UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
Securities Exchange Act of 1934
Release No. 41956 / September 30, 1999
Administrative Proceeding
File No. 3-10061
______________________________
In the Matter of ORDER INSTITUTING PUBLIC
ADMINISTRATIVE PROCEEDINGS
Frank Grillo, 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 Frank Grillo ("Grillo").
II.
In anticipation of the institution of this proceeding, Grillo 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 the
fact of his criminal conviction set forth in paragraph III.C. 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, Grillo consents to the entry of the findings and the
imposition of the sanctions set forth in this Order.
III.
On the basis of this Order and Grillo's Offer, the Commission finds
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 this proceeding, Grillo has submitted an Offer of
Solely for the purpose of this proceeding, and any other proceeding brought by or on behalf
Pursuant To Sections 15And 19Of The Securities Exchange Act Of 1934, Making Findings, And
Then he became a principal of Allegiance Securities, Inc., a registered broker-dealer which
On August 17, 1994, in the United States District Court for the District of New Jersey,
From approximately May 1988 through September 1989, while he was associated with Corporate
The scheme was designed to artificially raise the prices of the securities of Vista Capital
In furtherance of the conspiracy,
bought, sold, and held Vista and Castleton securities at the direction of his co-conspirators
For his participation in the manipulation scheme, Grillo received, at various times, free
The common stock of Vista was not registered or approved for registration upon notice of
At all times relevant to this matter, the price of Vista common stock was less than five
At no time relevant to this matter did Vista have net tangible assets in excess of $2,000,000
At all times relevant to this matter, the price of Castleton common stock was less than five
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