SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Litigation Release No. 15714 / April 21, 1998
Securities and Exchange Commission v. Atlantic Capital Corporation,
Wall Street Marketing, Inc., Pullman Publications, Inc., Stephen
DeCesare, Mark Missler, Patrick Kephart, Howard Jenkins, Scott
Mijares, Robert Thomas Beatty, Vincent St. Clair Beatty, Michael
Cardascia, David Scott Rossman, Adrian Wilson, Timothy B. Daley,
and
David M. Connochie (M.D. Fla.) No. 96-1043-CIV-ORL-19A
The Commission announced today that a stockbroker, previously
charged with receiving kickbacks in exchange for selling certain
securities to his clients, has settled the charges against him. On
September 27, 1996, the Commission filed a Complaint in U.S.
District
Court for the Middle District of Florida alleging that a group of
stock promoters engaged in an 18-month fraudulent scheme in which
they
paid $477,580 in kickbacks to seven stockbrokers to induce them to
retail certain securities to their customers. The Complaint
further
alleges that the stockbrokers defrauded their customers by failing
to
disclose to the customers that they were receiving these kickbacks.
The settling stock broker is Michael Cardascia, ("Cardascia"),
age 32, of Manhasset, New York. During the period Cardascia was
alleged to have received the illegal payments, he was employed by
Corporate Securities Group, Inc., a broker-dealer registered with
the
Commission.
Cardascia consented, without admitting or denying the
allegations
in the Complaint, to the issuance of a Final Judgment by Judge
Patricia C. Fawsett of the United States District Court for the
Middle
District of Florida enjoining him from future violations of Section
17(a) of the Securities Act of 1933 and Section 10(b) of the
Securities Exchange Act of 1934 and Rule 10b-5 -- the "antifraud"
provisions of the federal securities laws. The amount of any
disgorgement, prejudgment interest and civil penalties to be paid
by
Cardascia is yet to be determined.
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
Securities and Exchange Commission v. Atlantic Capital Corporation, Wall Street Marketing,
The Commission announced today that a stockbroker, previously charged with receiving
Court for the Middle District of Florida alleging that a group of stock promoters engaged in
The Complaint further alleges that the stockbrokers defrauded their customers by failing to
The settling stock broker is Michael Cardascia,, age 32, of Manhasset, New York.
District of Florida enjoining him from future violations of Section 17of the Securities Act
The amount of any disgorgement, prejudgment interest and civil penalties to be paid by
The Commission's litigation remains pending against three brokers and one stock promoter.
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