UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 34-40925 / 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 : SALOMON SMITH
: BARNEY INC., GLENN Y.
: BLITZER, BARRY J.
: DUSTI, AND GEORGE
___________________________________: C. ROSS, JR.
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 Salomon Smith Barney Inc.
("Salomon Smith Barney" or "Respondent"), as successor to
Smith Barney Inc. ("Smith Barney"), Glenn Y. Blitzer, Barry
J. Dusti, and George C. Ross, Jr., and other firms and
individuals. Contemporaneously, Salomon Smith Barney Inc.,
Glenn Y. Blitzer, Barry J. Dusti, and George C. Ross, Jr.,
("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 Salomon Smith Barney Inc., Glenn Y.
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
ADMINISTRATIVE PROCEEDING
___________________________________: C. ROSS, JR.
In the accompanying Order Instituting Proceedings
Exchange Act of 1934 and Findings of the Commission ("Order
administrative proceedings against Salomon Smith Barney Inc.
Smith Barney Inc., Glenn Y. Blitzer, Barry
Glenn Y. Blitzer, Barry J. Dusti, and George C. Ross, Jr.,
have submitted Offers of Settlement
Salomon Smith Barney is the successor
and, at all relevant times, was a Nasdaq trader at Smith
on the Nasdaq Stock Market.
aided and abetted by its trader Barry J. Dusti;
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
committing or causing any future violation of
bank money order,
Salomon Smith Barney as a Respondent in these
independent consultant appointed by the Commission
practices with a view to determining if they would
Within three months of receiving recommendations
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