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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. 47736 / April 25, 2003

ADMINISTRATIVE PROCEEDING
File No. 3-11093


In the Matter of

KEVIN M. DEVOTO,

Respondent.


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ORDER INSTITUTING PUBLIC ADMINISTRATIVE PROCEEDINGS PURSUANT TO SECTION 15(b) OF THE SECURITIES EXCHANGE ACT OF 1934, MAKING FINDINGS AND BARRING FROM ASSOCIATION WITH A BROKER OR DEALER

I.

The Securities and Exchange Commission ("Commission") deems it appropriate and in the public interest that public administrative proceedings be instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Exchange Act") with respect to Kevin M. Devoto ("Devoto").

In anticipation of these proceedings, Devoto 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 to which the Commission is a party, and without admitting or denying the findings herein, except as to the jurisdiction of the Commission over him and the subject matter of these proceedings and the findings contained in Section III, below, which are admitted, Devoto consents to the entry of this Order Instituting Public Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings and Barring from Association with A Broker or Dealer ("Order").

II.

Accordingly, IT IS HEREBY ORDERED that a public administrative proceeding be, and herby is, instituted against Devoto pursuant to Section 15(b) of the Exchange Act.

III.

On the basis of this Order and the Offer submitted by Devoto, the Commission finds that:

  1. Devoto made use of the mails and other means and instrumentalities of interstate commerce in connection with his business as a broker-dealer;

  2. on September 13, 2002, in United States v. Richard T. Taylor, et al., Case No. 3:02-CR-0037-M, the United States District Court for the Northern District of Texas entered a judgment of conviction against Devoto based on his plea of guilty to a charge of misprision of a felony by Richard T. Taylor, i.e., securities fraud; and

  3. on April 9, 2003, in Securities and Exchange Commission v. Richard T. Taylor, et al., Case No. 3:01-CV-2683-M, the United States District Court for the Northern District of Texas entered a final judgment permanently enjoining Devoto from violating Sections 5(a) and 5(c) of the Securities Act and Section 15(a) of the Exchange Act.

IV.

In view of the foregoing, the Commission deems it appropriate and in the public interest to impose the sanctions specified in Devoto's Offer of Settlement.

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

By the Commission.

Jonathan G. Katz
Secretary

 

http://www.sec.gov/litigation/admin/34-47736.htm


Modified: 04/28/2003