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U.S. Securities and Exchange Commission

United States Securities and Exchange Commission

Washington, DC

Securities Exchange Act of 1934
Release No. 46773 / November 5, 2002

Investment Advisers Act of 1940
Release No. 2077 / November 5, 2002

Administrative Proceeding File No. 3-10927

The United States Securities and Exchange Commission ("Commission") has instituted administrative proceedings against Salman Shariff ("Shariff") of Cary, North Carolina pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940 to determine whether remedial sanctions should be imposed against Shariff based on the entry of a default judgment of permanent injunction against Shariff enjoining him from further violations of Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933, Sections 10(b) and 15(a) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and (2) of the Investment Advisers Act of 1940. The Order Instituting Public Administrative Proceedings ("Order") alleges that from December 1996 through June 2001, Shariff acted as an unregistered broker. The Order further alleges that Shariff was associated with a registered broker-dealer as a registered representative from February 1996 through May 1997. It also alleges that from December 1996 through June 2001, Shariff was also associated with Vestron Financial Corporation, an unregistered investment adviser, as its president. A hearing will be scheduled to determine what, if any, remedial sanctions should be imposed against Shariff.

 

http://www.sec.gov/litigation/admin/34-46773.htm


Modified: 11/06/2002