Securities Exchange Act of 1934
Release No. 47968 / June 3, 2003
File No. 3-11144
Administrative Proceedings Instituted Against Matthew J. Benedetto
On June 3, 2003, the Commission entered an Order Instituting Public Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 (Order) against Matthew J. Benedetto (Benedetto) of Jupiter, Florida based on his criminal conviction for conspiracy to commit securities fraud, mail fraud and wire fraud. United States v. Matthew J. Benedetto, Case No. 00-8164-CR-Ryskamp (S.D. Fla. 2000).
The Order alleges that Benedetto pled guilty to one count of an indictment charging him with conspiracy to commit securities fraud, mail fraud and wire fraud. The indictment alleged that while employed as a registered representative at a registered broker-dealer, Benedetto accepted secret payoffs to induce his clients to purchase the securities of Lifekeepers International, Inc. Benedetto was sentenced to three years of probation and ordered to pay $60,836 in restitution.
A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Benedetto an opportunity to dispute these allegations, and to determine what remedial sanctions, if any, are appropriate and in the public interest.