Securities Exchange Act of 1934
Release No. 50569 / October 20, 2004

Admin. Proc. File No. 3-11570


In the Matter of

AMERICO ROBERT GALLO AND OREN FACHLER,

Respondent.



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ORDER MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS AS TO OREN FACHLER

I.

On August 2, 2004, the Securities and Exchange Commission ("Commission") instituted public administrative proceedings pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Exchange Act") against Americo Robert Gallo ("Gallo") and Oren Fachler ("Fachler" or "Respondent").

II.

In response to 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 Sections III.3 and III.5 below, which are admitted, Respondent consents to the entry of this Order, as set forth below.

III.

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

1. During the relevant period, Fachler was a registered representative of Clearing Services of America, Inc. Fachler currently resides in Aventura, Florida.

2. From approximately May 1997 through July 1998, Respondent participated in an offering of the stock of Niki Taylor and Traderz, which were "penny stocks" as that term is used in Section 15(b)(6) of the Exchange Act and defined by Section 39(a)(51) of the Exchange Act and Rule 3a51-1 thereunder.

3. On July 15, 2002, Fachler was permanently enjoined from future violations of Section 17(a) of the Securities Act of 1933, Sections 10(b) and 15(a) of the Exchange Act and Rule 10b-5 thereunder, in Securities and Exchange Commission v. Goldman Lender, et al., 98 Civ. 7525 (S.D.N.Y.) (JGK), in the United States District Court for the Southern District of New York.

4. The Commission's complaint alleged that Fachler and other defendants fraudulently raised approximately $2.1 million through six fraudulent offerings of securities. In various combinations, defendants created phony private placements of stock of six issuers - Traderz Associates Holding Inc., Niki Taylor, R.H. Roberts Holding Corp., Beverly Glenn Interactive, Goldman Lender Co. Holdings, and Blackwell Co. - and sold the stock through a series of boiler rooms. Directly or through unregistered salespeople acting at their direction, the defendants used high pressure sales tactics and false and misleading representations to fraudulently induce investors to buy the stock. In each of the offerings, the primary selling point was the promise of an imminent initial public offering that would allow investors to quickly reap significant profits from their investment in the purported private placements.

5. In October 2001, on the basis of his guilty plea in a related criminal case, judgment was entered against Fachler for two counts of conspiracy to commit securities fraud, mail fraud and wire fraud, two counts of securities fraud, one count of wire fraud, one count of money laundering in violation of 15 U.S.C. §§ 77q(a) and 77x, and 18 U.S.C. §§ 2 and 371 by the United States District Court for the Southern District of New York, in United States v. Oren Fachler, 01 CR. 244 (S.D.N.Y.) (LAP). Fachler was sentenced to a prison term of 30 months.

6. The counts of the criminal information to which Fachler pleaded guilty alleged, inter alia, that Fachler defrauded investors and obtained money and property by means of materially false and misleading statements in connection with some of the fraudulent offers at issue in the Commission's case described above.

IV.

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

Accordingly, it is hereby ORDERED:

A. Pursuant to Section 15(b)(6) of the Exchange Act, that Respondent Fachler 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.

B. Pursuant to Section 15(b)(6) of the Exchange Act, that Respondent Fachler be, and hereby is, barred from participating in any offering of a penny stock, including: acting as a promoter, finder, consultant, agent or other person who engages in activities with a broker, dealer or issuer for purposes of the issuance or trading in any penny stock, or inducing or attempting to induce the purchase or sale of any penny stock.

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

Jonathan G. Katz
Secretary