UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 34-40903 / January 11, 1999 ADMINISTRATIVE PROCEEDING File No. 3-9803 ___________________________________ : In the Matter of : ORDER MAKING FINDINGS : AND IMPOSING CERTAIN MARKET MAKING : SANCTIONS AS TO ACTIVITIES ON NASDAQ : SG COWEN SECURITIES : CORPORATION : KENNEDY M. : BUCKLEY, DAVID D. : DUBE, PETER M. : GILFILLAN, JOHN P. : MOTTES, AND ___________________________________: RICHARD S. STRIEFLER I. In the accompanying Order Instituting Proceedings Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 and Findings of the Commission ("Order Instituting Proceedings"), the Securities and Exchange Commission ("Commission") instituted these public administrative proceedings against SG Cowen Securities Corporation, as successor to Cowen & Co., Kennedy M. Buckley, David D. Dube, Peter M. Gilfillan, John P. Mottes, Richard S. Striefler, and other firms and individuals. Contemporaneously, SG Cowen Securities Corporation, Kennedy M. Buckley, David D. Dube, Peter M. Gilfillan, John P. Mottes, and Richard S. Striefler ("Respondents") have submitted their Offers of Settlement ("Offers") in anticipation of the institution of these proceedings, which the Commission has determined to accept. In their Offers, Respondents, solely for the purposes of these proceedings and any other proceedings brought by or on behalf of the Commission or to which the Commission is a party, prior to a hearing pursuant to the Commission’s Rules of Practice, and without admitting or denying the findings herein, except for the findings of Section II.A., which are admitted, have consented to the entry of the Order Instituting Proceedings and this Order Making Findings and Imposing Sanctions as to SG Cowen Securities Corporation, Kennedy M. Buckley, David D. Dube, Peter M. Gilfillan, John P. Mottes, and Richard S. Striefler (which are hereinafter referred to as the "Orders"). The Commission has determined that it is appropriate and in the public interest to accept the Respondents’ Offers and accordingly is issuing this Order. II. On the basis of the Orders and Respondents’ Offers, the Commission finds[1] the following: A. Respondents SG Cowen Securities Corporation, a New York corporation, is registered with the Commission as a broker- dealer pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Exchange Act"). This proceeding is instituted against SG Cowen Securities Corporation only because it is the successor to Cowen & Co. ("Cowen"). At all relevant times, Cowen made markets in a number of securities traded in the Nasdaq market. Cowen 's principal place of business during the relevant time period was New York, New York. Cowen traded Nasdaq stocks for its own accounts and for the accounts of institutional and retail investors. At all times relevant herein, Cowen was a member of the National Association of Securities Dealers, Inc. ("NASD"), a national securities association registered with the Commission under Section 15A of the Exchange Act. Kennedy M. Buckley, age 38, resides in Mountainside, New Jersey and, at all relevant times, was a Nasdaq trader at Cowen. As a Nasdaq trader, Kennedy M. Buckley was responsible for making markets in certain securities traded on the Nasdaq Stock Market. David D. Dube, age 38, resides in Norwalk, Connecticut and, at all relevant times, was a Nasdaq trader at Cowen. As a Nasdaq trader, David D. Dube was responsible for making markets in certain securities traded on the Nasdaq Stock Market. Peter M. Gilfillan, age 27, resides in Hoboken, New Jersey and, at all relevant times, was an assistant Nasdaq trader at Cowen. As an assistant Nasdaq trader, Peter M. Gilfillan participated in making markets in certain securities traded on the Nasdaq Stock Market. John P. Mottes, age 30, resides in Baskingridge, New Jersey and, at all relevant times, was a Nasdaq trader at Cowen. As a Nasdaq trader, John P. Mottes was responsible for making markets in certain securities traded on the Nasdaq Stock Market. Richard S. Striefler, age 35, resides in Allendale, New Jersey and, at all relevant times, was a Nasdaq trader at Cowen. As a Nasdaq trader, Richard S. Striefler was responsible for making markets in certain securities traded on the Nasdaq Stock Market. B. Factual Summary In connection with its activities as a Nasdaq market maker, Cowen, Kennedy M. Buckley, David D. Dube, Peter M. Gilfillan, John P. Mottes, and Richard S. Striefler engaged in the following activities, as more fully described in the applicable sections of the accompanying Order Instituting Proceedings, in the following securities and on the following dates. 