Robert A. Magnan, et al.

Litigation Release No. 18287 / August 13, 2003

Default Judgment Entered against John Delprince and Old Dominion Securities, Inc.

Securities and Exchange Commission v. Robert A. Magnan, et al., Case No. 03-CV-321-T-27 (M.D. Fla., filed February 25, 2003).

The Securities and Exchange Commission (Commission) announced that on July 31, 2003, an Order of Default Judgment of Permanent Injunction and Other Relief (Default Judgment) was entered in the United States District Court for the Middle District of Florida against Defendants John DelPrince (DelPrince) and Old Dominion Securities, Inc. (Old Dominion).

On February 25, 2003, the Commission filed a civil action against, among others, DelPrince and Old Dominion in the civil action entitled Securities and Exchange Commission v. Robert A. Magnan, et al., Civil Action Number 8:03-CV-0321-T-27. The Complaint alleged that from at least July 2000 to December 2000, Old Dominion, aided and abetted by DelPrince, permitted Robert A. Magnan who had been barred by the Commission from association with any broker or dealer in 1995 to become and remain associated with Old Dominion.

The Default Judgment permanently enjoined Old Dominion from violating Section 15(b)(6)(B)(ii) of the Securities Exchange Act of 1934 (Exchange Act), which prohibits any broker or dealer from permitting any person barred by the Commission to become and remain associated with any broker or dealer without the consent of the Commission. The Default Judgment also enjoined DelPrince from aiding and abetting any violation of Section 15(b)(6)(B)(ii) of the Exchange Act. DelPrince and Old Dominion were further ordered to pay disgorgement and civil money penalties in an amount to be determined.