SECURITIES EXCHANGE ACT OF 1934
Release No. 50344 / September 10, 2004

ADMINISTRATIVE PROCEEDING
File No. 3-11639


In the Matter of

CHERYL SWAIN,

Respondent.


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ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS PURSUANT TO SECTION 15(b)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, and hereby are, instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Exchange Act") against Cheryl A. Swain ("Swain" or "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 her and the subject matter of these proceedings, and the findings contained in Section III.3 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, 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. East-West Capital Corporation was a broker-dealer registered with the Commission from at least 1992 through 1997, with its principal place of business in Harper Woods, Michigan.

2. Swain, age 39, currently residing in Beverly Hills, Michigan was a registered representative at East-West Capital Corporation from July 1992 through October 1997.

3. On November 20, 2001, Swain pled guilty to one count of mail fraud in violation of Title 18 United States Code, Section 1341 before the United States District Court for the Eastern District of Michigan in United States v. Cheryl Swain et al., Case No. 01-CR-80514-DT.

4. The criminal information to which Swain pled guilty alleged, among other things, that from at least 1993 through January 1999, Swain, while employed by a wholly-owned subsidiary of MCA Financial Corporation ("MCA"), knowingly participated in and assisted in the execution of a scheme by MCA and its wholly-owned subsidiaries to defraud and obtain money by means of materially false and fraudulent pretenses, representations and promises in connection with the sale of MCA securities. More specifically, the criminal information alleged that, among other things, Swain knowingly prepared and assisted in the preparation of offering memoranda for MCA's securities that contained materially false statements, knowingly provided false information to broker-dealers regarding MCA's securities and knowingly signed cover letters accompanying and otherwise participated with others in the issuance of false quarterly account statements and distribution checks to investors in MCA's securities.

IV.

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

Accordingly, it is hereby ORDERED:

Pursuant to Section 15(b)(6) of the Exchange Act, that Respondent Swain be, and hereby is barred from association with any broker or dealer;

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.

For the Commission, by its Secretary, pursuant to delegated authority.

Jonathan G. Katz
Secretary