SECURITIES EXCHANGE ACT OF 1934
Release No. 50121 / July 29, 2004

ACCOUNTING AND AUDITING ENFORCEMENT
Release No. 2067 / July 29, 2004

Admin. Proc. File No. 3-11568


In the Matter of

TIMOTHY J. BUZZELLI (CPA),

Respondent.



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ORDER INSTITUTING PUBLIC ADMINISTRATIVE PROCEEDINGS PURSUANT TO RULE 102(e) OF THE COMMISSION'S RULES OF PRACTICE, 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 against Timothy J. Buzzelli ("Respondent" or "Buzzelli") pursuant to Rule 102(e)(3) of the Commission's Rules of Practice.1

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. Paragraph 3. below, which are admitted, Respondent consents to the entry of this Order Instituting Public Administrative Proceedings Pursuant to Rule 102(e) of the Commission's Rules of Practice, 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. Buzzelli, age 47, is a certified public accountant, formerly licensed by the Texas State Board of Public Accounting. He served as president of NorthStar Network, Inc. ("NorthStar") from October 1999 through May 2000.

2. NorthStar was a Washington corporation headquartered in Dallas, Texas. From 1999 through 2001, the company was engaged in the Internet and related technology business. During the fourth quarter of 1999, NorthStar's securities were publicly traded on the Over the Counter Bulletin Board ("OTC-BB"). The company currently has no business activities; its securities are no longer traded.

3. On August 21, 2002, the Commission filed a complaint against Buzzelli in SEC v. NorthStar Network, Inc., et al., No. 3:02-CV-1788M (N.D. TX). On July 19, 2004, the court entered an order permanently enjoining Buzzelli, by consent, from future violations of Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 ("Securities Act") and Section 10(b) and 13(b)(5) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder, from and aiding and abetting violations of Sections 13(a) and 13(b)(2)(A) of the Exchange Act and Rules 13a-1 and 13a-13 thereunder. Buzzelli was also ordered to pay $63,000 in disgorgement of ill-gotten gains, and $15,351.77 in prejudgment interest, however the payment of those amounts was waived, as was the imposition of a civil money penalty, based upon Buzzelli's sworn statements in his Statement of Financial Condition and other materials provided to the staff. The Court permanently barred Buzzelli from serving as an officer or director of a public company.

4. The Commission's complaint alleged, among other things, that between October 1999 and June 2000, NorthStar and its two principal officers, Buzzelli and David Dutton ("Dutton"), fraudulently raised over $1 million from approximately 250 investors through the offer and sale of NorthStar's common stock. In sales presentations and through the dissemination of promotional materials, Buzzelli and Dutton falsely represented to investors, among other things, that NorthStar had over $10 million in assets, and that the company had multi-million dollar contracts with large, publicly traded telecommunications companies. In addition to the fraudulent representations made to investors, Buzzelli aided and abetted NorthStar's filing of a false Form 10-SB in November 1999, as well as its failure to file any periodic reports subsequent to that date.

IV.

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

Accordingly, it is hereby ORDERED, effective immediately, that:

Buzzelli is suspended from appearing or practicing before the Commission as an accountant.

By the Commission.

Jonathan G. Katz
Secretary


Endnotes

The Commission, with due regard to the public interest and without preliminary hearing, may, by order, . . . suspend from appearing or practicing before it any . . . accountant . . . who has been by name . . . permanently enjoined by any court of competent jurisdiction, by reason of his or her misconduct in an action brought by the Commission, from violating or aiding and abetting the violation of any provision of the Federal securities laws or of the rules and regulations thereunder.