1. The Fraudulent Coordination of Quote Movements Cowen engaged in, or caused, the coordinated entry of quotations on Nasdaq in violation of Sections 15(c)(1) and (2) of the Exchange Act and Rules 15c1-2 and 15c2-7 thereunder, in one or more of the respects described in Section II.C.1. of the Order Instituting Proceedings in a market making transaction or a related series of market making transactions in: a. the stock of 3Com Corporation ("COMS") on October 19, 1994, aided and abetted by its trader Kennedy M. Buckley; b. the stock of Intel Corporation ("INTC") on August 2, 1994, aided and abetted by its trader Kennedy M. Buckley; c. the stock of Legent Corporation ("LGNT") on October 21, 1994, aided and abetted by its trader Kennedy M. Buckley; d. the stock of Lotus Development Corporation ("LOTS") on August 1, 1994, aided and abetted by its trader Kennedy M. Buckley; e. the stock of Quantum Corporation ("QNTM") on April 7, 1994, aided and abetted by its trader David D. Dube; f. the stock of Cambridge Technology Partners, Inc. ("CATP") on May 25, 1994, aided and abetted by its trader John P. Mottes; g. the stock of Cambridge Technology Partners, Inc. ("CATP") on June 30, 1994, aided and abetted by its trader John P. Mottes; and h. the stock of Credence Systems Corporation ("CMOS") on September 20, 1994, aided and abetted by its trader John P. Mottes. 2. Undisclosed Arrangements to Coordinate Quotations Cowen entered, or caused to be entered, in the Nasdaq market fictitious quotations in one or more respects described in Section II.C.2. of the Order Instituting Proceedings in violation of Section 15(c)(2) of the Exchange Act and Rule 15c2-7 thereunder, in a market making transaction or a related series of market making transactions in: a. the stock of Microsoft Corporation ("MSFT") on August 8, 1994, aided and abetted by its trader Kennedy M. Buckley; b. the stock of Applied Materials, Inc. ("AMAT") on September 27, 1994, aided and abetted by its trader Kennedy M. Buckley; c. the stock of Lotus Development Corporation ("LOTS") on August 5, 1994, aided and abetted by its trader Kennedy M. Buckley; d. the stock of Sequent Computer Systems, Inc. ("SQNT") on May 20, 1994, aided and abetted by its trader David D. Dube; e. the stock of Sequent Computer Systems, Inc. ("SQNT") on June 13, 1994, aided and abetted by its trader David D. Dube; f. the stock of Cambridge Technology Partners, Inc. ("CATP") on May 25, 1994, aided and abetted by its trader John P. Mottes; g. the stock of Cambridge Technology Partners, Inc. ("CATP") on May 24, 1994, aided and abetted by its trader John P. Mottes; h. the stock of Credence Systems Corporation ("CMOS") on September 19, 1994, aided and abetted by its trader John P. Mottes; i. the stock of Credence Systems Corporation ("CMOS") on October 21, 1994, aided and abetted by its trader John P. Mottes; j. the stock of Acclaim Entertainment, Inc. ("AKLM") on August 17, 1994, aided and abetted by its trader John P. Mottes; k. the stock of Cambridge Technology Partners, Inc. ("CATP") on June 30, 1994, aided and abetted by its trader John P. Mottes; l. the warrants of Intel Corporation ("INTCW") on April 20, 1994; and m. the stock of Arch Communications Group, Inc. ("APGR") on October 20, 1994. 3. Failure to Honor Quotations Cowen failed to honor its quotations in one or more of the respects described in Section II.C.6. of the Order Instituting Proceedings in violation of Section 11A(c) of the Exchange Act and Rule 11Ac1-1 thereunder, in a market making transaction or a related series of market making transactions in: a. the stock of DSP Group, Inc. ("DSPG") on September 27, 1994, aided and abetted by its trader Richard S. Striefler and its assistant trader Peter M. Gilfillan. 4. Improper DSPG Trading Beginning in August 1994 and continuing through November 1994, respondents PaineWebber, Inc. ("PaineWebber") and Cowen, and certain Nasdaq traders employed at these firms engaged in manipulative conduct with respect to the stock of DSP Group, Inc. ("DSPG"). This course of conduct involved coordinating the quotations disseminated by these firms on the Nasdaq market, and engaging in other improper conduct, to create prices favorable to these firms and detrimental to certain of their customers. A result of these activities was that certain customers and other market participants either sold stock to Cowen at artificially low prices or purchased DSPG stock from Cowen at artificially high prices.[2]2 On numerous occasions in the period August through November, 1994, traders at PaineWebber and Cowen coordinated their quotations and trading activities in the stock of DSPG, in attempts, often successful, to deliberately depress the inside bid price or raise the inside ask price, so that one or both firms could either purchase DSPG stock more cheaply or sell DSPG stock at higher prices. These coordinated activities were directed at securing a trading advantage for one or both of these firms, often at the expense of customers or other market participants. Striefler coordinated Cowen’s quotations in DSPG stock with Robert D. Coppola and Joseph H. Raiola of PaineWebber. [3] Striefler moved Cowen’s quotations up a number of times to assist in raising the closing inside ask price, so that PaineWebber could sell at improperly