UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Investment Advisers Act of 1940
Release No. 2270 / July 28, 2004
Admin. Proc. File No. 3-11567
In the Matter of Dominique S. Alvieri
The Securities and Exchange Commission ("Commission") announced today that it issued an Order Instituting Public Administrative Proceedings Pursuant to Section 203(f) of the Investment Advisers Act of 1940 ("Order") against Dominique S. Alvieri ("Alvieri"), formerly a resident of Little Ferry, New Jersey, and Toronto, Ontario, Canada. In the Order, the Division of Enforcement alleges that Alvieri has been convicted of investment advisory and mail fraud before the United States District Court for the Southern District of New York for using fraudulent misrepresentations and omissions of material fact to induce three advisory clients to give him a total of at least $660,804 to invest on their behalf when, in fact, Alvieri misappropriated and diverted for his personal use a substantial portion of the funds that he received from these advisory clients.
On July 31, 2003, Alvieri pleaded guilty to three felony counts of investment advisory fraud and one felony count of mail fraud in violation of Title 15 U.S.C. §§ 80b-6 and 80b-17 and Title 18 U.S.C. § 1341 before the United States District Court for the Southern District of New York, in United States v. Dominique S. Alvieri, 02 Cr. 084 (S.D.N.Y.) (GEL). On June 4, 2004 a judgment in the criminal case was entered against Alvieri. He was sentenced a prison term of 42 months followed by three years of supervised release and ordered to make restitution in the amount of $622,204.04.
A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Alvieri an opportunity to dispute these allegations, and to determine what, if any, remedial sanctions against Alvieri are appropriate and in the public interest pursuant to Section 203(f) of the Investment Advisers Act. The Commission directed that an administrative law judge issue an initial decision in this matter within 210 days from the date of service of the Order Instituting Proceedings.
Jonathan G. Katz
See also the Order in this matter