UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES ACT OF 1933
Release No. 7683 / May 13, 1999
SECURITIES EXCHANGE ACT OF 1934
Release No. 41399 / May 13, 1999
ADMINISTRATIVE PROCEEDING
File No. 3-9369
:
In the Matter of :
: Order Making Findings
Dominion Capital : and Imposing Remedial
Corporation, Douglas : Sanctions, and Order to
Woodrow Powell, Charles : Cease and Desist
Dewey Elliott, and :
William Carl Berry, :
:
Respondents :
:
I.
In these proceedings instituted 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"), Respondents Dominion Capital Corporation, Douglas Woodrow
Powell, Charles Dewey Elliott and William Carl Berry, pursuant to
Rule 240 of the Rules of Practice of the Securities and Exchange
Commission, have submitted Offers of Settlement ("Offers") which
the Commission has determined to accept. [1] Solely for the
purposes of this proceeding and any other proceeding brought by
or on behalf of the Commission or in which the Commission is a
party, prior to a hearing pursuant to the Commission's Rules of
Practice, 17 C.F.R. § 201.100 et seq., and, without admitting or
denying the findings contained herein, except those contained in
Section II below, and the jurisdiction of the Commission over
them in this matter, which are admitted, Respondents consent to
the issuance of this Order Making Findings and Imposing Remedial
Sanctions, and Order to Cease and Desist ("Order").
On the basis of Respondents' Offers and this Order, the
Commission finds as follows:
II.
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
In these proceedings instituted pursuant to Section 8A of the Securities Act of 1933 and
Dominion Capital Corporation is a broker and dealer in securities located in Dallas, Texas
William Carl Berry has been a registered representative of Dominion since May 1994, and has
Douglas Woodrow Powell owns approximately 43% of Dominion's shares; has been Dominion's Chief
Charles Dewey Elliott, III owns approximately 43% of Dominion's shares; has been Dominion's
One of the schemes, organized and promoted by Berry and another Dominion representative as
Separately, from November 1991 to January 1996, two other Dominion representatives willfully
Neither Berry nor the other representative had sufficient prior experience in options trading
Both Options I and Options II, as well as other trading accounts reliant upon the computer
account statements that contained profit calculations Berry
From May 1993 to December 1993, this representative sold 49 customers $1.8 million in
As a result of this registered representative's recommendations, several customers invested
Between November 1991 and January 1996, two other representatives, one of whom was also a
control, both orally and in correspondence with investors,
During the period set forth above, Dominion and Powell failed reasonably to supervise the
Elliott failed to adequately discharge direct supervisory responsibility as required by
Furthermore, Dominion shall pay a civil money penalty of $75,000 to the United States
1) made by United States postal money order, certified check, bank cashier's check or bank
with a copy of the money order or check, shall be sent to Harold F. Degenhardt, District
|
