UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Securities Exchange Act of 1934
Release No. 48350 / August 15, 2003
File No. 3-11223
ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST JOHN DELPRINCE
The Securities and Exchange Commission ("Commission") announced today that it instituted public administrative proceedings against John DelPrince ("DelPrince"). The Division of Enforcement alleges that on February 25, 2003, the Commission filed a civil action entitled Securities and Exchange Commission v. Robert A. Magnan, et al., Civil Action Number 8:03-CV-0321-T-27, against DelPrince, president and majority shareholder of Old Dominion Securities, Inc., ("Old Dominion"), a broker-dealer registered with the Commission, and others ("Complaint"). The Complaint alleged, among other things, that Old Dominion, aided and abetted by DelPrince, permitted an individual barred by the Commission from association with any broker or dealer to become and remain associated with Old Dominion.
An Order of Default Judgment of Permanent Injunction was entered against DelPrince on July 31, 2003 ("Default Judgment"). The Default Judgment permanently enjoined DelPrince from aiding and abetting any violation of Section 15(b)(6)(B)(ii) of the Securities Exchange Act of 1934, which prohibits broker-dealers from permitting an individual barred by the Commission from association with any broker or dealer to become and remain associated with any broker or dealer without the consent of the Commission.
A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order Instituting Proceedings are true, to provide DelPrince an opportunity to dispute these allegations, and to determine what, if any, remedial sanctions should be imposed against DelPrince.