UNITED STATES OF AMERICA
SECURITIES EXCHANGE ACT OF 1934
|In the Matter of
KEVIN JAMES QUINN
PROCEEDINGS PURSUANT TO
SSECTION 15(b) OF THE
SECTION 203(f) OF
SECURITIES EXCHANGE ACT
OF 1934, MAKING FINDINGS,
AND IMPOSING REMEDIAL
The Securities and Exchange Commission (the "Commission") deems it appropriate and in the public interest that public administrative proceedings pursuant to Section 15(b)(6) of the Securities Exchange Act of 1934 ("Exchange Act") be and hereby are instituted against Kevin James Quinn ("Quinn").
In anticipation of these proceedings, Quinn has submitted an Offer of Settlement ("Offer") to the Commission, which the Commission has determined to accept. Solely for the purpose of this proceeding, and any other proceeding brought by or on behalf of the Commission or to which the Commission is a party, Quinn, without admitting or denying the findings contained herein, except that he admits to the Commission's jurisdiction over him and over the subject matter of this proceeding, and admits to the findings contained in paragraph II.A. herein, consents to the issuance of this Order Instituting Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions ("Order").
Based on this Order and Quinn's Offer, the Commission finds that:
A. Quinn has been permanently enjoined from future violations of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933, Section 10(b) of the Exchange Act, and Rule 10b-5 thereunder by the United States District Court for the Central District of California, in an action styled Securities and Exchange Commission v. Kevin James Quinn, et al., Case No. 99-09325 ABC (ANx) (C.D. Ca.), by a final judgment dated January 24, 2000, based upon his participation in the offering of the common stock of Atlantic Central Enterprises Limited ("Atlantic") and Advanced Laser Products, Inc. ("Advanced Laser").
B. The Complaint alleges that, beginning in March 1997 and April 1998, Quinn procured by false pretenses a total of more than 1,200,000 shares of stock in Atlantic and Advanced Laser, corporations in which Quinn was an officer, director and/or corporate counsel. The Complaint alleges that Quinn created bogus corporate documents to authorize the issuance of the shares; that Quinn submitted the documents to the corporations' transfer agent and induced it to issue the shares in Quinn's name or in the names of co-defendant Go Irish, Ltd. ("Go Irish"), co-defendant HMC Limited, LLC ("HMC Limited"), or in the street name of a Canadian brokerage firm in which he deposited the shares; and that Quinn, Go Irish, and HMC Limited either sold the shares into the public securities markets or transferred them into other brokerage accounts in the United States or Canada. The Complaint alleges that no registration statement was filed or in effect as to any of the securities that Quinn transferred or sold into the market. The Complaint also alleges that Quinn provided no consideration for the stock, and that the board of directors for the two companies did not authorize the issuance, offer, or sale of the stock.
C. During the relevant time period, the common stock of Atlantic and Advanced Laser were "penny stocks" within the meaning of Section 3(a)(51) of the Exchange Act and Rule 3a51-1 thereunder, and by engaging in the conduct described above, Quinn participated in an "offering of a penny stock," within the meaning of Section 15(b)(6) of the Exchange Act.
Based on the foregoing, the Commission deems it appropriate and in the public interest to accept the Offer submitted by Quinn and accordingly,
IT IS HEREBY ORDERED, effective immediately, that Quinn be, and hereby is, barred from participating in an offering of penny stock.
By the Commission.
Jonathan G. Katz
|Home | Previous Page||