promulgated thereunder. Christie, without admitting or denying the allegations in the Complaint, consented to Judge Katz' Order.
In view of the foregoing, the Commission deems it appropriate and in the public interest to accept the Offer of Settlement of Michael J. Christie and to impose the sanctions therein.
Accordingly, IT IS ORDERED that Respondent Michael J. Christie is barred from association with any broker or dealer.
By the Commission.
Jonathan G. Katz
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