David Isaac Lapin

SECURITIES EXCHANGE ACT OF 1934
Release No. 48516 / September 22, 2003

INVESTMENT ADVISERS ACT OF 1940
Release No. 2174 / September 22, 2003

ADMINISTRATIVE PROCEEDING
File No. 3-11264

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") and Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against David Isaac Lapin ("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 and Section 203(f) of the Investment Advisers Act of 1940, 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. From 1996 through December 1998, Respondent was associated with Lapin & Wigginton Asset Management, Inc., an investment adviser registered with the Commission. From January 1999 until October 2001, Respondent was associated with Lapin & Wigginton Asset Management, LLC, which was also an investment adviser registered with the Commission. (Both firms are referred to hereafter jointly as "LWAM".) Respondent was a minority owner, president and director of LWAM. From 1996 through September 2001, Respondent was also a registered representative associated with broker-dealers registered with the Commission. Respondent, 44 years old, is a resident of Houston, Texas.

2. On September 9, 2003, a final judgment was entered by consent against Respondent, permanently enjoining him from future violations of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 ("Securities Act"), Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Section 207 of the Advisers Act, and further permanently enjoining him from aiding and abetting violations of Sections 206(1), 206(2), and 206(4) of the Advisers Act and Rule 206(4)-4(a) thereunder, in the civil action entitled Securities and Exchange Commission v. David Isaac Lapin and Jeffrey Carl Wigginton, Civil Action Number H-03-3342, in the United States District Court for the Southern District of Texas, Houston Division.

3. The Commission's complaint alleged that, in the offer and sale, and in connection with the purchase and sale, to investors (including LWAM's advisory clients) of limited partnership interests, Respondent made misrepresentations and omissions of material fact related to the risks associated with the limited partnership interests, and otherwise engaged in a variety of conduct in violation of the federal securities laws, as referenced above. The complaint also alleged that Respondent offered and sold the limited partnership interests, and that no registration statement pursuant to the Securities Act was filed or in effect with the Commission regarding the limited partnership interests. The complaint further alleged that Respondent, in applications for investment adviser registration or reports filed with the Commission, omitted to state, or made untrue statements of, material facts that are required to be stated therein, concerning a past disciplinary event.

IV.

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

ACCORDINGLY, IT IS HEREBY ORDERED:

Pursuant to Section 15(b)(6) of the Exchange Act and Section 203(f) of the Advisers Act, that Respondent Lapin be, and hereby is, barred from association with any broker, dealer, or investment adviser.

Any reapplication for association by the Respondent will be subject to the applicable laws and regulations governing the reentry process, and reentry may be conditioned upon a number of factors, including, but not limited to, the satisfaction of any or all of the following: (a) any disgorgement ordered against the Respondent, whether or not the Commission has fully or partially waived payment of such disgorgement; (b) any arbitration award related to the conduct that served as the basis for the Commission order; (c) any self-regulatory organization arbitration award to a customer, whether or not related to the conduct that served as the basis for the Commission order; and (d) any restitution order by a self-regulatory organization, whether or not related to the conduct that served as the basis for the Commission order.

Jonathan G. Katz
Secretary