UNITED STATES OF AMERICA
before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 41806 / August 30, 1999
ACCOUNTING AND AUDITING ENFORCEMENT
Release No. 1156 / August 30, 1999
ADMINISTRATIVE PROCEEDING
File No. 3-9990
In the Matter of
JERALD M. BANKS,
Respondent.
ORDER INSTITUTING PUBLIC
PROCEEDINGS PURSUANT TO
RULE 102(e) OF THE COMMISSION'S
RULES OF PRACTICE, MAKING
FINDINGS AND IMPOSING
REMEDIAL SANCTIONS
I.
The Securities and Exchange Commission ("Commission") deems it
appropriate and in the public interest that public administrative
proceedings be, and they hereby are, instituted pursuant to Rule
102(e)(3)(i)(A) of the Commission's Rules of Practice, 17 C.F.R.
201.102(e)(3)(i)(A) against Jerald M. Banks, ("Banks").
II.
In anticipation of the institution of these administrative
proceedings, Banks 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
prior to a hearing pursuant to the Commission's Rules of Practice, 17
C.F.R. 201.100 et. seq., and without admitting or denying any findings
set forth herein, except as to jurisdiction and facts set forth in
paragraphs III. A. and B. below, which he admits, Banks consents to
the entry of this Order Instituting Public Proceedings Pursuant to
Rule 102(e) of the Commission's Rules of Practice, Making Findings and
Imposing Remedial Sanctions ("Order") set forth below.
III.
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
JERALD M. BANKS,
ORDER INSTITUTING PUBLIC PROCEEDINGS PURSUANT TO
RULES OF PRACTICE, MAKING FINDINGS AND IMPOSING REMEDIAL SANCTIONS
In anticipation of the institution of these administrative proceedings, Banks has submitted
and B. below, which he admits, Banks consents to the entry of this Order Instituting Public
On August 19, 1999, Banks was enjoined, on consent, by the United States District Court for
The Commission's Complaint in the action described in paragraph III.B.
above alleges that the former senior management of Livent Inc., a Canadian-based theater
In furtherance of this scheme, from 1996 through 1997, Banks drafted and finalized a number
Accordingly, IT IS HEREBY ORDERED that, effective immediately, Banks is denied the privilege
IT IS FURTHER ORDERED that Banks comply with his undertaking to on reasonable notice, and
to the extent that the U.S. Department of Justice objects to such testimony; make himself
k product privileges; and in the event of his failure to testify truthfully or to comply with the
permanently enjoined by any court of competent jurisdiction, by reason of his or her
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