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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. 48050 / June 17, 2003

Administrative Proceeding
File No. 3-11159


In the Matter of

LILLIAN M. VINCI

Respondent.


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ORDER INSTITUTING PUBLIC ADMINISTRATIVE PROCEEDINGS PURSUANT TO SECTION 15(b)(6) 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 instituted against Lillian M. Vinci ("Vinci") pursuant to Section 15(b)(6) of the Securities Exchange Act of 1934 ("Exchange Act").

II.

In anticipation of the institution of these administrative proceedings, Vinci 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, Vinci, without admitting or denying the findings contained herein, except admitting the jurisdiction of the Commission over her and the subject matter of this proceeding, and the finding of the entry of the injunction set forth in paragraph III. D., below, which is admitted, consents to the entry of this Order Instituting Public Proceedings Pursuant to Section 15(b)(6) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions ("Order").

III.

On the basis of this Order and the Offer, the Commission finds1 that:

A. Vinci was employed from July 1994 through June 1995 as a registered representative at J.J. Morgan & Co., a brokerage firm later known as First Cambridge Securities Corp. ("First Cambridge"). First Cambridge was registered with the Commission as a broker-dealer pursuant to Section 15(b) of the Exchange Act during the period of Vinci's employment.

B. From March 1995 through April 1995, Vinci received approximately $85,000 in undisclosed compensation for selling stock of ICIS Management Group, Inc. ("ICIS"), a Florida corporation, and Pilot Transport, Inc. ("Pilot"), a Nevada corporation. The common stock of ICIS and Pilot was registered with the Commission pursuant to Section 12(g) of the Exchange Act.

C. On November 10, 1999, the Commission commenced an action against Vinci and sixteen others defendants, charging Vinci with violations of Section 17(a) of the Securities Act of 1933 ("Securities Act") and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, in connection with the kickback scheme outlined in subparagraph B. hereof. SEC v. Curtis, et al., 99 Civ. 7357 (E.D.N.Y.) ("Curtis").

D. On July 26, 2002, the United States District Court for the Eastern District of New York entered a Final Judgment of Permanent Injunction and Other Relief as to Lillian M. Vinci ("Final Judgment") in Curtis, permanently enjoining her from future violations of Section 17(a) of the Securities Act, and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. Vinci consented to the entry of the Final Judgment without admitting or denying the allegations in the complaint, except as to jurisdiction.

IV.

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

ACCORDINGLY, IT IS HEREBY ORDERED, effective immediately, that Respondent Vinci 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

 


1 The findings herein are made pursuant to Respondent's Offer of Settlement and are not binding on any other person or entity in this or any other proceeding.

 

http://www.sec.gov/litigation/admin/34-48050.htm


Modified: 06/18/2003