UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 17655 / August 2, 2002
Securities and Exchange Commission v. James Vincent O'Brien and Traders Access Center, Inc., Civil Action Number 1:02-CV-2117 (N.D. Ga.)
SEC CHARGES GEORGIA COMPANY AND ITS CONTROLLER WITH OPERATING AS AN UNREGISTERED BROKER
On July 31, 2002, the Securities and Exchange Commission filed a complaint in the Northern District of Georgia against James Vincent O'Brien and Traders Access Center, Inc., alleging violations of the broker-dealer registration provisions of the federal securities laws from December 1998 through August 1999. Traders Access Center, an Atlanta-based trainer in day trading techniques and reseller of NASDAQ market data, acted as an unregistered broker and received $1.3 million in commissions on securities transactions earned by a representative of a California-based broker-dealer. The complaint also alleged that James Vincent O'Brien, the father of the representative, controlled and directed the activities of Traders Access Center during the relevant time period and is liable as a controlling person for the violations by the Company. James O'Brien has a disciplinary history, having been barred from association with any broker or dealer by the Commission in 1977. The Commission's complaint seeks injunctive relief, disgorgement of the improperly gained commissions and prejudgment interest thereon, civil penalties and an order from the court directing James O'Brien to comply with the Commission's 1977 order barring him from association with any broker or dealer. The Commission wishes to acknowledge the assistance of the National Association of Securities Dealers Regulation, Inc., in this matter.