Securities Exchange Act of 1934
Release No. 47486 / March 12, 2003
Administrative Proceeding
File No. 3-11060
In the Matter of PETER MEYER KOLBEN Respondent. |
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ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS PURSUANT TO SECTION 15(b) OF THE SECURITIES EXCHANGE ACT OF 1934, MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS |
I.
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 Peter Meyer Kolben ("Kolben" or "Respondent").
II.
In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the "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 without admitting or denying the findings herein, except as to the Commission's jurisdiction over him and the subject matter of these proceedings, and the findings contained in Section III.2 below, which are admitted, Respondent consents to the entry of this Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions ("Order"), as set forth below.
III.
On the basis of this Order and Respondent's Offer, the Commission finds that:
1. Kolben, age 62, resides in Wayne, New Jersey. From June 1978 to January 1992 he was President of Broadway Bank & Trust Company ("Broadway Bank"). From February 1989 to February 1992, Kolben was a director of Broadway Financial Investment Services Corp., which was a broker-dealer registered with the Commission.
2. On June 29, 2001, Kolben pled guilty before the United States District Court for the District of New Jersey to a Criminal Information charging him with one felony count of knowingly and willfully making a false entry in a book, report, and statement of a federally-insured financial institution in violation of Title 18 United States Code, Section 1005. On March 6, 2002, a judgment in the criminal case was entered against Kolben in United States v. Peter Kolben, 01cr00429 (JAP) (D.N.J.). The District Court sentenced Kolben to two years probation and a $5,000 fine.
3. The Criminal Information to which Kolben pleaded guilty alleged, inter alia, that on April 13, 1991, Kolben, as President of Broadway Bank, falsely stated and caused to be falsely stated, in an annual report on Form 10-K filed with the Commission, that Broadway Bank sold loans to other financial institutions solely on a non-recourse basis, when Kolben knew that some, if not most, of those loans were sold with recourse.
IV.
In view of the foregoing, the Commission deems it appropriate and in the public interest to impose the sanctions specified in Respondent Kolben's Offer.
ACCORDINGLY, IT IS HEREBY ORDERED:
Pursuant to Section 15(b)(6) of the Exchange Act, that Respondent Kolben be, and hereby is barred from association with any broker or dealer.
By the Commission.
Jonathan G. Katz
Secretary