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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. 47438 / March 4, 2003

ADMINISTRATIVE PROCEEDING
FILE NO. 3-10662


 

 

W.J. Nolan & Co., Inc.,

Respondent.

 

 


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ORDER MAKING FINDINGS AND IMPOSING TERMS AND CONDITIONS UPON WITHDRAWAL FROM REGISTRATION WITH THE COMMISSION PURSUANT TO SECTION 15(b) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULE 15b6-1(b) THEREUNDER

I.

On December 28, 2001, the Securities and Exchange Commission (Commission) instituted public administrative proceedings against W.J. Nolan & Co., Inc. (W.J. Nolan) pursuant to Section 15(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 15b6-1(b) thereunder [15 U.S.C. §78o(b) and 17 C.F.R. 240.15b6-1(b)].

II.

W.J. Nolan has submitted an Offer of Settlement, which the Commission has determined to accept. Solely for the purposes of this proceeding and any other proceeding brought by or on behalf of the Commission or to which the Commission is a party, and prior to a hearing pursuant to the Commission's Rules of Practice, 17 C.F.R. §201.100 et seq., W.J. Nolan, without admitting or denying the findings contained in this Order Making Findings And Imposing Terms And Conditions Upon Withdrawal From Registration With The Commission Pursuant To Section 15(b) Of The Securities Exchange Act of 1934 And Rule 15b6-1(b) Thereunder (Order), except as to the Commission's jurisdiction over it and over the subject matter of this proceeding, consents to the entry of this Order as set forth below.

III.

Based on this Order and Respondent's Offer of Settlement, the Commission finds that:

A. W.J. Nolan is a broker-dealer registered with the Commission pursuant to Section 15(b) of the Exchange Act.

B. On September 24, 2001 the Commission issued an Order Instituting Proceedings, Making Findings and Imposing Remedial Sanctions and a Cease-and-Desist Order against W.J. Nolan pursuant to its consent and without admitting or denying the Commission's findings. The Commission found that W.J. Nolan willfully violated Sections 15(b)(7) and 15(g) of the Exchange Act and Rules 15b7-1, 15g-2, 15g-3 and 15g-6 thereunder and failed reasonably to supervise individuals subject to its supervision within the meaning of Section 15(b)(4) of the Exchange Act. The Commission's Order, among other things, ordered W.J. Nolan to pay disgorgement of $153,218.12 plus prejudgment interest of $38,810.17.

C. W.J. Nolan has not paid the disgorgement of $153,218.12 plus prejudgment interest of $38,810.17 to which it consented in the Commission's Order of September 24, 2001.

D. W.J. Nolan filed a Form BDW with the Commission on October 31, 2001 seeking to withdraw its registration with the Commission.

E. Based on the foregoing, it is necessary and appropriate in the public interest to impose, as a term and condition upon W.J. Nolan's withdrawal from registration with the Commission as a broker-dealer, full payment of the disgorgement of $153,218.12 and prejudgment interest of $38,810.17 ordered by the Commission's Order of September 24, 2001 plus post-judgment interest thereon.

IV.

Accordingly, IT IS ORDERED, pursuant to Rule 15b6-1(b) under the Exchange Act [17 C.F.R. §240.15b6-1(b)], that W.J. Nolan's withdrawal from registration with the Commission shall not become effective until it pays, in full, the disgorgement of $153,218.12 and prejudgment interest of $38,810.17 ordered by the Commission's Order of September 24, 2001 plus post-judgment interest thereon.

By the Commission.

Jonathan G. Katz
Secretary

 

http://www.sec.gov/litigation/admin/34-47438.htm


Modified: 03/05/2003