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1
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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
BRACE SECURITIES INVESTMENT ADVISERS ADVISERS ACT EXCHANGE COMMISSION INSTITUTING ADMINISTRATIVE PROCEEDINGS PURSUANT MAKING FINDINGS IMPOSING REMEDIAL SANCTIONS SETTLEMENT UNITED STATES CALVIN DOUGLAS BRACE ADMITTING HEREBY DISTRICT VIOLATING STATES DISTRICT COURT JUDGMENT PERMANENTLY ENJOINING PROMULGATED THEREUNDER ANTIFRAUD PROVISIONS FEDERAL SECURITIES LAWS OFFERING SELLING PRIME BANK PRIME BANK INSTRUMENTS FOREGOING IMPOSE JONATHAN KATZ |
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
INVESTMENT ADVISERS ACT OF 1940
Release No. 1818 / August 26, 1999
ADMINISTRATIVE PROCEEDING
File No. 3-9987
In the Matter of
Calvin Douglas Brace
Respondent. ORDER INSTITUTING PUBLIC PROCEEDDINGS, PURSUANT TO SECTION
203(f) OF THE INVESTMENT ADVISERS ACT OF 1940, 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 instituted pursuant to Section 203(f) of the Investment
Advisers Act of 1940 ("Advisers Act") against Calvin Douglas Brace
("Brace").
In anticipation of the institution of these administrative
proceedings, Brace 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 those contained in paragraphs III(A) and (B) below, which are
admitted, Brace consents to the entry of this Order Instituting Public
Proceedings, Making Findings and Imposing Remedial Sanctions
("Order").
II.
Accordingly, IT IS ORDERED that public administrative proceedings
pursuant to Section 203(f) of the Advisers Act are hereby instituted.
III.
On the basis of this Order and the Offer of Settlement submitted by
Brace, the Commission finds that
A. Brace owned Gulf Atlantic Industries, LLC ("Gulf"), an investment
adviser (No. 801-44979) registered with the Commission between October
1993 and July 5, 1996;
B. On August 16, 1999, in Securities and Exchange Commission v. Brace,
et al., No. 98-Z-1644, the United States District Court for the
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