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1
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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
TENDER PURCHASE AMERICAN UNION SHEPARD SHARES SECURITIES COMMISSION CEASE-AND-DESIST PROCEEDINGS MERIDIAN STOCK RESPONDENT INSTITUTING PURSUANT FINDINGS PRICE VIOLATION GREGORY OPEN MARKET COMMITTING IMPOSING HEREBY ILLINOIS PRESIDENT OWNER PARTIAL TENDER DUTCH AUCTION FORMAT TENDERING SHAREHOLDERS ELECT SELL PENDENCY |
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 43306 / September 20, 2000
ADMINISTRATIVE PROCEEDING
File No. 3-10290
In the Matter of
GREGORY M. SHEPHARD
Respondent.
ORDER INSTITUTING CEASE-AND-DESIST PROCEEDINGS PURSUANT TO SECTION 21C
OF THE SECURITIES EXCHANGE ACT OF 1934, MAKING FINDINGS AND IMPOSING A
CEASE-AND-DESIST ORDER
I.
The Securities and Exchange Commission ("Commission") deems it
appropriate that public cease-and-desist proceedings be, and hereby
are, instituted pursuant to Section 21C of the Securities Exchange Act
of 1934 ("Exchange Act") against Gregory M. Shepard ("Respondent").
II.
In anticipation of the institution of these cease-and-desist
Proceedings, Respondent has submitted an Offer of Settlement ("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 in which the Commission is a party, and without
admitting or denying the findings, Respondent consents to the entry of
this Order Instituting Cease-and-Desist Proceedings Pursuant to
Section 21C of the Securities Exchange Act of 1934, Making Findings,
and Imposing a Cease-and-Desist Order ("Order").
III.
On the basis of this Order and Respondent's Offer, the Commission
makes the following findings
1. Gregory M. Shepard, age 44, is a resident of Bloomington,
Illinois. Between 1992 and June 1999, Shepard was the President
and 50% owner of American Union Financial Corporation ("American
Union"), a privately held Illinois corporation. As President and
50% owner, Shepard participated in all of the investment decisions
on behalf of American Union described below.
2. In March 1999, Shepard issued a press release announcing that
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