SECURITIES EXCHANGE ACT OF 1934
Release No. 45820 / April 25, 2002

ADMINISTRATIVE PROCEEDING
File No. 3-10766

In the Matter of

WILLIAM L. HAYNES,

Respondent

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

I.

The Securities and Exchange Commission ("Commission") deems it appropriate in the public interest that public administrative proceedings be instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Exchange Act") against Respondent William L. Haynes ("Haynes" or "Respondent").

II.

In anticipation of the institution of these proceedings, Haynes submitted an Offer of Settlement ("Offer") to the Commission, which the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceeding brought by or on behalf of the Commission or in which the Commission is a party, Haynes, without admitting or denying the findings, except as to the jurisdiction of the Commission over Haynes and over the subject matter of this proceeding, and as to the entry of the injunction set forth in paragraph III.D. below, which are admitted, consents to the entry of the findings and remedial sanctions set forth below.

Accordingly, IT IS ORDERED that proceedings pursuant to Sections 15(b) of the Exchange Act be, and, they hereby are, instituted.

III.

On the basis of this Order Instituting Public Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings and Imposing Remedial Sanctions ("Order") and Haynes' Offer, the Commission finds that:

  1. At all relevant times, Haynes was associated with an unregistered broker-dealer.

  2. On September 28, 2001, the Commission filed a complaint ("Complaint") in the United States District Court for the Southern District of Florida, SEC v. Global Asset Partners, Ltd., et al., Civil Action No. 01-8862-CIV-MIDDLEBROOKS (S.D. Fla.). The Complaint charged Haynes with violations of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 ("Securities Act"), Sections 10(b) and 15(a)(1) of the Exchange Act and Rule 10b-5 thereunder.

  3. According to the Complaint, the defendants raised approximately $7-8 million from at least 300 investors located in the U.S. and abroad through the fraudulent offer and sale of securities. The Complaint alleges, among other things, that the securities were offered and sold by in-house sales agents that made materially false and misleading representations to prospective investors. Additionally, the Complaint alleges that the defendants misappropriated over $1 million in investor funds.

  4. On October 1, 2001, the District Court entered a Final Judgment of Permanent Injunction and Other Relief against Haynes, enjoining him from violations of Sections 5(a), 5(c), and 17(a) of the Securities Act, Sections 10(b) and 15(a)(1) of the Exchange Act, and Rule 10b-5, thereunder.

IV.

Based on the foregoing, the Commission deems it appropriate in the public interest to impose the sanctions specified in Haynes' Offer.

Accordingly, IT IS ORDERED that:

Respondent be, and hereby is, barred from association with any broker or dealer.

By the Commission.

Jonathan G. Katz
Secretary