UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 34-40909 / 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 : HERZOG, HEINE,
: GEDULD, INC.,
: RONALD F. CULLEN, JR.
___________________________________: AND BRADLEY ZIPPER
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 Herzog, Heine, Geduld,
Inc.("Herzog"), Ronald F. Cullen , Jr. ("Cullen"), Bradley
Zipper ("Zipper"), and others firms and individuals.
Contemporaneously, Herzog, Cullen, and Zipper
("Respondents") have submitted their 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 Herzog, Heine, Geduld, Inc., Ronald
F. Cullen, Jr. and Bradley Zipper (which are hereinafter
referred to as the "Orders").
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
ADMINISTRATIVE PROCEEDING
___________________________________: AND BRADLEY ZIPPER
In the accompanying Order Instituting Proceedings
Exchange Act of 1934 and Findings of the Commission ("Order
Zipper, and others firms and individuals.
Contemporaneously, Herzog, Cullen, and Zipper
and in the public interest to accept the Respondents’ Offers
securities traded in the Nasdaq market.
at all relevant times, was a Nasdaq trader at Herzog.
markets in certain securities traded on the Nasdaq Stock
1994, respondents PaineWebber and Herzog, and certain Nasdaq
to create prices favorable to PaineWebber and detrimental to
for DSPG stock and its price rose 15% on August 17,
coordinate Herzog’s quotations and trading activities in the
customers or other market participants.
the buy on close orders by coordinating PaineWebber’s
Rules 15c1-2 and 15c2-7 thereunder.
Proceedings in violation of Section 15of the Exchange
in a market making
in a market making transaction or a related series of market
cashier’s check, or bank money order, made payable
Independent Consultant,
procedures and practices relating to
may recommend changes in or additions to Herzog’s
months after receiving the recommendations of the
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