U.S. SECURITIES AND EXCHANGE COMMISSION
Securities Act of 1933
Release No. 8096 / April 29, 2002
Securities Exchange Act of 1934
Release No. 45845 / April 29, 2002
File No. 3-10770
The Securities and Exchange Commission ("Commission") announced that on April 29, 2002, it issued an Order Instituting Public Administrative Proceedings against Andrew P. Bodnar for violations of Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 ("Securities Act") and Sections 10(b) and 15(a) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder.
In the Order, the Division of Enforcement ("Division") alleges that the Commission filed a Complaint against Bodnar in 1999 in the United States District Court for the Northern District of Ohio alleging violations of the federal securities laws, including the antifraud provisions. The Division also
alleges that on April 16, 2002 United States District Judge Dan A. Polster granted the Commission's Application for Judgment by Default in that litigation and entered a Final Judgment permanently enjoining Bodnar from violating the aforementioned provisions of the Securities Act and the Exchange Act, and ordering Bodnar to pay a civil penalty in the amount of $110,000.
A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Bodnar an opportunity to dispute these allegations, and to determine what sanctions, if any, are appropriate and in the public interest.