Liberty National Securities, Inc., Robert J. Guyer, and Sonia Howe Radencovici

The Securities and Exchange Commission ("Commission") today issued an Order Instituting Administrative Proceedings ("Order") pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Exchange Act") against Liberty National Securities, Inc. ("LNS"), a broker-dealer registered with the Commission, LNS's former president, Robert J. Guyer ("Guyer"), and Sonia Howe Radencovici ("Radencovici"), a former registered representative previously associated with several other broker-dealers.

In the Order Instituting Proceedings, the Division of Enforcement ("Division") alleges that on March 12, 2002, the United States District Court for the District of Connecticut entered judgments that permanently enjoined: (a) LNS and Guyer from violating Section 17(a) of the Securities Act of 1933, Sections 10(b), 15(b) and 17(a)(1) of the Exchange Act, and Rules 10b-5, 15b3-1 and 17a-3(a)(12) thereunder; and (b) Radencovici from violating Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. SEC v. Martin R. Frankel, et al., 3:00-CV-1778 (EBB) (D. Conn. Mar. 12, 2002). The Division also alleges that: (a) on September 18, 2000, Guyer pled guilty to one count of conspiracy to commit securities fraud in violation of 18 U.S.C. § 371, and one count of willfully subscribing a false tax return in violation of 26 U.S.C. § 7206(1), in United States v. Robert J. Guyer, 3:00CR193 (EBB) in the United States District Court for the District of Connecticut; and (b) on October 25, 2000, Radencovici pled guilty to one count of money laundering in violation of 18 U.S.C. § 1962(c), and one count of racketeering in violation of 18 U.S.C. § 1956(a)(2), in United States v. Sonia Howe, 3:99CR235 (EBB) in the United States District Court for the District of Connecticut.

A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide the Respondents an opportunity to dispute these allegations, and to determine what sanctions, if any, are appropriate and in the public interest.