UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 43373 / September 28, 2000
ADMINISTRATIVE PROCEEDING
File No. 3-10320
In the Matter of
Richard J. Fulcher,
Thomas J. Dolan, Walter
G. Lapp, and Lawrence E.
Seppanen
Respondents.
ORDER INSTITUTING PROCEEDINGS, MAKING FINDINGS AND IMPOSING REMEDIAL
SANCTIONS PURSUANT TO SECTIONS 15(b) AND 19(h) OF THE SECURITIES
EXCHANGE ACT
I.
The Securities and Exchange Commission (the "Commission") deems it
appropriate in the public interest and for the protection of investors
that an administrative proceedings be instituted pursuant to Sections
15(b) and 19(h) of the Securities Exchange Act of 1934 ("Exchange
Act") against Richard J. Fulcher, Thomas J. Dolan, Walter G. Lapp, and
Lawrence E. Seppanen ("respondents")
In anticipation of the institution of these administrative
proceedings, respondents have each submitted an Offer of Settlement
(the "Offer") which the Commission has determined to accept. Solely
for the purpose of these proceedings, and any other proceedings
brought by or on behalf of the Commission, or to which the Commission
is a party, and without admitting or denying the findings contained
herein, except as to the jurisdiction of the Commission over them and
the subject matter of these proceedings and the entry of the permanent
injunctions as described in paragraph II.G, below, which they admit,
each respondent consents to the entry of this Order Instituting
Administrative Proceedings, Making Findings and Imposing Remedial
Sanctions pursuant to Sections 15(b) and 19(h) of the Securities
Exchange Act of 1934 ("Order").
Accordingly, IT IS HEREBY ORDERED that public administrative
proceedings be, and hereby are, instituted against respondents
pursuant to Sections 15(b) and 19(h) of the Exchange Act.
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
ORDER INSTITUTING PROCEEDINGS, MAKING FINDINGS AND IMPOSING REMEDIAL
SANCTIONS PURSUANT TO SECTIONS 15AND 19OF THE SECURITIES
In anticipation of the institution of these administrative proceedings, respondents have each
Solely for the purpose of these proceedings, and any other proceedings brought by or on
tive Proceedings, Making Findings and Imposing Remedial
Sanctions pursuant to Sections 15and 19of the Securities Exchange Act of 1934.
Accordingly, IT IS HEREBY ORDERED that public administrative proceedings be, and hereby are,
Fulcher, age 38 and a resident of Mosley, Virginia, was, from at least April 1995 through
Dolan, age 47 and a resident of Northport, New York, was, from at least October 1993 through
Lapp, age 59 and a resident of Hamilton, New Jersey, was, from at least December 1987 through
On September 17, 1998, the Commission filed a Complaint, amended on April 28, 1999, in the
the Complaint alleged that each respondent violated Sections 5and 5of the Securities Act by
Specifically, the Commission alleged that during the period from September 1997 to the filing
rivate Pool to at least 5 investors; and Seppanen sold at least $437,000 of unregistered securities
In addition, each respondent falsely informed investors that their funds would be invested in
fNew York; and distributed materials falsely describing the purported investment and purported
Final judgments of permanent injunction were entered by the United States District Court for
In addition, the judgment entered against respondent Fulcher orders him to pay $660,533, plus
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