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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
SECURITIES EXCHANGE ACT EXCHANGE ACT COMMISSION ADMINISTRATIVE PROCEEDING UFT PROCEEDINGS PURSUANT KENNETH ALLEGES DISTRICT COMMON STOCK CUSTOMERS STATES DISTRICT COURT WESTERN DISTRICT FUTURE VIOLATIONS THEREUNDER UNDERLYING INJUNCTIVE ACTION SOLD UNITED FIRE UNITED FIRE TECHNOLOGY RETAIL CUSTOMERS DISCLOSE RECEIVED KICKBACKS BEVERLEE KAMERLING CONTROLLED UFT SOLICIT SELL UFT COMMON INVESTORS ADMINISTRATIVE LAW JUDGE ALLEGATIONS REMEDIAL SANCTIONS |
SECURITIES AND EXCHANGE COMMISSION
Securities Exchange Act of 1934
Release No. 42158 / November 19, 1999
Administrative Proceeding File No. 3-10105
COMMISSION ISSUES ORDER INSTITUTING PUBLIC PROCEEDINGS PURSUANT TO
SECTION 15(b)(6) OF THE SECURITIES EXCHANGE ACT OF 1934 AGAINST
KENNETH R. STARNES
The Commission announced that it issued an Order Instituting Public
Administrative Proceedings pursuant to Section 15(b)(6) of the
Securities Exchange Act of 1934 against Kenneth R. Starnes.
In the Order, the Division of Enforcement alleges that on August 31,
1999, the United States District Court for the Western District of
Washington permanently enjoined Starnes from future violations of
Section 17(a) of the Securities Act of 1933 and of Section 10(b) of
the Exchange Act and Rule 10b-5 thereunder in , C97-1151R. In the
underlying injunctive action, the Commission alleged that Starnes, a
registered representative, sold United Fire Technology, Inc. ("UFT")
common stock to his retail customers. Starnes failed to disclose to
these customers that he had received kickbacks from UFT or Beverlee
Kamerling, the person who controlled UFT, to solicit and sell UFT
common stock to investors.
A hearing will be held before an Administrative Law Judge to determine
whether the Division of Enforcement's allegations against Starnes are
true, and, if so, to determine what remedial sanctions, if any, are
appropriate in the public interest.
_________________________________________________________________
Modified 11/22/1999
SNIPPETS:
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