SECURITIES EXCHANGE ACT OF 1934
Release No. 45880 / May 6, 2002
ACCOUNTING & AUDITING ENFORCEMENT
Release No. 1553 / May 6, 2002
ADMINISTRATIVE PROCEEDING
File No. 3-10779
IN THE MATTER OF ANICOM, INC.
The United States Securities and Exchange Commission announced today that it has instituted administrative proceedings against Anicom, Inc. to suspend or revoke the registration of its securities for failing to file annual and quarterly reports. Anicom, formerly a national distributor of wire and cable products based in Rosemont, Illinois, filed for bankruptcy under Chapter 11 in January 2000, just six months after the company had announced that it would restate its financial statements for 1998, 1999, and first quarter 2000, and had placed President and Chief Executive Officer Carl Putnam and Chief Financial Officer Donald Welchko on administrative leave. According to the Order Instituting Proceedings, the Division of Enforcement alleges that Anicom has failed to file annual reports since December 31, 1999 and quarterly reports since March 31, 2000, as required by Section 13(a) of the Securities Exchange Act of 1934 and the rules thereunder. The Division of Enforcement also alleges that Anicom has discontinued business activities and liquidated most of its assets in connection with its petition for bankruptcy. A hearing will be held before an administrative law judge to determine whether the staff's allegations are true and, if so, to determine whether it is necessary or appropriate for the protection of investors to suspend or revoke the registration of Anicom's securities.