UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 34-40921 / January 11, 1999
ADMINISTRATIVE PROCEEDING
File No. 3-9803
____________________________
:
In the Matter of : ORDER MAKING FINDINGS AND
: IMPOSING SANCTIONS AS TO
CERTAIN MARKET MAKING : PRUDENTIAL SECURITIES INC.,
ACTIVITIES ON NASDAQ : MICHAEL T. BURKE, JR., JOSEPH G.
: CANDELA AND ROBERT D. SPROTTE
:
____________________________:
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 Prudential Securities
Inc., Michael T. Burke, Jr., Joseph G. Candela, Robert D.
Sprotte, and other firms and individuals.
Contemporaneously, Prudential Securities Inc., Michael T.
Burke, Jr., Joseph G. Candela, and Robert D. Sprotte
("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 Prudential Securities Inc., Michael
T. Burke, Jr., Joseph G. Candela, and Robert D. Sprotte
(which are hereinafter referred to as the "Orders").
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 Prudential Securities
Sprotte,
Contemporaneously, Prudential Securities Inc., Michael T.
Burke, Jr., Joseph G. Candela, and Robert D. Sprotte
Jersey and, at all relevant times, was a Nasdaq trader at
As a Nasdaq trader, Michael T.
securities traded on the Nasdaq Stock Market.
respondent in these proceedings.
15c1-2 and 15c2-7 thereunder, in one or more of the respects
Proceedings in a market making transaction or a related
Instituting Proceedings in violation of Section 15of
from committing or causing any violation of,
money order or check, to be sent to Leonard W.
Commission staff or the Independent Consultant (as
procedures and practices relating to
she may recommend changes in or additions to
Within three months of receiving recommendations
penalty in the amount of $30,000 by wire transfer
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