UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
Securities Act of 1933
Release No. 7668 / April 19, 1999
Securities Exchange Act of 1934
Release No. 41308 / April 19, 1999
Administrative Proceeding
File No. 3-9875
______________________________ ORDER INSTITUTING CEASE-
: AND-DESIST AND ADMINISTRATIVE
In the Matter of : PROCEEDINGS PURSUANT TO
: SECTION 8A OF THE
William Lowe, : SECURITIES ACT OF 1933
: AND SECTIONS 15(b), 19(h),
Respondent. : AND 21C OF THE SECURITIES
: EXCHANGE ACT OF 1934,
: MAKING FINDINGS, AND IMPOSING
______________________________: REMEDIAL SANCTIONS
I.
The Securities and Exchange Commission ("Commission")
deems it appropriate and in the public interest that cease-and-
desist and administrative 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") be instituted against respondent William Lowe ("Lowe").
II.
In anticipation of the institution of these
proceedings, Lowe has submitted an Offer of Settlement ("Offer"),
which the Commission has determined is in the public interest 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 set forth herein, except as to paragraph III.A.1 below,
which Lowe admits, and the jurisdiction of the Commission over
him and over the matters set forth in this Order Instituting
Cease-and-Desist and Administrative Proceedings Pursuant to
Section 8A of the Securities Act of 1933 and Sections 15(b),
19(h) and 21C of the Securities Exchange Act of 1934, Making
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
ORDER INSTITUTING CEASE-Respondent.
______________________________: REMEDIAL SANCTIONS
The Securities and Exchange Commission deems it appropriate and in the public interest that
In anticipation of the institution of these proceedings, Lowe has submitted an Offer of
Solely for the purpose of this proceeding, and any other proceeding brought by or on behalf
19and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions,
Lowe, age 67, was associated with Grady & Hatch & Co., Inc. as a trader from August 1988
Grady & Hatch, which is located in New York City, has been registered with the Commission as
From May 5 through at least July 20, 1993, by participating in a scheme to manipulate the
Lowe set the initial price based solely upon the directions of a major shareholder and
Lowe then increased the bid price for RMS Titanic stock thirteen times in four weeks,
From June 4 through July 20, 1993, Lowe was the high bidder or one of the high bidders on
Thereunder by Engaging in a Scheme to Manipulate the
Where, as here, the basis for liability rests on Section 17of the Securities Act and Section
Corp., 46 SEC 34 ("the submission or publication of a quotation at a price which does not
The failure of a marketmaker to disclose that it is acting based upon a guarantee against
Lowe's payment obligations are due as follows: $10,312.32, plus postjudgment interest thereon
nternal Revenue Service underpayment rate which is published quarterly, shall be due within
|
