U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 17449 / April 1, 2002
SECURITIES AND EXCHANGE COMMISSION v. STEPHEN J. FISCHER, Civil Action No. 01- 10261 GAF (FMOx) (C.D. Cal.)
On March 21, 2002, United States District Judge Gary A. Feess of the Central District Court in California entered an injunction against Stephen J. Fischer ("Fischer") granting the Commission's motion for Summary Judgment. The injunction enforces an order issued against Fischer by the Commission in an administrative proceeding in which Fischer was a respondent. Specifically, on April 18, 2001, Fischer was ordered, among other things, to pay a $5,000 civil penalty in a proceeding in which it was alleged that he submitted false bid and ask quotes for The L.L. Knickerbocker Co., Inc. stock in violation of Section 15(c)(2) of the Securities Exchange Act of 1934 and Rule 15c2-7 thereunder. In the Matter of Shamrock Partners, Ltd., James T. Kelly, John R. Doyle and Stephen J. Fischer, Admin. Pro. File No. 3-10344 (April 18, 2001). Even though Fischer consented to the issuance of the order by the Commission, he failed to pay the $5,000 civil penalty. Accordingly, the Commission filed the District Court action seeking that Fischer be ordered to comply with the Commission's order.
For additional information, see Litigation Release No. 15827 (July 30, 1998).