UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
Securities Exchange Act of 1934
Release No. 41966 / September 30, 1999
Administrative Proceeding
File No. 3-10071
______________________________
In The Matter Of ORDER INSTITUTING PUBLIC
ADMINISTRATIVE PROCEEDINGS
David E. Houge, PURSUANT TO SECTIONS 15(b)(6)
AND 19(h) OF THE SECURITIES
Respondent. EXCHANGE ACT OF 1934,
MAKING FINDINGS, AND IMPOSING
REMEDIAL SANCTIONS
______________________________
I.
The Securities and Exchange Commission ("Commission") deems it
appropriate, in the public interest and for the protection of
investors that a public administrative proceeding pursuant to Sections
15(b)(6) and 19(h) of the Securities Exchange Act of 1934 ("Exchange
Act") be, and hereby is, instituted against respondent David E. Houge
("Houge").
II.
In anticipation of the institution of these proceedings, Houge has
submitted an Offer of Settlement ("Offer"), 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 set forth herein, except as to the entry of the permanent
injunction set forth in paragraph III. F. below, and the jurisdiction
of the Commission over him and over the matters set forth in this
Order Instituting Public Administrative Proceedings Pursuant to
Sections 15(b)(6) And 19(h) Of The Securities Exchange Act Of 1934,
Making Findings, And Imposing Remedial Sanctions ("Order"), which he
admits, Houge consents to the entry of the findings and the imposition
of the sanctions set forth in this Order.
III.
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
The Securities and Exchange Commission deems it appropriate, in the public interest and for
In anticipation of the institution of these proceedings, Houge has submitted an Offer of
Solely for the purpose of this proceeding, and any other proceeding brought by or on behalf
nge Act Of 1934, Making Findings, And Imposing Remedial Sanctions, which he admits, Houge consents
Houge was an undisclosed owner and control person of First National Equities, Inc., a
Legend Sports, Inc. was at all relevant times a non-reporting company, whose stock was
Legend's common stock was traded over the counter and quoted on the OTC Bulletin Board.
The common stock of Legend was not registered or approved for registration upon notice of
At no time relevant to this matter did Legend have net tangible assets in excess of
The common stock of Orlando was not registered or approved for registration upon notice of
During certain times relevant to this matter, the price of Orlando common stock was less than
E. City Services Corp. was at all relevant times a non-reporting company, whose stock was not
On July 8, 1999, the Court entered a Partial Final Consent Judgment of Permanent Injunction
lass of securities registered pursuant to Section 12 of the Exchange Act or that is required to
Houge consented to the entry of the Partial Final Consent Judgment of Permanent Injunction
From in or around May 1997 until December 1997 Houge and others acted as undisclosed owners
From in or around May 1995 through November 1997, Houge and others orchestrated the
making undisclosed cash payments to registered and unregistered salespeople associated with
From in or around November 1997 until March 1998, Houge and others participated in a
Houge, as an officer of City Services, withdrew investors' funds from a corporate bank
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