UNITED STATES OF AMERICA
|In the Matter of
Vincent Deuschel and
|ORDER UNDER RULE 602(e) OF THE
SECURITIES ACT OF 1933 GRANTING
A WAIVER OF THE DISQUALIFICATION PROVISION OF
Tucker Anthony, Inc. ("Tucker Anthony") has submitted a letter, dated November 17, 2000, for a waiver of the disqualification from the exemption under Regulation E arising from Tucker Anthony's settlement of an administrative proceeding commenced by the Commission. On December 21, 2000, pursuant to Tucker Anthony's offer of settlement, the Commission issued an Order Instituting Proceedings Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 ("Exchange Act") against Tucker Anthony (the "Order"). Under the Order, the Commission found that Tucker Anthony failed to reasonably supervise an employee, who was subject to its supervision, pursuant to Section 15(b)(4)(E) of the Exchange Act, with a view toward preventing that employee's violations of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. The Commission also found that Tucker Anthony violated Section 17(a) of the Exchange Act and Rules 17a-3 and 17a-5 thereunder. In the Order, the Commission (a) censures Tucker Anthony; (b) requires Tucker Anthony to cease and desist from committing or causing any violation, and committing or causing any future violations of Section 17(a) of the Exchange Act and Rules 17a-3 and 17a-5 thereunder; and (c) requires Tucker Anthony to pay a civil money penalty in the amount of $50,000 to the United States Treasury.
The Regulation E exemption is not available for the securities of an issuer if a director, officer, principal security holder, investment adviser or underwriter of the securities to be offered, or any partner, director or officer of such investment adviser or underwriter, is subject to a Commission order pursuant to Section 15(b) of the Exchange Act. See Rule 602(c)(3) under the Securities Act of 1933 ("Securities Act"). The Commission may waive the disqualification upon a showing of good cause. See Rule 602(e).
Based on the representations set forth in Tucker Anthony's letter request, the Commission has determined that a showing of good cause has been made pursuant to Rule 602(e) and that the request for a waiver of the disqualification should be granted.
IT IS ORDERED, pursuant to Rule 602(e) under the Securities Act, that a waiver of the application of the disqualification provision of Rule 602(c)(3) under the Securities Act resulting from the entry of the Order is hereby granted.
By the Commission.
Jonathan G. Katz
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