SECURITIES EXCHANGE ACT OF 1934
Release No. 41332 \ April 26, 1999

ADMINISTRATIVE PROCEEDING
File No. 3-9883

In the Matter of

Peter Joseph Cammarano,
Respondent.

ORDER INSTITUTING PROCEEDINGS
PURSUANT TO SECTION 15(b)(6) OF THE
SECURITIES EXCHANGE ACT OF 1934,
MAKING FINDINGS AND IMPOSING
REMEDIAL SANCTIONS

I.

The Securities and Exchange Commission ("Commission") deems it appropriate and in the public interest that public administrative proceedings be and hereby are instituted pursuant to Section 15(b)(6) of the Securities Exchange Act of 1934 ("Exchange Act"), against Peter Joseph Cammarano ("Cammarano").

In anticipation of the institution of these proceedings, Cammarano has submitted an Offer of Settlement to the Commission which the Commission has determined to accept. Solely for the purposes of these proceedings and any other proceedings brought by or on behalf of the Commission or in which the Commission is a party, prior to a hearing pursuant to the Commission's Rules of Practice, 17 C.F.R. § 201.100 et seq., and, without admitting or denying the findings contained herein, except as to entry of the injunction described below and the jurisdiction of the Commission over him in this matter as set forth in paragraphs II.A and II.B, which are admitted, Cammarano consents to the institution of public administrative proceedings, and the findings and remedial sanctions set forth below.

II.

On the basis of this Order and the Offer of Settlement submitted by Cammarano, the Commission finds that:

A. From October 1991 through April 1994, Cammarano was associated as a registered representative with Brokers Transaction Services, Inc., a broker-dealer registered with the Commission and a member of the National Association of Securities Dealers, Inc. From June 1994 until October 1998, Cammarano was associated as a registered representative with Signal Securities, Inc., a broker-dealer registered with the Commission and a member of the National Association of Securities Dealers, Inc.

B. On January 19, 1999, Cammarano was permanently enjoined from violations of Sections 17(a) of the Securities Act of 1933 ("Securities Act") and Sections 10(b) and 15(a) of the Exchange Act and Rule 10b-5 promulgated thereunder, by the United States District Court for the Southern District of Texas (Houston Division) [SEC v. Peter Joseph Cammarano, et al., H 98-3707]. Cammarano consented to the entry of the permanent injunction without admitting or denying any violation of the federal securities laws, as alleged in the Commission's Complaint.

C. The Commission's Complaint in SEC v. Cammarano, et al. alleges that Cammarano, individually and through Cammarano & Associates, Inc. ("CAI"), a corporation controlled by Cammarano, engaged in a scheme to misappropriate investor funds. The Complaint alleges that Cammarano induced investors, some of whom were customers of Signal, to liquidate their retirement accounts or other investments, and to deposit the proceeds with CAI. The Complaint further alleges that Cammarano operated CAI as an unregistered broker-dealer, receiving customer funds and sending confirmations and account statements to customers reflecting that their funds were being invested in securities such as stocks, certificates of deposit, money market accounts and options. The Complaint states that, contrary to these representations, Cammarano misappropriated the funds entrusted to him by investors.

D. As a result of the conducted described in the Commission's Complaint referenced in paragraph II.C. above, Cammarano willfully violated Section 17(a) of the Securities Act and Sections 10(b) and 15(a)(1) of the Exchange Act and Rule 10b-5 thereunder.

III.

In view of the foregoing, the Commission deems it appropriate and in the public interest to accept Cammarano's Offer of Settlement.

Accordingly, IT IS ORDERED that Peter Joseph Cammarano be, and hereby is, barred from association with any broker, dealer, municipal securities dealer, investment company or investment adviser.

By the Commission.

Jonathan G. Katz

Secretary