UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
INVESTMENT ADVISERS ACT OF 1940
Release No. 1841 / September 30, 1999
ADMINISTRATIVE PROCEEDING
File No. 3-10072
In the Matter of
MARVIN & PALMER ASSOCIATES, INC.,
DAVID F. MARVIN,
MACTHOM ASSOCIATES, INC. and
THOMAS E. DUBIS ORDER INSTITUTING PUBLIC PROCEEDDINGS, MAKING
FINDINGS, IMPOSING REMEDIAL SANCTIONS, AND ISSUING CEASE-AND-DESIST
ORDER
I.
The Securities and Exchange Commission ("Commission") deems it
appropriate and in the public interest to institute public
administrative proceedings pursuant to Sections 203(e), (f) and (k) of
the Investment Advisers Act of 1940 ("Advisers Act"), against Marvin &
Palmer Associates, Inc. ("M&P"), David F. Marvin ("Marvin"), MacThom
Associates, Inc. ("MacThom") and Thomas E. Dubis
("Dubis")(collectively "Respondents").
In anticipation of the institution of these proceedings, each of the
Respondents has submitted an Offer of Settlement ("Offer") to the
Commission, which the Commission has determined to accept. Solely for
the purpose of these proceedings and any other proceedings brought by
or on behalf of the Commission or in which the Commission is a party,
and without admitting or denying the findings contained herein, except
for the jurisdiction of the Commission over them and over the subject
matter of this proceeding, which is admitted, Respondents consent to
the issuance of this Order Instituting Public Proceedings, Making
Findings, Imposing Remedial Sanctions, and Issuing Cease-and-Desist
Order ("Order") and to the entry of the findings, cease-and-desist
order, and remedial sanctions set forth below.
Accordingly, IT IS ORDERED that proceedings pursuant to Sections
203(e), (f) and (k) of the Advisers Act be, and hereby are,
instituted.
II.
On the basis of this Order and the Offers submitted by the
Respondents, the Commission makes the following findings
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
INVESTMENT ADVISERS ACT OF 1940
MARVIN & PALMER ASSOCIATES, INC., DAVID F. MARVIN,
MACTHOM ASSOCIATES, INC. and
THOMAS E. DUBIS ORDER INSTITUTING PUBLIC PROCEEDDINGS, MAKING FINDINGS, IMPOSING REMEDIAL
In anticipation of the institution of these proceedings, each of the Respondents has
Solely for the purpose of these proceedings and any other proceedings brought by or on behalf
t Order and to the entry of the findings, cease-and-desist order, and remedial sanctions set forth
Accordingly, IT IS ORDERED that proceedings pursuant to Sections 203, and of the Advisers Act
As of March 11, 1999, M&P had approximately 62 clients and $7.6 billion in assets under
At no time has MacThom been registered with the Commission as a broker-dealer or an
M&P has maintained a soft dollar arrangement with the Broker.
Furthermore, M&P failed to amend its Form ADV after directing the Broker to begin paying
Form ADV embodies mandatory disclosure requirements to ensure that material information
For investment advisers who have discretionary authority to select the broker-dealers to be
Item 13 requires an investment adviser to disclose and describe any arrangement whereby it
F.M&P willfully violated Sections 206and by making materially false statements and omissions
J.Section 207 of the Advisers Act makes it unlawful for any person willfully to make any
in its Form ADV in effect from February 1996 was misleading in that the response failed to
C.M&P and MacThom shall, jointly and severally, within 30 days of the entry of this Order,
Such payment shall be made by United States postal money order, certified check, bank
h cover letter and money order or check shall be sent to Ronald C.
Long, District Administrator, Philadelphia District Office, Securities and Exchange
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