Jamie T. Tsutsui

SECURITIES EXCHANGE ACT OF 1934
Release No. 42085 / November 1, 1999

ADMINISTRATIVE PROCEEDING
File No. 3-10089

I.

The Securities and Exchange Commission ("Commission") deems it appropriate in the public interest and for the protection of investors to institute public administrative proceedings pursuant to Sections 15(b)(6) and 19(h) of the Securities Exchange Act of 1934 ("Exchange Act"), against Jamie T. Tsutsui ("Tsutsui").

In anticipation of the institution of these proceedings, Tsutsui has submitted an Offer of Settlement ("Offer") to the Commission which the Commission has determined to accept. Solely for the purposes of this proceeding and any other proceeding 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 the 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, Tsutsui 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 Tsutsui, the Commission finds that:

A. At various times between January 1988 and September 1993, Tsutsui was associated as a registered representative with at least eight (8) broker-dealers registered with the Commission and members of the National Association of Securities Dealers, Inc.

B. On October 26, 1999, Tsutsui was permanently enjoined from violations of Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 ("Securities Act") and Sections 15(a) and 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder, by the United States District Court for the Northern District of Texas (Dallas Division) [SEC v. Michael D. Jenkins, et al., 3-98CV1892-L]. Tsutsui 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. Michael D. Jenkins, et al. alleges that Tsutsui engaged in the offer and sale of securities in the form of promissory notes issued by Absolute Resource Corporation ("ARC") in violation of the securities registration, antifraud and broker-dealer registration provisions of the federal securities laws. According to the Complaint, between April 1993 and December 1994, Tsutsui and another defendant collectively sold approximately $250,000 in ARC promissory notes, the proceeds of which were purportedly used to develop a sand mine. The Complaint further alleges that in connection with the offer and sale of the notes, Tsutsui made material misrepresentations and omissions of material fact concerning, among other things, the ownership of the sand mine, the use of investor funds, and the safety of the investment.

III.

In view of the foregoing, the Commission deems it appropriate in the public interest and for the protection of investors to impose the sanctions specified by Tsutsui in his Offer of Settlement.

Accordingly, IT IS ORDERED that, effective immediately, Jamie T. Tsutsui is barred from association with any broker or dealer.

By the Commission.

Jonathan G. Katz
Secretary