UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 50288 / August 30, 2004
Admin. Proc. File No. 3-11617
In the Matter of Marc Wein
The Securities and Exchange Commission ("Commission") announced today that it issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Order") against Marc Wein ("Wein"), a former registered representative of FAB Securities of America, Inc. and a resident of Spicewood, Texas. In the Order, the Division of Enforcement alleges that: (1) on July 27, 2000, the Commission filed a civil injunctive action against Wein and others alleging that from April 1997 through September 1997 Wein fraudulently offered and sold fifty-six individuals $4.3 million in unregistered securities of Millennium Services Corp. ("Millennium"), a purported consolidator of minority funeral homes. The Commission's complaint charges Wein with violations of Sections 5 and 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder; (2) on July 25, 2000 Wein was indicted by the Grand Jury of the County of New York for his role in the offering of Millennium securities. The indictment included thirty-six state felony securities fraud counts. The securities fraud counts of the indictment alleged, inter alia, that Wein intentionally made material false statements and omissions to investors while soliciting Millennium securities, and induced unsophisticated investors to purchase Millennium securities; and (3) on April 2, 2001 Wein plead guilty to the entire indictment. The Order alleges further that on June 6, 2002, Wein was sentenced to: one to three years incarceration; to pay restitution of $2,399,579.27 plus a five-percent surcharge to the state organization designated to distribute restitution funds; and pay a $10,000 fine.
A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Wein an opportunity to dispute these allegations, and to determine what, if any, remedial sanctions against Wein are appropriate and in the public interest pursuant to Section 15(b) of the Exchange Act.
The Commission directed that an Administrative Law Judge shall issue an initial decision in this matter within 210 days from the date of service of the Order.
See also the Order in this matter