UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
INVESTMENT ADVISERS ACT OF 1940
Release No. 1835 / September 27, 1999
ADMINISTRATIVE PROCEEDING
File No. 3-10031
In the Matter of
WILLIAM J. LIEBERMAN,
Respondent. ORDER INSTITUTING PUBLIC PROCEEDDINGS, MAKING FINDINGS,
IMPOSING REMEDIAL SANCTIONS, AND ISSUING CEASE-AND-DESIST ORDER
I.
The Securities and Exchange Commission (the "Commission") deems it
appropriate and in the public interest to institute public
administrative and cease-and-desist proceedings pursuant to Sections
203(f) and 203(k) of the Investment Advisers Act of 1940 (the
"Advisers Act") to determine whether William J. Lieberman ("Lieberman"
or the "Respondent") willfully aided and abetted violations of
Sections 206(1) and 206(2) of the Advisers Act committed by a
registered investment adviser.
In anticipation of these proceedings, Lieberman has submitted an Offer
of Settlement ("Offer") 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 that Respondent admits the jurisdiction of the
Commission over him and over the subject matter of these proceedings,
Respondent consents to the issuance of this Order Instituting Public
Proceedings, Making Findings, Imposing Remedial Sanctions, and Issuing
a Cease-and-Desist Order ("Order").
Accordingly, IT IS ORDERED that administrative and cease-and-desist
proceedings pursuant to Sections 203(f) and 203(k) of the Advisers Act
be, and hereby are, instituted.
II.
On the basis of this Order and the Respondent's Offer, the Commission
makes the following findings
A. Respondent
William J. Lieberman, 34, resides in Corte Madera, California, and was
SNIPPETS:
ORDER INSTITUTING PUBLIC PROCEEDDINGS, MAKING FINDINGS,
IMPOSING REMEDIAL SANCTIONS, AND ISSUING CEASE-AND-DESIST ORDER
The Securities and Exchange Commission deems it appropriate and in the public interest to
Accordingly, IT IS ORDERED that administrative and cease-and-desist proceedings pursuant to
Capital Markets Research Company, a California corporation located in San Francisco,
Lieberman aided and abetted the undisclosed receipt of commissions by CMR,
Between May 1994 and December 1997, CMR obtained the commissions while it was providing
Lieberman aided and abetted CMR's violations of the antifraud provisions of the Advisers Act
Instead, it provides consulting services, which includes supposedly unbiased advice about
Paul Edward Holl, president of CMR, arranged for that investment adviser to direct trades
At Holl's direction, Lieberman no longer gave them to CMR, and his CMR salary was reduced by
Based on the foregoing, from approximately May 1994 through December 1997, Lieberman
Lieberman shall, within thirty days of the date of this Order, pay a civil money penalty in
Such payment shall be made by United States postal money order, certified check, bank
hich cover letter and money order or check shall be sent to Helane L. Morrison, Assistant District
|
