SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 17096 \ August 8, 2001
Securities and Exchange Commission v. Daniel L. Zessinger, Civil Action No. 4:01-CV-01222DJS (E.D.M. August 2, 2001)
The Securities and Exchange Commission announced today that a complaint seeking an order under Section 21(e) of the Securities Exchange Act of 1934 ("Exchange Act") was filed by the Commission on August 2, 2001, in the United States District Court for the Eastern District of Missouri against defendant Daniel L. Zessinger ("Zessinger").
On October 8, 1996, the Commission issued an order making final the Initial Decision in the administrative proceeding In the Matter of Daniel L. Zessinger, Administrative Proceeding File No. 3-8838, pursuant to Section 8A of the Securities Act of 1933 ("Securities Act"), and Sections 15(b), 19(h) and 21C of the Exchange Act. The Initial Decision found that Zessinger, a registered representative of Prudential Securities, Inc. , violated the antifraud provisions of the federal securities laws by churning the accounts of his customers, and engaging in misconduct regarding the account of an elderly widow. Zessinger was ordered to pay disgorgement of $19,340 and prejudgment interest of $7,652, with continued interest accrual. He was also ordered to pay a civil penalty of $100,000. Zessinger has not paid any of the required payments.
The complaint seeks to have an order issued pursuant to Section 21(e) of the Exchange Act, requiring Zessinger to comply with the Commission's order to pay these amounts.