UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 34-40927 / January 11, 1999
ADMINISTRATIVE PROCEEDING
File No. 3-9803
___________________________________
:
In the Matter of : ORDER MAKING
FINDINGS : AND IMPOSING
CERTAIN MARKET MAKING : SANCTIONS AS TO
ACTIVITIES ON NASDAQ : SPEAR LEEDS &
: KELLOGG, L.P.,
: MICHAEL J. LING,
: JAMES P. MORRIS, JOHN
: J. QUIGLEY, AND ERIC
J.
: SCHERZER
___________________________________:
I.
In the accompanying Orders Instituting Proceedings
Pursuant to Sections 15(b) and 21C of the Securities
Exchange Act of 1934 and Findings of the Commission ("Order
Instituting Proceedings"), the Securities and Exchange
Commission ("Commission") instituted these public
administrative proceedings against Spear Leeds & Kellogg,
L.P., Michael J. Ling, James P. Morris, John J. Quigley, and
Eric J. Scherzer, and other firms and individuals.
Contemporaneously, Spear Leeds & Kellogg, L.P., Michael J.
Ling, James P. Morris, John J. Quigley, and Eric J. Scherzer
("Respondents") have submitted Offers of Settlement
("Offers") in anticipation of the institution of these
proceedings, which the Commission has determined to accept.
In their Offers, Respondents, solely for the purposes of
these proceedings and any other proceedings brought by or on
behalf of the Commission or to which the Commission is a
party, prior to a hearing pursuant to the Commission’s Rules
of Practice, and without admitting or denying the findings
herein, except for the findings of Section II.A., which are
admitted, have consented to the entry of the Order
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
ADMINISTRATIVE PROCEEDING
In the accompanying Orders Instituting Proceedings
Exchange Act of 1934 and Findings of the Commission ("Order
Eric J. Scherzer,
Contemporaneously, Spear Leeds & Kellogg, L.P., Michael J.
Ling, James P. Morris, John J. Quigley, and Eric J. Scherzer
Jersey and, at all relevant times, was a Nasdaq trader at
securities traded on the Nasdaq Stock Market.
15c1-2 and 15c2-7 thereunder, in one or more of the respects
Proceedings in a market making transaction or a related
g. the stock of E A Engineering Science Technology
Instituting Proceedings in violation of Section 15of
In 1994, Respondent Spear, Leeds & Kellogg, L.P.
from committing or causing any violation of,
and Exchange Commission, which shall be handdelivered or mailed to the Comptroller, Securities
money order or check, to be sent to Leonard W.
Commission staff or the Independent Consultant (as
procedures and practices relating to
Within three months of receiving recommendations
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