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U.S. Securities and Exchange Commission

UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

Securities Exchange Act of 1934
Release No. 50650 / November 9, 2004

Investment Advisers Act of 1940
Release No. 2324 / November 9, 2004

Admin. Proc. File No. 3-11734

SEC INSTITUTES ADMINISTRATIVE PROCEEDING AGAINST WILLIAM H. BLACK, FORMER SPORTS AGENT AND CHAIRMAN OF PROFESSIONAL MANAGEMENT, INC., BASED ON ENTRY OF INJUNCTION

The Commission issued today an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 (Exchange Act) and Section 203(f) of the Investment Advisers Act of 1940 (Advisers Act) (Order) against William H. Black (Black) to determine what remedial sanction, if any, is appropriate in the public interest. The Commission's proceeding is based on a final judgment entered against Black in Securities and Exchange Commission v. William H. Black, et al., (8:00CV383-T-26B) (M.D. Fl.). The Commission's Complaint alleged that Black, former chairman of Professional Management Inc., a former sports agency firm located in Columbia, South Carolina, acted as an unregistered broker-dealer and unregistered investment adviser, made materially false or misleading statements and omissions to clients concerning the purchase and sale of securities, and misappropriated or diverted client funds for non-investment purposes and, by doing so, violated Section 17(a) of the Securities Act of 1933 (Securities Act), and Sections 10(b), 15(a) and 15(c) of the Exchange Act and Exchange Act Rules 10b-5 and 15c1-2, and Sections 206(1) and 206(2) of the Advisers Act.

On May 17, 2004, the District Court for the Middle District of Florida, among other things, entered a final judgment against Black permanently enjoining him from violating Section 17(a) of the Securities Act, and Sections 10(b), 15(a) and 15(c) of the Exchange Act and Exchange Act Rules 10b-5 and 15c1-2, and Sections 206(1) and 206(2) of the Advisers Act.

A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, and in connection therewith, to afford Black a an opportunity to establish defenses to such allegations, and to determine what remedial sanction, if any, is appropriate in the public interest.

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 this Order.

See also the Order in this matter


http://www.sec.gov/litigation/admin/34-50650.htm


Modified: 11/10/2004