Securities Exchange Act of 1934
Release No. 48048 / June 17, 2003

Administrative Proceeding
File No. 3-11157


In the Matter of

VIVIAN EMILY HAGEN

Respondent.


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ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS PURSUANT TO SECTION 15(b)(6) OF THE SECURITIES EXCHANGE ACT OF 1934, MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS

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)(6) of the Securities Exchange Act of 1934 ("Exchange Act") against Vivian Emily Hagen ("Respondent" or "Hagen").

II.

In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the "Offer") 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 her and the subject matter of these proceedings, and the findings contained in Sections III.2 and III.4 below, which are admitted, Respondent consents to the entry of this Order Instituting Administrative Proceedings Pursuant to Section 15(b)(6) 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 Respondent's Offer, the Commission finds that:

1. Hagen, age 60, resides in Weiser, Idaho. From December 6, 1993 to December 14, 1998, Hagen was a registered representative associated with The O.N. Equity Sales Company, which was a broker-dealer registered with the Commission (File No. 8-14161). From December 13, 2000 to January 13, 2001, Hagen was a registered representative associated with Marquette Financial Group, Inc., which was a broker-dealer registered with the Commission (File No. 8-44143).

2. On December 11, 2002, a final judgment was entered against Hagen, permanently enjoining her from future violations of the Idaho Securities Act, Title 30, Chapter 14, Idaho Code, including: selling or offering for sale nonexempt and unregistered securities in Idaho; selling or offering for sale nonexempt securities in Idaho until such time as Hagen has registered as a broker-dealer or salesperson for a broker-dealer or issuer; and committing fraud in connection with the offer, sale or purchase of securities in Idaho, in the civil action entitled State of Idaho, Department of Finance, Securities Bureau vs. Vivian Hagen, Case No. CV OC 0203036D, in the District Court of the Fourth Judicial District of the State of Idaho in and for the County of Ada.

3. The State of Idaho's complaint alleged that Hagen violated the salesperson registration and antifraud provisions of the Idaho Securities Act by making material misrepresentations to investors and by misappropriating and misusing at least $521,157 in investor funds.

4. On February 3, 2003, Hagen pled guilty to two counts of grand theft in violation of Idaho Code §§ 18-2403(1) and 18-2407(1)(b) before the District Court of the Fourth Judicial District of the State of Idaho in and for the County of Ada, in State of Idaho vs. Vivian Hagen, Case No. H0200637. On March 24, 2003, a judgment in the criminal case was entered against Hagen. She was sentenced to a prison term of 14 years and ordered to have no contact with her victims, inform all future employers of the charges against her, and not to work in any job that is investment related.

5. The counts of the criminal information to which Hagen pled guilty alleged, inter alia, that between May 1997 and September 2001, Hagen wrongfully took cash of a value in excess of $1,000 from three different investors with the intent to deprive those investors of their property.

IV.

In view of the foregoing, the Commission deems it appropriate and in the public interest to impose the sanctions specified in Respondent Hagen's Offer.

ACCORDINGLY, IT IS HEREBY ORDERED:

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

By the Commission.

Jonathan G. Katz
Secretary