UNITED STATES OF AMERICA
| ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS PURSUANT TO SECTION 15(b) OF THE SECURITIES EXCHANGE ACT OF 1934 AND SECTION 203(f) OF THE INVESTMENT ADVISERS ACT OF 1940, MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS|
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 Paul A. Gianamore ("Gianamore" or "Respondent").
In anticipation of the institution of these proceedings, Gianamore 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 him and the subject matter of these proceedings, and the findings contained in Section III.3 below, which are admitted, Gianamore consents to the entry of this Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions ("Order"), as set forth below.
On the basis of this Order and Gianamore's Offer, the Commission finds that:
From October 1999 until April 2001, Gianamore was a financial analyst with Credit Suisse First Boston Corporation ("CSFB"), an entity registered with the Commission as an investment adviser and broker-dealer.
Gianamore, age 26, is a resident of Chicago, Illinois.
On August 21, 2003, a final judgment was entered by consent against Gianamore, permanently enjoining him from future violations of Sections 10(b) and 14(e) of the Exchange Act and Rules 10b-5 and 14e-3 promulgated thereunder, in the civil action entitled SEC v. Evans et al., Civil Action No. 1:02-CV-005829, in the United States District Court for the Northern District of Illinois.
The Commission's complaint in the civil action alleged that from at least December 1999 through August 2000, Gianamore tipped his friend Ryan D. Evans ("Evans") with material, nonpublic information regarding several publicly traded companies. The Commission's complaint alleged that certain of these tips related to tender offers. The Commission's complaint also alleged Evans traded in the securities of these companies while in possession of this material, nonpublic information.
In view of the foregoing, the Commission deems it appropriate and in the public interest to impose the sanctions specified in Respondent Gianamore's Offer.
ACCORDINGLY, IT IS HEREBY ORDERED:
Pursuant to Section 15(b)(6) of the Exchange Act and Section 203(f) of the Advisers Act, that Respondent Gianamore be, and hereby is barred from association with any broker, dealer or investment adviser;
Any reapplication for association by the Respondent will be subject to the applicable laws and regulations governing the reentry process, and reentry may be conditioned upon a number of factors, including, but not limited to, the satisfaction of any or all of the following: (a) any disgorgement ordered against the Respondent, whether or not the Commission has fully or partially waived payment of such disgorgement; (b) any arbitration award related to the conduct that served as the basis for the Commission order; (c) any self-regulatory organization arbitration award to a customer, whether or not related to the conduct that served as the basis for the Commission order; and (d) any restitution order by a self-regulatory organization, whether or not related to the conduct that served as the basis for the Commission order.
By the Commission.
Jonathan G. Katz
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