UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 34-40919 / January 11, 1999
ADMINISTRATIVE PROCEEDING
File No. 3-9803
______________________________
:
In the Matter of : ORDER MAKING FINDINGS
: AND IMPOSING SANCTIONS
CERTAIN MARKET MAKING : AS TO PAINEWEBBER INC.,
ACTIVITIES ON NASDAQ : RICHARD A. BRUNO, PETER F.
: COMAS, ROBERT D. COPPOLA,
: GERARD KANE, JOSEPH J.
: PALMA, ARTHUR A. RAIOLA,
: JOSEPH H. RAIOLA, AND
: REUBEN G. TAUB
______________________________:
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 PaineWebber Inc., former
PaineWebber employees Richard A. Bruno, Peter F. Comas,
Robert D. Coppola, Gerard Kane, Joseph J. Palma, Arthur A.
Raiola, Joseph H. Raiola, and Reuben G. Taub, and other
firms and individuals. Contemporaneously, PaineWebber Inc.,
Richard A. Bruno, Peter F. Comas, Robert D. Coppola, Gerard
Kane, Joseph J. Palma, Arthur A. Raiola, Joseph H. Raiola,
and Reuben G. Taub ("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
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
In the accompanying Order Instituting Proceedings
Exchange Act of 1934 and Findings of the Commission ("Order
administrative proceedings against PaineWebber Inc.,
PaineWebber employees Richard A. Bruno, Peter F. Comas,
Robert D. Coppola, Gerard Kane, Joseph J. Palma, Arthur A.
Raiola, Joseph H. Raiola, and Reuben G. Taub, and other
on the New York Stock Exchange and the Pacific Stock
at all relevant times was the head Nasdaq trader
As the head Nasdaq trader,
PaineWebber Inc.’s customers.
respondent in these proceedings.
Order Instituting Proceedings in violation of Section
15of the Exchange Act and Rule 15c2-7 thereunder,
purchased DSPG stock from PaineWebber at artificially high
Improper Market Maker Coordination in DSPG Trading
committing or causing any future violation of
Commission staff, or by U.S. Postal money order,
Independent Consultant,
Within three months of receiving recommendations
|
