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1
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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
CLIENTS ACT FMS COMMISSION INVESTMENT ADVISERS ACCOUNT MUTUAL FUND SECURITIES EXCHANGE ACT VIOLATIONS INSTITUTING FINDINGS REMEDIAL SANCTIONS HART THEREUNDER OVERSTATEMENTS AUTHORITY PAID ADMINISTRATIVE PROCEEDINGS IMPOSING REMEDIAL SANCTIONS PARAGRAPHS MANAGEMENT DEEMS HEREBY REGISTERED INVESTMENT ADVISER ADMITTING CONSENTS TEXAS AMOUNT |
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
INVESTMENT ADVISERS ACT OF 1940
Release No. 1829 / September 22, 1999
ADMINISTRATIVE PROCEEDINGS
File No. 3-10021
In the Matter of
EDWARD ARNOLD PATTERSON ORDER INSTITUTING PUBLIC PROCEEDDINGS, MAKING
FINDINGS, IMPOSING REMEDIAL SANCTIONS
I.
The Securities and Exchange Commission ("Commission") deems it
appropriate and in the public interest that public administrative
proceedings be, and hereby are, instituted pursuant to Section 203(f)
of the Investment Advisers Act of 1940 ("Advisers Act") against Edward
Arnold Patterson ("Patterson"), an associated person of a registered
investment adviser.
II.
In anticipation of the institution of these administrative
proceedings, Patterson 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 to which the Commission
is a party, and without admitting or denying the findings contained
herein, except with respect to paragraphs III.A and F, below, which
are admitted, Patterson consents to the issuance of this Order
Instituting Public Proceedings, Making Findings and Imposing Remedial
Sanctions, and to the entry of the findings and the imposition of the
remedial sanctions set forth below.
III.
The Commission finds the following
A. Patterson, age 49, is a resident of Fort Worth, Texas. Between 1987
and October 1997, Patterson was an associated person and employee of
Wren Harold Hart ("Hart"), a registered investment adviser doing
business under the name Financial Management Services ("FMS"). Between
January 1994 and October 1997, FMS managed the assets of approximately
50 clients totaling approximately $6.8 million.
UNDERLYING VIOLATIVE CONDUCT
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