UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 34-40903 / 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 : SG COWEN SECURITIES
: CORPORATION
: KENNEDY M.
: BUCKLEY, DAVID D.
: DUBE, PETER M.
: GILFILLAN, JOHN P.
: MOTTES, AND
___________________________________: RICHARD S. STRIEFLER
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 SG Cowen Securities
Corporation, as successor to Cowen & Co., Kennedy M.
Buckley, David D. Dube, Peter M. Gilfillan, John P. Mottes,
Richard S. Striefler, and other firms and individuals.
Contemporaneously, SG Cowen Securities Corporation, Kennedy
M. Buckley, David D. Dube, Peter M. Gilfillan, John P.
Mottes, and Richard S. Striefler ("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
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
In the accompanying Order Instituting Proceedings
Exchange Act of 1934 and Findings of the Commission ("Order
Richard S. Striefler,
Contemporaneously, SG Cowen Securities Corporation, Kennedy
M. Buckley, David D. Dube, Peter M. Gilfillan, John P.
Mottes, and Richard S. Striefler have
New Jersey and, at all relevant times, was a Nasdaq trader
Undisclosed Arrangements to Coordinate Quotations
Proceedings in violation of Section 15of the Exchange
Act and Rule 15c2-7 thereunder,
prices or purchased DSPG stock from Cowen at artificially
binding on any person not a respondent in these proceedings.
and committing or causing any future violation
wire transfer in accordance with instructions
Postal money order, certified check, bank
Commission staff or the Independent Consultant (as
procedures and practices with a view to
Within three months of receiving recommendations
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