The 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 Anthony Gianninoto (Gianninoto) and Eileen Laine (Laine) (collectively the Respondents), former employees of First Interregional Equity Corporation (FIEC) and First Interregional Advisors Corporation (FIAC). In the Order, the Division of Enforcement alleges that on November 18, 1998, before the United States Court for the District of New Jersey, Respondents pled guilty to various counts of conspiracy to commit securities fraud, conspiracy to commit tax offenses, tax evasion, and money laundering. In addition, Respondent Gianninoto also pled guilty to two counts of securities fraud.

A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide the Respondents an opportunity to dispute these allegations, and to determine what, if any, remedial sanctions against the Respondents are appropriate and in the public interest pursuant to Section 15(b) of the Securities Exchange Act of 1934.

The Order directed the Administrative Law Judge to issue an initial decision within 210 days from the date of service of the Order.

See also the Order in this matter