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1
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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
HADDY SPENCER ADMINISTRATIVE PROCEEDINGS ENFORCEMENT ALLEGES DISTRICT MANIPULATION PRICES SECURITIES FRAUD SECURITIES EXCHANGE ACT INSTITUTING BRAD HADDY RONALD SCHEME BELLATRIX CASTLETON INVESTORS UNITED STATES DISTRICT STATES DISTRICT COURT JUDGEMENT CONVICTION CONSPIRACY COMMIT SECURITIES FRAUD GUILTY FELONY CHARGES PROFITING SALE ADMINISTRATIVE LAW JUDGE ALLEGATIONS REMEDIAL ACTION |
Securities Exchange Act of 1934
Release No. 42277 / December 27, 1999
Administrative Proceeding
File No. 3-10125
Administrative Proceedings Instituted Against
Brad Haddy and Ronald D. Spencer
The Commission announced that it issued an Order Instituting Public
Administrative Proceedings and Notice of Hearing pursuant to Sections
15(b)(6) and 19(h) of the Securities Exchange Act of 1934 ("Order")
against Brad Haddy of Duluth, Minnesota and Ronald D. Spencer of
Pompano Beach, Florida. In the Order, the Division of Enforcement
alleges that Haddy participated in a scheme to manipulate the prices
of the securities of Vista Capital Corp., Bellatrix Corp., and
Castleton Investors Corp. while associated as a registered
representative with L'Argent Securities in 1988. The Division of
Enforcement alleges that Spencer participated in the scheme while
associated with Sheffield Securities in 1988 and 1989.
The Division of Enforcement also alleges that in September, 1996, the
United States District Court for the District of New Jersey entered a
judgment of conviction against Haddy for conspiracy to commit
securities fraud and securities fraud and that in December, 1996, the
United States District Court for the District of New Jersey entered a
judgment of conviction against Spencer for conspiracy to commit
securities fraud. Haddy was found guilty of felony charges following a
jury trial, while Spencer pled guilty to felony charges.
The Division of Enforcement further alleges that the securities of
Vista Capital Corp., Bellatrix Corp., and Castleton Investors Corp.
were penny stocks and that Haddy and Spencer participated in the
manipulation of the prices of these securities through various
fraudulent trading practices with the goal of profiting from the sale
of the securities at prices determined, at least in part, by the
manipulation.
A hearing before an administrative law judge will be scheduled to
determine whether the allegations in the Order are true and to
determine what remedial action, if any, is appropriate in the public
interest.
_________________________________________________________________
Modified 12/28/1999
SNIPPETS:
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