Securities Exchange Act of 1934
Release No. 50547 / October 15, 2004

Admin. Proc. File No. 3-11649


In the Matter of

MICHAEL YENINAS,

Respondent.



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ORDER MAKING FINDINGS AND IMPOSING REMEDIAL SANCTIONS AGAINST MICHAEL YENINAS

I.

On September 14, 2004, the Securities and Exchange Commission ("Commission") instituted administrative proceedings pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Exchange Act") against Respondent Michael Yeninas ("Yeninas" or "Respondent"). 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 II.D below, which is admitted, Respondent consents to the entry of this Order Making Findings and Imposing Remedial Sanctions ("Order"), as set forth below.

II.

On the basis of this Order and Respondent's Offer, the Commission finds that:

A. Yeninas, a resident of Queens, New York, was formerly a registered representative ("RR") at a branch office of Castle Securities, Inc. ("Castle"), a defunct broker-dealer, in New York City. While employed at Castle, Yeninas sold Ardian Finance Group ("Ardian") securities to retail investors.

B. On August 6, 2002, the Commission filed a civil injunctive action ("Civil Action") charging Yeninas and others with violations of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 ("Securities Act") and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. SEC v. Ardian Finance Group, et al., 02 Civ. 4366 (DGT) (E.D.N.Y.) ("Civil Action"). The Commission's complaint sought permanent injunctions, disgorgement and prejudgment interest, and civil penalties against Yeninas and others.

C. The complaint in the Civil Action alleged, among other things, that from October 2001 through at least June 2002, Ardian raised approximately $1.2 million from at least 70 investors in an unregistered offering of securities. Yeninas and others made material misrepresentations to induce individuals to invest in Ardian securities. Among other things, Yeninas told investors that (i) Ardian was planning an initial public offering ("IPO") on a date certain, and (ii) Ardian's stock would be sold in the IPO at a specific price (i.e. $6-7). In fact, Ardian had not taken any steps to conduct an IPO.

D. On August 14, 2002, the United States District Court for the Eastern District of New York entered a Preliminary Injunction By Consent preliminarily enjoining Yeninas from violating Sections 5(a), 5(c) and 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder pending final disposition of the Civil Action.

III.

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

Accordingly, it is hereby ORDERED:

Pursuant to Section 15(b)(6) of the Exchange Act, that Respondent Yeninas 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