elevated prices to an institutional customer placing "buy on close" orders (i.e., orders to buy that were filled at the closing inside ask price). He also moved Cowen’s quotations down at times, to assist PaineWebber in purchasing stock at improperly depressed prices. In turn, Robert D. Coppola and/or Joseph H. Raiola coordinated PaineWebber’s quotations a number of times with Striefler in order to assist him in buying DSPG stock from Cowen customers at improperly depressed prices or in making sales to Cowen customers at improperly elevated prices. In addition, in one instance, Cowen also sought to take advantage of an institutional customer that placed a buy on close order for 14,000 shares of DSPG stock. Cowen and Striefler endeavored to increase the price at which the buy on close order would be filled by coordinating Cowen’s quotations in DSPG stock with PaineWebber and Robert D. Coppola in such a manner as to improperly elevate the closing inside ask price. By virtue of the foregoing, Respondents Cowen, Striefler and Gilfillan participated in various courses of conduct in violation of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and aided and abetted similar courses of conduct by PaineWebber and its respondent traders, in violation of Sections 10(b) and 15(c)(2) of the Exchange Act and Rules 10b-5 and 15c2-7 thereunder. **FOOTNOTES** [1]: The findings herein are solely for the purpose of these proceedings, and are not binding on any person not a respondent in these proceedings. [2]:2On August 17, 1994, DSPG announced that a unit of AT&T Corp. had entered into an agreement to use DSPG’s voice-compression technology. This announcement spurred demand for DSPG stock and its price rose 15% on August 17, 1994. Because of these developments, certain customers of Cowensought to sell DSPG stock, and other customers of Cowen sought to buy thestock. [3]: On two occasions, respondent Gilfillan, an assistant trader at Cowen, engaged in such coordination of quotations as well. 1 5. Failure to Keep Accurate Books and Records Cowen failed to keep and maintain accurate books and records in one or more of the respects described in Section II.C.7. of the Order Instituting Proceedings in violation of Section 17(a) of the Exchange Act and Rule 17a-3 thereunder, in a market making transaction or a related series of market making transactions in: a. the stock of DSP Group, Inc. ("DSPG") on October 19, 1994; b. the stock of DSP Group, Inc. ("DSPG") on October 21, 1994; c. the stock of Sequent Computer Systems ("SQNT") on June 13, 1994; d. the stock of Quantum Corp. ("QNTM") on April 7, 1994; and e. the stock of Lotus Development Corp. ("LOTS") on August 1, 1994. 6. Failure to Reasonably Supervise Nasdaq Trading Cowen failed reasonably to supervise its Nasdaq market making activities with a view to preventing future violations within the meaning of Section 15(b)(4)(E) of the Exchange Act, in one or more of the respects described in Section II.C.8.a. and b. of the Order Instituting Proceedings, and in the other following respects: a. As of September 1994, Cowen failed to promulgate, maintain and enforce adequate policies and procedures to prevent violations of the Commission’s firm quote rule, 17 C.F.R. § 240.11Ac1-1, in thatCowen, at that time, did not have any written policy explaining toits traders their obligations under the firm quote rule or anyprocedures to monitor for compliance with the firm quote rule. 7. Unlawful Profits and Other Gains While engaged in certain of the improper activities described above, Cowen obtained unlawful profits and gains, which, together with interest, total $54,977.00. III. By reason of the foregoing, Cowen willfully violated Sections 10(b), 11A(c), 15(c)(1) and (2), and 17(a) of the Exchange Act, and Rules 10b-5, 11Ac1-1, 15c1-2, 15c2-7, and 17a-3 thereunder, and failed reasonably to supervise its Nasdaq trading personnel within the meaning of Section 15(b)(4)(E) of the Exchange Act. Kennedy M. Buckley, David D. Dube, and John P. Mottes willfully aided and abetted and caused violations of Sections 15(c)(1) and (2) of the Exchange Act and Rules 15c1-2 and 15c2-7 thereunder. Richard S. Striefler and Peter M. Gilfillan willfully violated Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and aided and abetted and caused violations of Sections 11A(c) and 15(c)(2) of the Exchange Act and Rules 11Ac1-1 and 15c2-7 thereunder. IV. In view of the foregoing and Respondents’ Offers, IT IS HEREBY ORDERED, pursuant to Sections 15(b) and 21C of the Exchange Act, that: 1. SG Cowen Securities Corporation shall cease and desist from committing or causing any violation of, and committing or causing any future violation of Sections 10(b), 11A(c), 15(c)(1) and (2), and 17(a) of the Exchange Act, and Rules 10b-5, 11Ac1- 1, 15c1-2, 15c2-7, and 17a-3 thereunder; 2. SG Cowen Securities Corporation shall, within 10 business days of the entry of this Order, pay a civil penalty in the amount