UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 34-40901 / 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 : BEAR, STEARNS & CO.,
INC.
: AND PHILIP D. ZEIFER
:
:
___________________________________:
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 Bear, Stearns & Co., Inc.
and Philip D. Zeifer, and other firms and individuals.
Contemporaneously, Bear, Stearns & Co., Inc. and Philip D.
Zeifer ("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 Bear, Stearns & Co., Inc. and
Philip D. Zeifer (which are hereinafter referred to as the
"Orders").
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
Pursuant to Sections 15and 21C of the Securities
Exchange Act of 1934 and Findings of the Commission ("Order
Instituting Proceedings"), the Securities and Exchange
and other firms and individuals.
Contemporaneously, Bear, Stearns & Co., Inc. and Philip D.
Zeifer have submitted Offers of Settlement
have consented to the entry of the Order
and in the public interest to accept the Respondents’ Offers
Bear, Stearns & Co., Inc. traded Nasdaq
at all relevant times, was a Nasdaq trader at Bear, Stearns
on the Nasdaq Stock Market.
15c1-2 and 15c2-7 thereunder, in one or more of the respects
Instituting Proceedings in violation of Section 15of
the stock of Bank South Corp. on August
By reason of the foregoing, Bear, Stearns & Co., Inc.
bank money order,
(the "Independent Consultant")
procedures and practices relating to
Independent Consultant shall review such policies,
recommend changes in or additions to Bear,
Within three months of receiving recommendations
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