U.S. Securities & Exchange Commission
SEC Seal
Home | Previous Page
U.S. Securities and Exchange Commission

UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

Securities Exchange Act of 1934
Release No. 48090 / June 26, 2003

Investment Advisers Act of 1940
Release No. 2140 / June 26, 2003

Administrative Proceeding
File No. 3-11168



In the Matter of
 
MICHAEL T. MULLIGAN
 
Respondent
 


:
:
:
:
:
:
:
:

ORDER INSTITUTING PROCEEDINGS, MAKING FINDINGS AND IMPOSING REMEDIAL SANCTIONS PURSUANT TO SECTIONS 15(b) OF THE SECURITIES EXCHANGE ACT OF 1934 AND SECTION 203(f) OF THE INVESTMENT ADVISERS ACT OF 1940

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") and Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Michael T. Mulligan ("Mulligan").

II.

In anticipation of the institution of these proceedings, Mulligan 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 entry of the injunction and conviction set forth in paragraph III.2 and III. 3, which are admitted, and except as to the Commission's jurisdiction over them and the subject matter of these proceedings, and the findings contained in Section III below, which are admitted, Mulligan consents to the entry of this Order Instituting Proceedings, Making Findings and Imposing Remedial Sanctions Pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Order") and Section 203(f) of the Investment Advisers Act of 1940, as set forth below.

III.

On the basis of this Order and Mulligan's Offer, the Commission finds that:

  1. From 1982 to January 24, 2003, Mulligan was a registered representative for a broker-dealer and investment adviser.
     
  2. On February 5, 2003, in the case of United States of America v. Michael T. Mulligan, Criminal No. 03CR32, the United States District for the District of Minnesota, accepted Mulligan's plea of guilty and entered a conviction against Mulligan for violating Section 10(b) of the Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Mulligan admitted that in early 1998, Mulligan traded in securities based on material, nonpublic information relating to a Minneapolis company. Mulligan agreed in his criminal plea to pay a total of $1.25 million in financial sanctions.
     
  3. On May 23, 2003, in the case of SEC v. Michael T. Mulligan, (Case No. 03-3231 RHK/AJB), the United States District Judge for the District of Minnesota, entered an Order of Permanent Injunction against Mulligan, pursuant to his consent and without Mulligan admitting or denying the allegations in the Commission's Complaint, except as to personal and subject matter jurisdiction which he admitted, enjoining Mulligan from violating Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder. The complaint alleged that in early 1998, Mulligan engaged in a scheme to trade securities while in possession of material, nonpublic information related to a Minneapolis company.

IV.

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

Accordingly, IT IS HEREBY ORDERED that Respondent Michael T. Mulligan be, and hereby is, barred from association with any broker, dealer or investment adviser.

For the Commission, by its Secretary, pursuant to delegated authority.

 

Jonathan G. Katz
Secretary

 

http://www.sec.gov/litigation/admin/34-48090.htm


Modified: 06/26/2003