UNITED STATES OF AMERICA
SECURITIES EXCHANGE ACT OF 1934
The Securities and Exchange Commission ("Commission") deems it appropriate, in the public interest and for the protection of investors that public administrative proceedings be instituted pursuant to Sections 15(b) and 19(h) of the Securities Exchange Act of 1934 ("Exchange Act") against Respondent Eugene J. Filippino ("Filippino").
In anticipation of the institution of these proceedings, Respondent Filippino has submitted an Offer of Settlement ("Offer") which 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 to which the Commission is a party, and without admitting or denying the findings contained herein, except as to jurisdiction of the Commission over Respondent Filippino and over the subject matter of this proceeding, and except as to his criminal conviction for conspiracy to commit securities fraud, mail fraud and wire fraud, which are admitted. Respondent Filippino, by his Offer, consents to the entry of the findings and remedial sanctions set forth below.
Accordingly, IT IS ORDERED that proceedings pursuant to Sections 15(b) and 19(h) of the Exchange Act be, and hereby are, instituted.
On the basis of this Order Instituting Administrative Proceedings Pursuant to Sections 15(b) and 19(h) of the Exchange Act, Making Findings and Imposing Remedial Sanctions ("Order"), and the Offer submitted by Respondent Filippino, the Commission finds that:
A. At all relevant times, Filippino was a registered representative of a registered broker-dealer.
B. On October 6, 1999, Filippino pled guilty to count one of a criminal indictment charging that he participated in a criminal conspiracy to commit securities fraud, mail fraud and wire fraud. United States v. Filippino, Case No. 98-8168-001 CR-Ryskamp (S.D. Fla. 1998).
C. The criminal indictment alleged that Filippino accepted undisclosed commissions of at least $1,425 from a promoter for inducing his clients to purchase securities of certain issuers affiliated with the promoter.
D. On March 6, 2000, Filippino was sentenced to 21 months in prison, three years probation and ordered to pay $66,964 in restitution.
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 in the Offer submitted by Respondent Filippino.
ACCORDINGLY, IT IS ORDERED that Respondent Filippino is hereby barred from association with any broker or dealer.
By the Commission.