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1
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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
ACT NASDAQ EXCHANGE ACT STOCK COMMISSION TRANSACTIONS MARKET NASDAQ SYMBOL INDEPENDENT CONSULTANT SECURITIES ADVISERS ACT VIOLATION ADVISORY CLIENTS INSTITUTING PRACTICES RESPONDENT TRADING POLICIES ACCOUNTS REASON PURSUANT FIRM INVESTMENT ADVISERS FINDINGS CUSTOMERS RECOMMENDATIONS RELATED SERIES INDIRECT AMOUNT |
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 34-40912 / January 11, 1999
INVESTMENT ADVISERS ACT OF 1940
Release No. IA-1781
ADMINISTRATIVE PROCEEDING
File No. 3-9803
___________________________________
:
In the Matter of : ORDER INSTITUTING
: PROCEEDINGS PURSUANT TO
CERTAIN MARKET MAKING : SECTION 203(k) OF THE
ACTIVITIES ON NASDAQ : INVESTMENT ADVISERS
ACT
: OF 1940 AND MAKING
FINDINGS
: AND IMPOSING SANCTIONS
AS
: TO LEGG MASON WOOD
: WALKER, INCORPORATED
___________________________________:
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 Legg Mason Wood Walker,
Incorporated, and other firms and individuals. In addition,
the Commission deems it appropriate and in the public
interest that these public administrative proceedings be,
and they hereby are, instituted pursuant to Section 203(k)
of the Investment Advisers Act of 1940 ("Advisers Act")
against Legg Mason Wood Walker, Incorporated.
Contemporaneously, Legg Mason Wood Walker, Incorporated
("Respondent" or "Legg Mason") has submitted an Offer of
Settlement ("Offer") in anticipation of the institution of
these proceedings, which the Commission has determined to
accept. In its Offer, Respondent, solely for the purposes
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