UNITED STATES OF AMERICA
In the Matter of
Louis B. Lloyd,
|ORDER INSTITUTING PUBLICADMINISTRATIVE PROCEEDINGS PURSUANTTO SECTION 15(b) OF THE SECURITIES EXCHANGE ACT OF 1934, 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") against Louis B. Lloyd ("Lloyd" or "Respondent").
In anticipation of the institution of these proceedings, Lloyd has submitted an Offer of Settlement ("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 any of the findings contained herein, except as to the Commission's jurisdiction over him and the subject matter of these proceedings, and the findings contained in Section III.C. below, which are admitted, Lloyd consents to the entry of this Order Instituting Public Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions ("Order"), as set forth below.
On the basis of this Order and the Offer submitted by Respondent Lloyd, the Commission finds that:
A. Lloyd, age 60, is a resident of New York, New York, and, at all relevant times, was associated as a principal and registered representative of Belfinance Securities, Inc., a broker-dealer registered with the Commission.
B. On October 1, 2003, the Commission filed a complaint in the United States District Court for the Southern District of Florida captioned SEC v. Louis Lloyd, et al., Civil Action No. 03-14288-CIV-MARTINEZ (S.D.Fla.), alleging, among other things, that Lloyd engaged in insider trading in violation of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder in connection with transactions in the securities of NetOptix, Corp. ("NetOptix").
C. On October 3, 2003, a Final Judgment of Permanent Injunction and Other Relief was entered against Lloyd. The Final Judgment permanently enjoined Lloyd from violating Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. Lloyd consented to the entry of the Final Judgment without admitting or denying the allegations contained in the Commission's Complaint.
In view of the foregoing, the Commission deems it appropriate and in the public interest to impose the sanctions specified in the Offer submitted by Respondent Lloyd.
Pursuant to Section 15(b)(6) of the Exchange Act that Respondent Lloyd be, and hereby is, barred from association with any broker or dealer, with the right to reapply for association after three years to the appropriate self-regulatory organization, or if there is none, to the Commission. 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.
|Home | Previous Page||