Securities Exchange Act of 1934
Release No. 47966 / June 3, 2003
Administrative Proceeding
File No. 3-11142
In the Matter of Dunyasha M. Yetts Respondent. |
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ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS, MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS PURSUANT TO SECTION 15(b) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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 Dunyasha M. Yetts ("Yetts" or "Respondent").
II.
In anticipation of the institution of this administrative proceeding, Respondent has submitted an Offer of Settlement ("Offer") that the Commission has determined to accept. Solely for the purpose of this proceeding and any other proceeding 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 him and the subject matter of this proceeding, and except as to the entry of the injunction set forth in paragraph III.B. below, which are admitted, Respondent consents to the entry of this Order Instituting Administrative Proceedings, Making Findings, and Imposing Remedial Sanctions Pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Order") as set forth below.
III.
On the basis of this Order and Respondent's Offer, the Commission finds that:
A. Respondent, age 31, is a resident of Dublin, Ohio. Respondent has been registered with the National Association of Securities Dealers ("NASD") since approximately March 1995. During the relevant time period, Respondent conducted business through a sole proprietorship he controlled, Worldwide Financial Group, Inc. an unregistered broker-dealer.
B. On May 20, 2003, the United States District Court for the Southern District of Ohio entered a Final Judgment as to Dunyasha M. Yetts, permanently enjoining Respondent from violating Section 17(a) of the Securities Act of 1933 ("Securities Act"); Sections 10(b), 15(a) and 15(c) of the Exchange Act; and Rules 10b-3, 10b-5 and 15c1-2 thereunder.
C. The Commission's complaint alleged that Respondent acted as an unregistered broker-dealer, made materially false or misleading statements and omissions to brokerage customers concerning the purchase and sale of securities, and misappropriated or diverted customer and client funds for non-investment purposes. In addition to enjoining Yetts from further violations of the antifraud and broker-dealer registration provisions, the Court required Yetts to pay a total $3,090,627.40, representing disgorgement of $2,420,760.00, prejudgment interest of $559,867.44, and a civil penalty of $110,000.
IV.
In view of the foregoing, the Commission deems it appropriate and in the public interest to impose the sanctions specified in Respondent Yetts' Offer.
IT IS HEREBY ORDERED, pursuant to Section 15(b)(6) of the Exchange Act, that Respondent Yetts be, and hereby is, barred from association with any broker or dealer.
By the Commission:
Jonathan G. Katz
Secretary