U.S. Securities & Exchange Commission
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U.S. Securities and Exchange Commission

United States of America
Before the
Securities and Exchange Commission

Securities Act of 1933
Release No. 8336 / November 13, 2003

Securities and Exchange Act of 1934
Release No. 48776 / November 13, 2003

Administrative Proceeding
File No.3-11331

In the Matter of





The Securities and Exchange Commission (the "Commission") deems it appropriate that cease-and-desist proceedings be, and they hereby are, instituted against William Slone ("Slone") pursuant to Section 8A of the Securities Act of 1933 ("Securities Act") and Section 21C of the Securities Exchange Act of 1934 ("Exchange Act").


In anticipation of the institution of these proceedings, Slone has submitted an Offer of Settlement ("Offer") that the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission, or in which the Commission is a party, and without admitting or denying the findings herein, except as to the Commission's jurisdiction over him and the subject matter of these proceedings, which are admitted, Slone consents to the entry of this Order Instituting Proceedings, Making Findings, and Imposing A Cease-and-Desist Order ("Order"), the entry of the findings, and the cease-and-desist order and remedial sanctions set forth below.


On the basis of this Order and Slone's Offer, the Commission makes the following findings:1


1. Slone, age 60, is a resident of Cheshire, Connecticut. From 1988 to date, Slone has been employed as a registered representative at Buell Securities.

Relevant Persons

2. Golf Ventures, Inc. ("Golf Ventures") was a Utah corporation with its principal office in Salt Lake City, Utah. In 1996, Golf Ventures registered its common stock with the Commission pursuant to Section 12(g) of the Exchange Act. During the period from early 1993 through 1996, Golf Ventures' common stock was publicly quoted on the OTC Bulletin Board maintained by the NASD.

3. George Badger ("Badger"), age 72, was a resident of Salt Lake City, Utah and acted as the undisclosed control person of Golf Ventures from early 1993 through 1996, until the time of Badger's arrest in October 1996 on securities fraud charges. Badger had been previously permanently enjoined from violating the antifraud provisions of the federal securities laws.


4. From 1993 to 1996, Badger paid undisclosed compensation to certain registered broker-dealers and certain registered representatives at other broker-dealers in exchange for those persons recommending the purchase of Golf Ventures common stock to their retail customers. At the same time, Badger secretly controlled large blocks of free-trading Golf Ventures stock and, when the retail customers purchased Golf Ventures stock, Badger sold portions of the stock he controlled into the public market.

5. In 1995, Badger entered into an agreement with Slone whereby Badger delivered 6,500 shares of Golf Ventures stock to Slone. Slone recommended the purchase of Golf Ventures stock to certain of his customers. As a result of those recommendations, Slone's customers purchased approximately 43,000 shares of Golf Ventures stock on the public market for approximately $118,000. Slone did not disclose to his retail customers the fact that he received 6,500 shares of Golf Ventures stock from Badger.

6. Slone sold the Golf Ventures common stock that he had received from Badger for $11,791.


7. As a result of the conduct described above, Slone violated Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder in connection with the sales of Golf Ventures common stock to Slone's retail customers.


In view of the foregoing, the Commission deems it appropriate to impose the sanctions specified in Slone's Offer.


1. Pursuant to Section 8A of the Securities Act and Section 21C of the Exchange Act, that Slone cease and desist from committing or causing any violation and any future violations of Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder; and

2. IT IS FURTHERED ORDERED that Respondent shall, within 10 days of the entry of this Order, pay disgorgement and prejudgment interest in the total amount of $20,172.90 to the United States Treasury. Such 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) hand-delivered or mailed to the Office of Financial Management, Securities and Exchange Commission, Operations Center, 6432 General Green Way, Alexandria, Stop 0-3, VA 22312; and (D) submitted under cover letter that identifies Slone as a Respondent in these proceedings, the file number of these proceedings, a copy of which cover letter and money order or check shall be sent to Eva Saketkoo, Securities and Exchange Commission, 233 Broadway, 6th Floor, New York, NY 10279.

By the Commmission.

Jonathan G. Katz


1 The findings herein are made pursuant to Slone's Offer of Settlement and are not binding on any other person or entity in this or any other proceeding.



Modified: 11/14/2003