UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 34-40917 / 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 : OLDE DISCOUNT CORP.,
: JACK G. MONOPOLI,
: FRANK W. SCHWARZ,
: III, AND JOHN F.
___________________________________: WATSON, 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 Olde Discount Corp., Jack
G. Monopoli, Frank W. Schwarz, III, and John F. Watson, Jr.
and other firms and individuals. Contemporaneously, Olde
Discount Corp., Jack G. Monopoli, Frank W. Schwarz, III, and
John F. Watson, 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 Olde Discount
Corp., Jack G. Monopoli, Frank W. Schwarz, III, and John F.
Watson, Jr. (which are hereinafter referred to as the
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
ADMINISTRATIVE PROCEEDING
___________________________________: WATSON, JR.
In the accompanying Order Instituting Proceedings
Exchange Act of 1934 and Findings of the Commission ("Order
administrative proceedings against Olde Discount Corp., Jack
G. Monopoli, Frank W. Schwarz, III, and John F. Watson, Jr.
John F. Watson, Jr.
Making Findings and Imposing Sanctions as to Olde Discount
California and, at all relevant times, was a Nasdaq trader
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
24, 1994, aided and abetted by its trader Jack G.
Instituting Proceedings in violation of Section 15of
committing or causing any future violation of
Commission staff, or by U.S. Postal money order,
Olde Discount Corp. as a Respondent in these
Independent Consultant,
practices with a view to determining if they would
such recommended changes or additions in a timely
Within three months of receiving recommendations
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