UNITED STATES OF AMERICA
before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934 Release No. 41484 / June 7, 1999
ADMINISTRATIVE PROCEEDING File No. 3-9014
In the Matter of
Greenway Capital Corporation
and Joseph M. Guccione
ORDER WAIVING BALANCE OF
DISGORGEMENT AND
PREJUDGMENT INTEREST OWED
BY RESPONDENT GREENWAY
CAPITAL CORPORATION
On October 10, 1996, we entered an Order Making Findings and Imposing
Remedial Sanctions which, among other things, ordered Respondent
Greenway Capital Corporation (Greenway) to pay disgorgement of
$115,258 and prejudgment interest of $14,742 and imposed a civil money
penalty of $50,000 for a total of $180,000. The monies were to be paid
by way of a payment plan as detailed in the order. (Release No.
34-37804, October 10, 1996.)
Greenway, which changed its name to Cortlandt Capital Corporation
(Cortlandt) in February 1997, paid the $50,000 civil money penalty and
$30,000 toward the disgorgement and prejudgment interest ordered
leaving a balance of $100,000.
On July 31, 1997 Greenway n/k/a Cortlandt filed a Form BDW to withdraw
from registration with the Commission. Prior to Cortlandts filing the
Form BDW, we issued an order instituting administrative proceedings
against Cortlandt, Joseph M. Guiccione and others. In the Matter of
Trading in the Securities of Vertex Industries, Inc., Release No.
34-39138, September 26, 1997 (Vertex matter). Therefore, pursuant to
Rule 15b6-1 of the Exchange Act, the withdrawal was not made
effective.
Subsequently, in settlement of the Vertex matter, on June 19, 1998, we
issued an order revoking Cortlandts registration as a broker-dealer.
Based upon Cortlandts sworn statement of financial condition, dated
April 21, 1998, we determined that it was unable to pay a civil
penalty and declined to impose one.
Since Cortlandt is no longer in business or registered as a
broker-dealer and demonstrated its financial inability to pay a civil
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
ORDER WAIVING BALANCE OF DISGORGEMENT AND PREJUDGMENT INTEREST OWED BY RESPONDENT GREENWAY
Greenway, which changed its name to Cortlandt Capital Corporation in February 1997, paid the
1997 Greenway n/k/a Cortlandt filed a Form BDW to withdraw from registration with the
Prior to Cortlandts filing the Form BDW, we issued an order instituting administrative
In the Matter of Trading in the Securities of Vertex Industries, Inc., Release No. 34-39138,
Therefore, pursuant to Rule 15b6-1 of the Exchange Act, the withdrawal was not made effective.
Subsequently, in settlement of the Vertex matter, on June 19, 1998, we issued an order
Based upon Cortlandts sworn statement of financial condition, dated April 21, 1998, we
Since Cortlandt is no longer in business or registered as a broker-dealer and demonstrated
Payment by Cortlandt of the $100,000 balance due in disgorgement and prejudgment interest is
No other issues shall be considered in connection with this petition other than whether the
Respondent may not, by way of defense to any such petition, contest the findings in this
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