of $1,335,000.00 by wire transfer in accordance with instructions furnished by the Commission staff, or by U.S. Postal money order, certified check, bank cashier’s check, or bank money order, made payable to the Securities and Exchange Commission, which shall be hand-delivered or mailed to the Comptroller, Securities and Exchange Commission, Operations Center, 6432 General Green Way, Mail Stop O-3, Alexandria, VA 22312, under cover of a letter that identifies SG Cowen Securities Corporation as a Respondent in these proceedings and provides the caption and file number for these proceedings, with (a) written confirmation of payment of such wire transfer, or (b) a copy of such cover letter and money order or check to be sent to Leonard W. Wang, Division of Enforcement, Securities and Exchange Commission, 450 5th Street, N.W., Mail Stop 7-1, Washington, D.C. 20549; 3. SG Cowen Securities Corporation shall, within 10 business days of written notice from the Commission staff or the Independent Consultant (as defined below), pay disgorgement in the amount of $54,977.00 pursuant to Section 21C(e) of the Exchange Act; 4. SG Cowen Securities Corporation shall, within 90 days of the date of the entry of this Order, provide to the independent consultant appointed by the Commission in connection with these proceedings (the "Independent Consultant") a description of its policies, procedures and practices relating to prevention or detection of the types of improper conduct involving Cowen described in Section II of this Order. Within such time as the Commission directs, the Independent Consultant shall review such policies, procedures and practices with a view to determining if they would reasonably be expected to prevent and detect, insofar as practicable, any of the types of improper conduct involving Cowen described in Section II of this Order. SG Cowen Securities Corporation shall cooperate with the Independent Consultant’s review of SG Cowen Securities Corporation’s policies, procedures and practices, and shall, among other things, provide such further information as the Independent Consultant reasonably requests or that SG Cowen Securities Corporation deems relevant to the Independent Consultant’s review, provided, however, that SG Cowen Securities Corporation need not provide any information to which it asserts a valid claim of the attorney-client privilege. The Independent Consultant shall maintain the confidentiality of all materials provided by SG Cowen Securities Corporation and shall not provide the materials to any person, provided, however, that such materials may be provided to the Commission or its staff. If the Independent Consultant concludes that SG Cowen Securities Corporation’s policies, procedures and practices, as presented, would reasonably be expected to prevent and detect, insofar as practicable, any of the types of improper conduct involving Cowen described in Section II of this Order, the Independent Consultant shall inform SG Cowen Securities Corporation of this conclusion in writing, and his or her responsibilities with respect to SG Cowen Securities Corporation shall conclude. If the Independent Consultant cannot conclude that SG Cowen Securities Corporation’s policies, procedures and practices meet the aforesaid standard, he or she may recommend changes in or additions to SG Cowen Securities Corporation’s policies, procedures or practices for the purpose of improving their ability to meet the aforesaid standard. SG Cowen Securities Corporation shall implement all such recommended changes or additions in a timely manner, but in any event no later than three months after receiving the recommendations of the Independent Consultant or such other reasonable time as determined by the Independent Consultant; provided, however, if SG Cowen Securities Corporation believes that a change or addition to its policies, procedures and practices recommended by the Independent Consultant is unduly burdensome or unreasonable, it may: (a) propose an equally effective alternative to the Independent Consultant, and, with the Independent Consultant’s approval, implement that alternative in lieu of the Independent Consultant’s recommended change or addition; or (b) petition the Commission, with notice to the Independent Consultant and the Division of Enforcement, for relief from the recommendation of the Independent Consultant. Within three months of receiving recommendations of the Independent Consultant for changes in or additions to its policies, procedures and practices, SG Cowen Securities Corporation shall report in writing to the Independent Consultant with respect to the implementation of the recommendations and/or any equally effective alternatives approved by the Independent Consultant. If SG Cowen Securities Corporation’s report on implementation is without qualification and states that said recommendations and/or alternatives have been fully and effectively implemented, the Independent