Litigation Release No. 17765 / October 2, 2002
Securities and Exchange Commission v. J.W. Barclay & Co., Inc., and John A. Bruno, Civil Action No. 02CV3164, United States District Court for the District of New Jersey (filed July 1, 2001)
The Securities and Exchange Commission announced that on July 1, 2002, it filed with the United States District Court for the District of New Jersey an Application for an Order Directing Compliance With an Order of the Securities and Exchange Commission Under Section 21(e) of the Securities Exchange Act of 1934. The Commission's Application alleges that J.W. Barclay and Co., Inc. and John Bruno, its president, Executive Officer and controlling shareholder, failed to comply with the terms of the Commission's October 15, 2001 Opinion and Order Imposing Remedial Sanctions, which among other things, required J.W. Barclay & Co. to pay a $25,000 civil penalty within 30 days of the entry of the Order. In its October 15, 2001 Opinion and Order, the Commission found, among other things, that J.W. Barclay had willfully violated Section 17(a) of the Securities Exchange Act of 1934 and Rule 17a-5 thereunder, by failing to timely file all or part of its Form BD-Y2K. In this action, the Commission specifically seeks compliance from J.W. Barclay & Co., Inc. and John Bruno with the Commission's Order to pay a $25,000 civil penalty.