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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
ACT EXCHANGE ACT COMMISSION CEASE-AND-DESIST PROCEEDINGS INSTITUTING MICHAEL SOLD INVESTMENT UNITED STATES SECURITIES CEASE-AND-DESIST PROCEEDINGS PURSUANT TELEPHONE SALES CHIEF EXPLORATION LEASES ORDER ALLEGES PROMULGATED THEREUNDER ACCORDING HIGH-RISK SPECULATIVE NATURE RISK EARNED COMMISSIONS BROKER DEALER ADMINISTRATIVE LAW JUDGE ALLEGATIONS REMEDIAL SANCTIONS PAY DISGORGEMENT CIVIL PENALTIES |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
SECURITIES ACT OF 1933
Release No. 7688 / May 25, 1999
SECURITIES EXCHANGE ACT OF 1934
Release No. 41446 / May 25, 1999
ADMINISTRATIVE PROCEEDING
File No. 3-9911
PUBLIC ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS INSTITUTED
AGAINST MICHAEL D. YOUNG
The Securities and Exchange Commission ("Commission") today announced
it issued an Order Instituting Public Administrative and
Cease-and-Desist Proceedings pursuant to Section 8A of the Securities
Act of 1933 ("Securities Act") and Sections 15(b), 19(h) and 21C of
the Securities Exchange Act of 1934 ("Exchange Act") against Michael
D. Young ("Young"), formerly a telephone sales person with Chief
Exploration & Development Corp., which offered and sold fractional
undivided interests in two gas well leases.
The Order alleges that, from approximately June 1996 through September
1996, Young willfully violated Section 17(a) of the Securities Act and
Sections 10(b) and 15(a)(1) of the Exchange Act and Rule 10b-5
promulgated thereunder. According to the Order, Young misrepresented
the high-risk, speculative nature of the investment through such
claims that it was "almost a sure thing" with hardly any risk. Young,
who earned commissions of approximately 10 percent, was not registered
as a broker or dealer with the Commission when he sold these interests
to investors.
A hearing will be held before an administrative law judge to determine
whether the staff's allegations against Young are true, and if so,
what remedial sanctions are appropriate in the public interest, and
whether Young should be ordered to pay disgorgement and/or civil
penalties.
_________________________________________________________________
Modified 05/25/1999
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