UNITED STATES SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 44312 / May 17, 2001
ADMIN. PROC. FILE NO. 3-10485
ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS INSTITUTED AGAINST FORT WORTH, TEXAS REGISTERED REPRESENTATIVE
The Securities and Exchange Commission announced today that public administrative and cease-and-desist proceedings have been instituted against Dennis E. Ward. In the order instituting proceedings, the Division of Enforcement ("Division") alleges that Ward willfully aided and abetted violations of provisions of the federal securities laws prohibiting broker-dealers from effecting securities transactions by unregistered persons and which require broker-dealers to make and keep accurate books and records.
Specifically, in the order instituting proceedings, the Division alleges that from June 1995 until November 1997, Ward was employed as a registered representative in the Fort Worth office of Sunpoint Securities, Inc. ("Sunpoint"), a Longview, Texas broker-dealer formerly registered with the Commission. During his employment with Sunpoint, Ward signed subscription documents, new account forms and other documents falsely holding himself out as the registered representative for transactions. In fact, another registered representative associated with Sunpoint, who was not properly licensed, made the actual sales. Ward knew or reasonably should have known that the registered representative who made the sales was not properly licensed. As a result of Ward's actions, Sunpoint failed to make and keep accurate books and records with respect to the purchase or sale of certain securities.
A hearing will be held before an Administrative Law Judge to determine whether the allegations against Ward are true, and whether any remedial action is appropriate, in the public interest and necessary for the protection of investors.