Laurie Jones Canady; Glenn Robert Lawrence, Administrative Law Judge

SECURITIES EXCHANGE ACT OF 1934
Rel. No. 47107 / December 30, 2002

ADMINISTRATIVE PROCEEDING
File No. 3-8531

NOTICE OF PROPOSED PLAN OF DISGORGEMENT
DISTRIBUTION AND OPPORTUNITY FOR COMMENT BY NON-PARTIES

Notice is hereby given, pursuant to Rule 612 of the Rules of Practice of the Securities and Exchange Commission (the "Commission"), 17 C.F.R. § 201.612, that the Division of Enforcement has filed its proposed Plan of Disgorgement Distribution ("Distribution Plan") in the above matter with the Commission.

OPPORTUNITY TO COMMENT

Pursuant to this Notice, all interested parties are advised that the Distribution Plan may be obtained by submitting a written request to Jerrold H. Kohn, United States Securities and Exchange Commission, 175 West Jackson Blvd., Suite 900, Chicago, Illinois 60604. Further, all persons desiring to comment on the Distribution Plan may submit their views, in writing, no later than January 29, 2003 to the Office of the Secretary, United States Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, D.C. 20549-0609.

THE PROPOSED PLAN OF DISGORGEMENT DISTRIBUTION

1. On April 5, 1999, the Commission found that Respondent Laurie Jones Canady ("Canady") willfully violated Sections 17(a) of the Securities Act of 1933 ("Securities Act") and Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder while employed as a registered representative at a broker-dealer. Specifically, the Commission found that Canady, in connection with the accounts of four customers, made misrepresentations of material facts and omitted to state material facts, engaged in excessive trading, made unauthorized trades and recommended securities that were not suitable. In addition to barring Canady from association with any broker or dealer and ordering her to cease-and-desist from future violations, the Commission ordered her to pay disgorgement and prejudgment interest in the total amount of $51,693. The Commission, however, stated that Canady may reduce the disgorgement by the amount of any commissions she received for unsolicited trades in her customers' accounts.

On April 19, 2002, the Commission accepted Canady's Offer of Settlement regarding the amount of disgorgement owed. The Commission ordered Canady to disgorge $57,714, including prejudgment and post-judgment interest, in two installments. Canady was ordered to pay $25,000 of this amount within two weeks of the Commission's Order and the remaining amount within six months of the Commission's Order.

The Distribution Plan provides that Canady's clients who were found to have been defrauded shall receive a distribution of the $57,714 paid by Canady pursuant to the Order in an amount equal to the harm incurred by each client. A Commission employee will act as administrator of the plan and will not receive any compensation other than his regular salary.

For the Commission, by its Secretary, pursuant to delegated authority.

Margaret H. McFarland
Deputy Secretary