UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 41753 / August 18, 1999
ADMINISTRATIVE PROCEEDING
File No. 3-9977
In the Matter of
WELCO SECURITIES, INC.,
WILLIAM S. SHAPIRO and
KENNETH S. SHAPIRO,
Respondents.
ORDER INSTITUTING
PUBLIC PROCEEDINGS,
MAKING FINDINGS
AND IMPOSING
REMEDIAL SANCTIONS
I.
The Securities and Exchange Commission ("Commission") deems it
appropriate and in the public interest that administrative proceedings
be instituted pursuant to Sections 15(b) and 19(h) of the Securities
Exchange Act of 1934 ("Exchange Act") against Welco Securities, Inc.
("Welco"), William S. Shapiro and Kenneth S. Shapiro.
In anticipation of the institution of these proceedings, Welco,
William Shapiro and Kenneth Shapiro have submitted Offers of
Settlement ("Offers") which the Commission has determined to accept.
Solely for the purposes of these proceedings and any other proceedings
brought by or on behalf of the Commission or in which the Commission
is a party, Welco, William Shapiro and Kenneth Shapiro, by their
Offers, consent, without admitting or denying the findings contained
herein, except that they admit that the Commission has jurisdiction
over them and over the subject matter of these proceedings and admit
to the entry of an order of permanent injunction as set forth in
subparagraph II.4. below, to the entry of this Order Instituting
Public Proceedings, Making Findings and Imposing Remedial Sanctions
("Order").
Accordingly, IT IS ORDERED that administrative proceedings against
Welco, William Shapiro and Kenneth Shapiro be, and hereby are,
instituted.
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
KENNETH S. SHAPIRO,
MAKING FINDINGS AND IMPOSING REMEDIAL SANCTIONS
The Securities and Exchange Commission deems it appropriate and in the public interest that
In anticipation of the institution of these proceedings, Welco, William Shapiro and Kenneth
Solely for the purposes of these proceedings and any other proceedings brought by or on
.
below, to the entry of this Order Instituting Public Proceedings, Making Findings and
Accordingly, IT IS ORDERED that administrative proceedings against Welco, William Shapiro and
The firm is located in Bala Cynwyd, Pennsylvania, a suburb of Philadelphia.
Its primary source of income was derived from underwriting and subsequently selling
He was also the owner, CEO, CFO and a director of Walnut and the CEO, CFO and president of
3.Kenneth S. Shapiro, age 46, at all times relevant to this action, was the president and a
On the basis of the foregoing, the Commission deems it appropriate and in the public interest
IT IS FURTHER ORDERED THAT Kenneth Shapiro be, and hereby is barred from association with any
The findings herein are made pursuant to Welco's, William Shapiro's and Kenneth Shapiro's
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