UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 34-40926 / 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 : SHERWOOD SECURITIES
: CORP., BRIAN J. DEEGAN,
: RICHARD M. MARINO,
: EDWARD G. SCHMITZ, AND
: DAVID M. ZITMAN
______________________________:
I.
In the accompanying Order 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 Sherwood Securities Corp.
("Sherwood"), Brian J. Deegan ("Deegan"), Richard M. Marino
("Marino"), Edward G. Schmitz ("Schmitz"), David M. Zitman
("Zitman"), and other firms and individuals.
Contemporaneously, Sherwood, Deegan, Marino, Schmitz and
Zitman ("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
Instituting Proceedings and this Order Making Findings and
Imposing Sanctions as to Sherwood Securities Corp., Brian J.
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
ADMINISTRATIVE PROCEEDING
In the accompanying Order Instituting Proceedings
Exchange Act of 1934 and Findings of the Commission ("Order
administrative proceedings against Sherwood Securities Corp.
, Brian J. Deegan, Richard M. Marino
, Edward G. Schmitz, David M. Zitman
Zitman have submitted Offers of Settlement
New Jersey and, at all relevant times, was a Nasdaq trader
Stock Market.
Proceedings in violation of Section 15of the Exchange
Act and Rule 15c2-7 thereunder, in a market making
transaction or related series of market making transactions
Sherwood shall cease and desist from committing or
Commission staff, or by U.S. Postal money order,
Independent Consultant,
procedures and practices relating to
Within three months of receiving recommendations
of Sherwood and the other respondent firms subject
cashier’s check, or bank money order, made payable
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