Consultant’s responsibilities with respect to SG Cowen Securities Corporation shall conclude. If SG Cowen Securities Corporation’s report on implementation is qualified, or in any respect indicates that implementation is not full and effective, SG Cowen Securities Corporation shall cooperate with all further efforts of the Independent Consultant to ensure that said recommendations and/or alternatives are fully and effectively implemented. When the Independent Consultant concludes that SG Cowen Securities Corporation has fully and effectively implemented said recommendations and/or alternatives, he or she shall inform SG Cowen Securities Corporation in writing of this conclusion and his or her responsibilities with respect to SG Cowen Securities Corporation shall conclude. The fees and expenses of the Independent Consultant arising from his or her review of the policies, procedures and practices of SG Cowen Securities Corporation and the other respondent firms subject to the Independent Consultant’s review shall be prorated evenly among such firms, and in such prorated amounts, be paid by each such firm, provided however, that if the Independent Consultant recommends changes or additions to SG Cowen Securities Corporation’s policies, procedures or practices, the fees and expenses of the Independent Consultant relating to the making and implementation of those recommendations and/or any alternatives approved by the Independent Consultant, and any disagreements relating thereto, shall be paid by SG Cowen Securities Corporation; 5. Kennedy M. Buckley shall cease and desist from committing or causing any violation of, and committing or causing any future violation of Sections 15(c)(1) and (2) of the Exchange Act, and Rules 15c1-2 and 15c2-7 thereunder; 6. David D. Dube shall cease and desist from committing or causing any violation of, and committing or causing any future violation of Sections 15(c)(1) and (2) of the Exchange Act, and Rules 15c1-2, and 15c2-7 thereunder; 7. Peter M. Gilfillan shall cease and desist from committing or causing any violation of, and committing or causing any future violation of Sections 10(b), 11A(c), and 15(c)(2) of the Exchange Act, and Rules 10b-5, 11Ac1-1, and 15c2-7 thereunder; 8. John P. Mottes shall cease and desist from committing or causing any violation of, and committing or causing any future violation of Sections 15(c)(1) and (2) of the Exchange Act, and Rules 15c1-2 and 15c2-7 thereunder; 9. Richard S. Striefler shall cease and desist from committing or causing any violation of, and committing or causing any future violation of Sections 10(b), 11A(c), and 15(c)(2) of the Exchange Act, and Rules 10b-5, 11Ac1-1, and 15c2-7 thereunder; 10. Kennedy M. Buckley shall, within 10 business days of the entry of this Order, pay a civil penalty in the amount of $55,000.00 by wire transfer in accordance with instructions furnished by the Commission staff, or by U.S. Postal money order, certified check, bank cashier’s check, or bank money order, made payable to the Securities and Exchange Commission, which shall be hand-delivered or mailed to the Comptroller, Securities and Exchange Commission, Operations Center, 6432 General Green Way, Mail Stop O-3, Alexandria, VA 22312, under cover of a letter that identifies Kennedy M. Buckley as a Respondent in these proceedings and provides the caption and file number for these proceedings, with (a) written confirmation of payment of such wire transfer, or (b) a copy of such cover letter and money order or check to be sent to Leonard W. Wang, Division of Enforcement, Securities and Exchange Commission, 450 5th Street, N.W., Mail Stop 7-1, Washington, D.C. 20549; 11. David D. Dube shall, within 10 business days of the entry of this Order, pay a civil penalty in the amount of $20,000.00 by wire transfer in accordance with instructions furnished by the Commission staff, or by U.S. Postal money order, certified check, bank cashier’s check, or bank money order, made payable to the Securities and Exchange Commission, which shall be hand- delivered or mailed to the Comptroller, Securities and Exchange Commission, Operations Center, 6432 General Green Way, Mail Stop O-3, Alexandria, VA 22312, under cover of a letter that identifies David D. Dube as a Respondent in these proceedings and provides the caption and file number for these proceedings, with (a) written confirmation of payment of such wire transfer, or (b) a copy of such cover letter and money order or check to be sent to Leonard W. Wang, Division of Enforcement, Securities and Exchange Commission, 450 5th Street, N.W., Mail Stop 7-1, Washington, D.C. 20549; 12. Peter M. Gilfillan shall, within 10 business days of the entry of this Order, pay a civil penalty in the amount of $25,000.00 by wire transfer in accordance with instructions furnished by the Commission staff, or by U.S. Postal money order, certified check, bank cashier’s check, or bank money order, made payable to