UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES ACT OF 1933
Release No. 7630 / January 14, 1999
ADMINISTRATIVE PROCEEDING
File No. 3-9810
-----------------------------------------------------------------
________________________
: ORDER INSTITUTING A PUBLIC
In the Matter of : CEASE-AND-DESIST
PROCEEDING
: PURSUANT TO SECTION 8A OF
THE
Leifer Capital, Inc., : SECURITIES ACT OF 1933,
MAKING
Jeffrey Leifer, and : FINDINGS, AND IMPOSING
CEASE-
David Leifer, : AND-DESIST ORDER
:
Respondents. :
________________________:
I.
The Securities and Exchange Commission ("Commission") deems
it appropriate that a public cease-and-desist proceeding be and
hereby is instituted pursuant to Section 8A of the Securities Act
of 1933 ("Securities Act") against Leifer Capital, Inc. ("Leifer
Capital"), Jeffrey Leifer, and David Leifer (collectively, the
"Leifers").
I.
In anticipation of the institution of this proceeding, the
Leifers have submitted Offers of Settlement, which the Commission
has determined to accept. Solely for the purpose of this
proceeding 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 that
the Leifers admit the jurisdiction of the Commission over them
and over the subject matter of this proceeding, the Leifers, by
their Offers of Settlement, consent to the entry of this Order
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
ADMINISTRATIVE PROCEEDING
The Securities and Exchange Commission deems it appropriate that a public cease-and-desist
In anticipation of the institution of this proceeding, the Leifers have submitted Offers of
Solely for the purpose of this proceeding and any other proceedings brought by or on behalf
Securities Act of 1933, Making Findings, and Imposing Cease-and-Desist Order and to the entry of
Inc. is a California corporation and was the issuers’ Financial and Marketing Specialist for
Jeffrey Leifer, since 1989, has been the sole owner and President of Leifer Capital.
Jeffrey Leifer, with his brother David Leifer, represented Leifer Capital in the Note
The Official Statements for the Note Offerings, which the Leifers participated in drafting,
Accurate and complete disclosure about the Pools was material to investors because these
The Orange County Investment Pools
From at least April 1992 until December 1994, the Treasurer’s investment strategy for the
Most of the Pools’ derivative securities were inverse floaters, which paid interest rates
:/ Orange County, the Flood Control District, and related parties previously settled
Orange County, the Flood Control District, and Placentia USD raised $750 million through
The Official Statements for these offerings represented that: the County would pledge certain
issued and lawfully available for repayment of the notes.
The County issued $169 million in TRANs on July 5, 1994, described in an Official Statement
Orange County conducted two offerings of Teeter Notes.
The disclosure in the Official Statements regarding the risks of the Pools’ investment
The Official Statement for the Prior Offering contained disclosure regarding the issuer’s
|
