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U.S. Securities and Exchange Commission

Finality Order of an Initial Decision of an SEC Administrative Law Judge

In the Matter of
Dennis E. Ward


Washington, D.C.

Rel. No. 47996 / June 6, 2003

Admin. Proc. File No. 3-10485

In the Matter of




The time for filing a petition for review of the initial decision in this proceeding has expired. No such petition has been filed by Dennis E. Ward, and the Commission has not chosen to review the decision on its own initiative.

Accordingly, notice is hereby given, pursuant of Rule 360(e) of the Commission's Rules of Practice, that the initial decision of the administrative law judge */ has become the final decision of the Commission with respect to Dennis E. Ward. The order contained in the decision is hereby declared effective. That order (a) suspended Ward for one year from associating with any broker or dealer or with any member of a national securities exchange or registered securities association; (b) ordered Ward to cease and desist from committing or causing violations of Sections 15(b)(7) and 17(a) of the Securities Exchange Act of 1934 and Exchange Act Rules 15b7-1 and 17a-3; (c) required Ward pay a civil monetary penalty of $5,000; and (d) ordered Ward to disgorge $119,000, plus prejudgment interest from June 1, 1997, through the last day of the month preceding the month in which payment of disgorgement is made. Interest shall be paid at the rate established under 26 U.S.C. §6621(a)(2), compounded quarterly. Ward's suspension shall be effective at the opening of business on June 16, 2003.

The payment of disgorgement shall be made to the United States Treasury within 30 days of the initial decision. The disgorgement payment shall be: (a) made by United States postal money order, certified check, bank cashier's check, or bank money order; (b) made payable to the Securities and Exchange Commission; (c) mailed to the Comptroller, Securities and Exchange Commission, 6432 General Green Way, Mail Stop 0-3, Alexandria, Virginia 22312; and (d) submitted under cover letter that identifies Dennis E. Ward as a respondent in this proceeding, as well as the Commission's case number. A copy of said cover letter and money order or check shall be sent to Stephen J. Korotash, Division of Enforcement, Fort Worth District Office, U.S.Securities and Exchange Commission, Burnett Plaza, Suite 1900, 801 Cherry Street, Unit Number 18, Fort Worth, Texas 76102.

For the Commission by the Office of the General Counsel, pursuant to delegated authority.

Jonathan G. Katz



* / Dennis E. Ward, Initial Decision Rel. No. 226 (May 8, 2003), ___SEC Docket___.

Modified: 06/06/2003