UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES ACT OF 1933
Release No. 7862 / June 12, 2000
SECURITIES EXCHANGE ACT OF 1934
Release No. 42920 / June 12, 2000
ADMINISTRATIVE PROCEEDING
File No. 3 - 9162
In the Matter of
Al Avasso and
Robert Schulma
ORDER MAKING FINDINGS,
IMPOSING REMEDIAL SANCTIONS
AND ISSUING A CEASE-AND-
DESIST ORDER AS TO AL AVASSO
I.
In connection with a public administrative proceeding instituted
against him pursuant to Section 8A of the Securities Act of 1933
("Securities Act") and Sections 15(b) and 21C of the Securities
Exchange Act of 1934 ("Exchange Act"), Al Avasso ("Avasso") has
submitted an Offer of Settlement ("Offer") to the Securities and
Exchange Commission ("Commission"), which the Commission has
determined to accept. Solely for the purpose of this proceeding and
any other proceeding brought by or on behalf of the Commission or in
which the Commission is a party, and without admitting or denying the
findings contained herein, except as to jurisdiction which is
admitted, Avasso consents to the entry of the findings and remedial
sanctions set forth below.
II.
On the basis of this Order Making Findings, Imposing Remedial
Sanctions, and Issuing a Cease-and-Desist Order As to Al Alvasso
("Order") and the Offer submitted by Avasso, the Commission makes the
following findings
A. Al Avasso ("Avasso"), at the time of the conduct in question, was
56 years old and a resident of New York.
B. Grayhound Electronics, Inc. is located in Lakewood, New Jersey. It
purports to manufacture coin operated amusement games, instant lottery
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
IMPOSING REMEDIAL SANCTIONS AND ISSUING A CEASE-AND-DESIST ORDER AS TO AL AVASSO
In connection with a public administrative proceeding instituted against him pursuant to
Solely for the purpose of this proceeding and any other proceeding brought by or on behalf of
On the basis of this Order Making Findings, Imposing Remedial Sanctions, and Issuing a
Al Avasso, at the time of the conduct in question, was 56 years old and a resident of New
The company's securities are penny stocks and are listed on the Over-the-Counter Bulletin
During the period from at least in or about September 1996 through October 1996, Avasso
For example, on or about September 26, 1996, Avasso, directly or indirectly, transferred or
Accordingly, Avasso willfully violated, and committed and caused violations of, Section 17of
the Commission deems it appropriate and in the public interest to impose the sanctions and
Respondent Avasso, effective immediately, cease and desist from committing or causing any
Respondent Avasso, prior to the close of business on the sixtieth day after the date of the
Such payment shall be made by United States postal money order, certified check, bank
cover letter and money order or check shall be sent to Burk Burnett, Staff Attorney, Securities
Any findings contained herein are made pursuant to Respondent Avasso's Offer of Settlement
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