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U.S. Securities and Exchange Commission

UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

Investment Advisers Act of 1940
Release No. 2305 / September 23, 2004

Admin. Proc. File No. 3-11681

ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST KENNETH B. MACQUEEN BASED ON AN ORDER OF PERMANENT INJUNCTION

On September 23, 2004, the Securities and Exchange Commission (Commission) issued an Order Instituting Administrative Proceedings Pursuant to Section 203(f) of the Investment Advisers Act of 1940 against Kenneth B. MacQueen (Respondent or MacQueen). The proceedings are based on a permanent injunction entered on July 8, 2003 in the case of Securities and Exchange Commission v. Kenneth B. MacQueen, et al., No. 03 C 1423 (N.D. Ill.) against the Respondent. The Court enjoined the Respondent from violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act. The Respondent consented to the entry of the order of permanent injunction and admitted the allegations of the Complaint. The Complaint, alleged that the Respondent operated a fraudulent investment scheme through his investment advisory business, MacQueen Capital Management Corp., raising at least $1,325,000 from at least five investors.

A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Respondent an opportunity to dispute these allegations, and to determine what sanctions, if any, are appropriate and in the public interest. The Order requires that the administrative law judge shall issue an initial decision no later than 210 days from the date of service of the order, pursuant to Rule 360(a)(2) of the Commission's Rules of Practice.

See also the Order in this matter


http://www.sec.gov/litigation/admin/ia-2305.htm


Modified: 09/29/2004