UNITED STATES OF AMERICA
In the Matter of
Joseph Randolph Belew,
|ORDER MAKING FINDINGS
AND IMPOSING REMEDIAL SANCTIONS
In connection with the public administrative proceedings previously instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Exchange Act"),1 Respondent Joseph Randolph Belew ("Belew") 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 in which the Commission is a party, and without admitting or denying the findings contained in this Order Making Findings And Imposing Remedial Sanctions ("Order"), except as to the Commission's jurisdiction over him and the subject matter of these proceedings and the entry of injunction referenced in paragraph II.C. herein, which he admits, Belew consents to the findings and remedial sanctions set forth below.
On the basis of this Order and the Offer submitted by Belew, the Commission finds that:
A. From at least December 1986 through August 1998, Belew was a registered representative in or near Jackson, Mississippi, associated with a number of registered broker-dealer firms.
B. On September 1, 1998, the Commission commenced a civil action entitled U.S. Securities and Exchange Commission v. Chimneyville Investments Group, Inc. and Joseph Randolph Belew, Civil Action Number 3:98-CV-574 WS, in the United States District Court for the Southern District of Mississippi (the "injunctive action"). The Commission's complaint alleged that Belew had violated Section 10(b) of the Exchange Act and Rule 10b-5 thereunder and aided and abetted violations of Sections 15(c)(3) and 17(a)(1) of the Exchange Act and Rules 15c3-1, 15c3-3, 17a-3 and 17a-4 thereunder. The complaint alleged that Belew had misappropriated for his own use funds entrusted to him by customers for investments in securities and that he had aided and abetted the failure of his firm to maintain adequate net capital and to keep adequate books and records.
C. On July 31, 2002, a final judgment in the injunctive action was entered against Belew by consent, permanently enjoining him, directly or indirectly, from future violations of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder and from aiding and abetting violations of Sections 15(c)(3) and 17(a)(1) of the Exchange Act and Rules 15c3-1, 15c3-3, 17a-3 and 17a-4 thereunder. The final judgment also ordered Belew to pay disgorgement in the amount of $454,833 and $121,519.51 in prejudgment interest thereon, but waived payment of these amounts and did not impose any penalties based on Belew's demonstrated inability to pay.
In view of the foregoing, the Commission deems it appropriate and in the public interest to impose the sanctions specified by Belew in his Offer.
Accordingly, IT IS HEREBY ORDERED, pursuant to Section 15(b)(6) of the Exchange Act, that Belew is barred from association with any broker or dealer.
For the Commission, by its Secretary, pursuant to delegated authority.
Jonathan G. Katz
|1||The Order Instituting Proceedings in this matter was issued on August 28, 2002.|
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