UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Securities Exchange Act of 1934
Release No. 49923 / June 28, 2004
Administrative Proceeding File No. 3-11529
Administrative Proceedings Instituted Against Frederick W. Wall
The Commission instituted administrative proceedings against Frederick W. Wall based upon his criminal conviction.
The Division of Enforcement alleges in the order that on December 11, 2000, Wall pleaded guilty to one count of conspiracy to commit securities fraud, mail fraud and wire fraud before the United States District Court for the Southern District of New York. The count of the indictment to which Wall pleaded guilty alleged, among other things, that Wall conspired to commit securities fraud in connection with a series of fraudulent offerings conducted through First Fidelity Investment Management and First Fidelity Equities, unregistered broker-dealers. On July 27, 2001, a judgment in a criminal case was entered against Wall. He was sentenced to a prison term of 30 months followed by three years of supervised release and ordered to make restitution in the amount of $500,000.
A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the order are true, to provide the respondent an opportunity to dispute these allegations, and to determine what remedial sanctions, if any, are appropriate and in the public interest. The Commission directed that the Administrative Law Judge issue an initial decision no later than 210 days from the date of service of the order, pursuant to Rule 360(a)(2) of the Commission=s Rules of Practice.
See also the Order in this matter