SECURITIES EXCHANGE ACT OF 1934
Release No. 50207 / August 17, 2004

Admin. Proc. File No. 3-11589

IN THE MATTER OF ALFRED J. FLORES

The Securities and Exchange Commission announced today that it issued an Order Instituting Public Administrative Proceedings and Notice of Hearing Pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Exchange Act") against Alfred J. Flores ("Flores"). In the Order, the Division of Enforcement alleges that recently, after granting the Commission's motion for summary judgment and default judgment, the United States District Court of the Southern District of New York issued a permanent injunction against Flores. In the injunctive action, the Commission alleged that Flores engaged in a scheme to manipulate the stock of Uniprime Capital Acceptance, Inc.

The district court found that Flores violated Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Exchange Act, and Rule 10b-5 thereunder. As a result of its findings, the Court permanently enjoined Flores from future violations of the antifraud provisions of the securities laws, ordered Flores to disgorge to the Commission, within ten business days, ill-gotten gains totaling $11,000 plus pre-judgment interest from June 16, 1999 through March 4, 2004, ordered Flores to immediately disgorge 200,000 shares of restricted stock that he received in the offering, ordered Flores to pay the maximum allowable civil penalty of $110,000, and permanently barred Flores from serving as an officer or director of any public company. SEC v. Uniprime Capital Acceptance, Inc. and Alfred J. Flores, 99 Civ. 8885 (S.D.N.Y.) (SWK).

A hearing will be convened by an administrative law judge to determine whether the allegations in the Order are true and what, if any, remedial sanctions against Flores are appropriate in the public interest pursuant to Section 15(b) of the Exchange Act, including a penny stock bar.

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.

See also the Order in this matter