Robin Breitner, John Dibella, Raymond Hernandez, Richard Molinsky, Richard Smith, and Richard Gaydos

SECURITIES EXCHANGE ACT OF 1934
Release No. 47797 / May 5, 2003
ADMINISTRATIVE PROCEEDING
File No. 3-11105

I.

The Securities and Exchange Commission ("Commission") deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Exchange Act") against Robin Breitner, John DiBella, Raymond Hernandez, Richard Molinsky, Richard Smith, and Richard Gaydos ("Respondents").

II.

In anticipation of the institution of these proceedings, the Respondents have submitted Offers of Settlement (the "Offers"), 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 to which the Commission is a party, and without admitting or denying the findings herein, except as to the Commission's jurisdiction over them and the subject matter of these proceedings, and the findings contained in Section III.2 below, which are admitted, the Respondents consent to the entry of this Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions ("Order"), as set forth below.

III.

On the basis of this Order and the Respondents' Offers, the Commission finds that:

1. From April 9, 1986 to April 14, 1998, Robin Breitner ("Breitner") was a registered representative associated with D.H. Blair & Co., Inc. ("Blair"), a broker-dealer registered with the Commission from March 1975 through December 20, 2002. From May 1991 to July 1991 and from October 1991 to April 1998, John DiBella ("DiBella") was a registered representative associated with Blair. From January 1994 to May 1997, Raymond Hernandez ("Hernandez") was a registered representative associated with Blair. From April 1986 to April 1998, Richard Molinsky ("Molinsky") was a registered representative associated with Blair. From July 1989 to August 1997, Richard Smith ("Smith") was a registered representative associated with Blair. From April 1985 to August 1991 and from August 1994 to April 1998, Richard Gaydos ("Gaydos") was a registered representative associated with Blair.

2. On November 16, 2001, in an action before the Supreme Court of the State of New York, County of New York, Breitner pled guilty to and was convicted of the charge of Attempt to Commit the Crime of Enterprise Corruption and one count of Martin Act securities fraud (see People of New York v. D.H. Blair, et al., Ind. No. 3282/00). On December 19, 2001, in an action before the Supreme Court of the State of New York, County of New York, DiBella pled guilty to and was convicted of the charge of Attempt to Commit the Crime of Enterprise Corruption and one count of Martin Act securities fraud (see People of New York v. D.H. Blair, et al., Ind. No. 3282/00). On January 17, 2002, in an action before the Supreme Court of the State of New York, County of New York, Hernandez pled guilty to and was convicted of the charge of Attempt to Commit the Crime of Enterprise Corruption and one count of Martin Act securities fraud (see People of New York v. D.H. Blair, et al., Ind. No. 3282/00). On February 13, 2002, in an action before the Supreme Court of the State of New York, County of New York, Molinsky pled guilty to and was convicted of the charge of Attempt to Commit the Crime of Enterprise Corruption and one count of Martin Act securities fraud (see People of New York v. D.H. Blair, et al., Ind. No. 3282/00). On February 26, 2002, in an action before the Supreme Court of the State of New York, County of New York, Smith pled guilty to and was convicted of one count of attempted enterprise corruption and one count of violating General Business Law Section 352-c(5) (see People of New York v. D.H. Blair, et al., Ind. No. 3282/00). On March 5, 2002, in an action before the Supreme Court of the State of New York, County of New York, Gaydos pled guilty to and was convicted of one count of Grand Larceny in the third degree, one count of Martin Act securities fraud, and one count of Falsifying Business Records in the first degree (see People of New York v. D.H. Blair, et al., Ind. No. 3282/00).

3. According to the plea agreements and indictments upon which the Respondents' convictions were based, each of the Respondents engaged in fraudulent sales practices while dealing with customers at Blair relating to one or more of the following securities: Advanced Aerodynamics & Structures, Inc.; Amerigon, Inc.; Digital Video Systems, Inc.; Food Court Entertainment Network, Inc.; Interactive Flight Technologies, Inc.; Premier Laser Corp.; Telepad Corp.; and Titan Pharmaceuticals, Inc. Each of the Respondents also participated in schemes to support or increase the prices of one or more of the above securities through fraudulent and manipulative means in the immediate aftermarket and thereafter.

4. Each of the Respondents' state convictions are offenses specified in Section 15(b)(4)(B) of the Exchange Act.

IV.

In view of the foregoing, the Commission deems it appropriate and in the public interest to impose the sanctions specified in the Respondents' Offers.

Accordingly, IT IS HEREBY ORDERED:

Pursuant to Section 15(b)(6) of the Exchange Act, that the Respondents be, and hereby are, barred from association with any broker or dealer.

By the Commission.

Jonathan G. Katz
Secretary