Michael Puorro, Walter Dorow, James C. Parrish, Geoffrey W. Gazda, Melvin L. Levine, Michael T. Reiter, Bruce Bertman, Jerry Poole, and Larry W. Kerschenbaum Brenda P. Murray, Administrative Law Judge

The Commission entered an Order Instituting Public Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Order") against Michael Puorro, Walter Dorow, James C. Parrish, Geoffrey W. Gazda, Melvin L. Levine, Michael T. Reiter, Bruce Bertman, Jerry Poole and Larry Kerschenbaum (collectively, "the Respondents"). The Order alleges that each of the Respondents have been criminally convicted of violating the federal securities laws.

A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide the Respondents an opportunity to dispute these allegations, and to determine what remedial sanctions, if any, are appropriate and in the public interest.

The Order requires the Administrative Law Judge to issue an initial decision no later than 210 days from the date of service of this Order, pursuant to Rule 360(a)(2) of the Commission's Rules of Practice.