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U.S. SECURITIES & EXCHANGE COMMISSION

Litigation Release No. 17928 / January 13, 2003

Securities and Exchange Commission v. Sandra K. Simpson and Daphne Ann Pattee, Civil Action No. 03-70125, United States District Court for the Eastern District of Michigan (filed January 9, 2001)

The Securities and Exchange Commission announced that on January 9, 2003, it filed an Application for an Order Directing Compliance With an Order of the Securities and Exchange Commission in the United States District Court for the Eastern District of Michigan. The defendants in this action, Sandra K. Simpson and Daphne Ann Pattee, were formerly associated with the Flint, Michigan office of Prudential Securities, Inc. In its May 14, 2002 Opinion and Order Imposing Remedial Sanctions and Notice of Finality, the Commission found, among other things, that Simpson and Pattee defrauded a number of their elderly and unsophisticated brokerage customers and wrongfully profited from their fraudulent scheme. The Commission's Application alleges that the defendants, Simpson and Pattee, failed to comply with the terms of the Commission's May 14, 2002 Opinion and Order, which, among other things, required that: (a) Simpson and Pattee jointly and severally pay disgorgement in the amount of $33,769.21, plus prejudgment interest, (b) Simpson pay a $100,000 civil penalty; and (c) Pattee pay a $50,000 civil penalty. In this action, the Commission seeks a federal district court order requiring Simpson and Pattee to comply with the Commission's Order.

 

http://www.sec.gov/litigation/litreleases/lr17928.htm


Modified: 01/14/2003