the Securities and Exchange Commission, which shall be hand-delivered or mailed to the Comptroller, Securities and Exchange Commission, Operations Center, 6432 General Green Way, Mail Stop O-3, Alexandria, VA 22312, under cover of a letter that identifies Peter M. Gilfillan as a Respondent in these proceedings and provides the caption and file number for these proceedings, with (a) written confirmation of payment of such wire transfer, or (b) a copy of such cover letter and money order or check to be sent to Leonard W. Wang, Division of Enforcement, Securities and Exchange Commission, 450 5th Street, N.W., Mail Stop 7-1, Washington, D.C. 20549; 13. John P. Mottes shall, within 10 business days of the entry of this Order, pay a civil penalty in the amount of $60,000.00 by wire transfer in accordance with instructions furnished by the Commission staff, or by U.S. Postal money order, certified check, bank cashier’s check, or bank money order, made payable to the Securities and Exchange Commission, which shall be hand-delivered or mailed to the Comptroller, Securities and Exchange Commission, Operations Center, 6432 General Green Way, Mail Stop O-3, Alexandria, VA 22312, under cover of a letter that identifies John P. Mottes as a Respondent in these proceedings and provides the caption and file number for these proceedings, with (a) written confirmation of payment of such wire transfer, or (b) a copy of such cover letter and money order or check to be sent to Leonard W. Wang, Division of Enforcement, Securities and Exchange Commission, 450 5th Street, N.W., Mail Stop 7-1, Washington, D.C. 20549; 2 14. Richard S. Striefler shall, within 10 business days of the entry of this Order, pay a civil penalty in the amount of $120,000.00 by wire transfer in accordance with instructions furnished by the Commission staff, or by U.S. Postal money order, certified check, bank cashier’s check, or bank money order, made payable to the Securities and Exchange Commission, which shall be hand- delivered or mailed to the Comptroller, Securities and Exchange Commission, Operations Center, 6432 General Green Way, Mail Stop O-3, Alexandria, VA 22312, under cover of a letter that identifies Richard S. Striefler as a Respondent in these proceedings and provides the caption and file number for these proceedings, with (a) written confirmation of payment of such wire transfer, or (b) a copy of such cover letter and money order or check to be sent to Leonard W. Wang, Division of Enforcement, Securities and Exchange Commission, 450 5th Street, N.W., Mail Stop 7-1, Washington, D.C. 20549; 15. Kennedy M. Buckley be, and hereby is, suspended from association with any broker, dealer, municipal securities dealer, investment adviser or investment company, for a period of 3 months and 1 week, effective one day after the date of this Order. Kennedy M. Buckley shall provide to the Commission, within 10 days after the end of the 3 months and 1 week suspension described above, an affidavit that he has complied fully with the sanctions described in this Section; 16. David D. Dube be, and hereby is, suspended from association with any broker, dealer, municipal securities dealer, investment adviser or investment company, for a period of 6 weeks, effective six weeks and one day after the date of this Order. David D. Dube shall provide to the Commission, within 10 days after the end of the 6 week suspension described above, an affidavit that he has complied fully with the sanctions described in this Section; 17. Peter M. Gilfillan be, and hereby is, suspended from association with any broker, dealer, municipal securities dealer, investment adviser or investment company, for a period of 7 weeks, effective three months, one week, and one day after the date of this Order. Peter M. Gilfillan shall provide to the Commission, within 10 days after the end of the 7 week suspension described above, an affidavit that he has complied fully with the sanctions described in this Section; 18. John P. Mottes be, and hereby is, suspended from association with any broker, dealer, municipal securities dealer, investment adviser or investment company, for a period of 14 weeks, effective 3 months, 8 weeks and one day after the date of this Order. John P. Mottes shall provide to the Commission, within 10 days after the end of the 14 week suspension described above, an affidavit that he has complied fully with the sanctions described in this Section; and 19. Richard S. Striefler be, and hereby is, suspended from association with any broker, dealer, municipal securities dealer, investment adviser or investment company, for a period of 8 months and 3 weeks, effective one day after the date of this Order. Richard Striefler shall provide to the Commission, within 10 days after the end of the 8 month and 3 week suspension described above, an affidavit that he has complied fully with the sanctions described in this Section. By the Commission. Jonathan G. Katz Secretary 3