UNITED STATES OF AMERICA
SECURITIES ACT OF 1933
SECURITIES EXCHANGE ACT OF 1934
In these proceedings instituted pursuant to Section 8A of the Securities Act of 1933 ("Securities Act") and Sections 15(b), 15B and 21C of the Securities Exchange Act of 1934 ("Exchange Act"), respondent Steven T. Snyder ("Snyder") has submitted an Offer of Settlement ("Offer") which the Securities and Exchange Commission ("Commission") has determined to accept.1 Solely for the purpose of this proceeding and any other proceeding brought by or on behalf of the Commission or in which the Commission is a party, and without admitting or denying the findings contained herein, except for jurisdiction and the findings set forth below in subparagraphs II.A., II.B. and II.C., which he admits, Snyder, by his Offer, consents to the findings and the imposition of the sanctions and other relief contained in this Order Making Findings and Imposing Remedial Sanctions ("Order").
On the basis of this Order, and the Offer submitted by Snyder, the Commission finds that:
A. Meridian Capital Markets, Inc. ("Meridian Capital"), was a municipal securities dealer registered with the Commission pursuant to Section 15B(a)(2) of the Exchange Act from February 1987 through November 12, 1996, when the entity officially ceased operations.
B. Snyder was licensed as a registered representative with Meridian Capital and was a director of Meridian Capital's Public Finance Department from March 1993 until January 1996.
C. On April 17, 2001, a Final Judgment and Order ("Final Judgment") was entered against Snyder by the United States District Court for the Eastern District of Pennsylvania, in Securities and Exchange Commission v. Steven T. Snyder, Civil Action No. 01-CV-1870. The Final Judgment enjoined Snyder from future violations of Sections 17(a) of the Securities Act, and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. In the civil action, the Commission alleged that Snyder had violated those provisions, as described in the Order Instituting Proceedings. Snyder consented to the Final Judgment without admitting or denying the allegations in the Commission's complaint.
On the basis of the foregoing, the Commission deems it appropriate and in the public interest to impose the sanctions and other relief specified in Snyder's Offer of Settlement.
Accordingly, IT IS ORDERED that Snyder is barred from association with any broker, dealer or municipal securities dealer, with the right to reapply for association after three years to the appropriate self-regulatory organization, or if there is none, to the Commission.
By the Commission.
1 An Order Instituting Proceedings ("Order Instituting Proceedings") against Snyder was issued by the Commission on April 23, 1998.