UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 42105 / November 4, 1999
ADMINISTRATIVE PROCEEDINGS
File No. 3-9168
In the Matter of
ANDREW BRESSMAN, ORDER MAKING FINDINGS
ROMAN OKIN, AND IMPOSING REMEDIAL
RICHARD ACOSTA, SANCTIONS AND CEASE
RICHARD SIMONE, AND DESIST ORDER AS TO
BURTON BLANK, RICHARD SIMONE
MARK GOLDMAN and
JACK WOLYNEZ
Respondents.
I.
On December 6, 1996 the Securities and Exchange Commission
("Commission") issued an order postponing these proceedings at the
request of the District Attorney of the County of New York to permit
the grand jury impaneled by the District Attorney to complete its
investigation into the conduct of the respondents in this action and
to file any resulting indictments. Since that time, respondents Andrew
Bressman, Roman Okin, Richard Acosta, Richard Simone, Mark Goldman and
Jack Wolynez have been indicted by the grand jury and criminally
convicted in connection with their activities while employed at A.R.
Baron & Co., Inc.
In anticipation of the reopening of this proceeding by the Commission,
Respondent Richard Simone ("Simone" or "Respondent") has submitted an
offer of settlement which the Commission has determined to accept
("Offer"). Accordingly, the Commission deems it appropriate to reopen
the proceeding as to Respondent Simone for the purpose of accepting
his Offer. Solely for the purpose of this proceeding and any other
proceeding brought by or on behalf of the Commission, or in which the
Commission is a party, and without admitting or denying the findings
contained herein, except as to jurisdiction of the Commission over the
Respondent and the subject matter of this proceeding, and as to the
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
1996 the Securities and Exchange Commission
issued an order postponing these proceedings at the request of the District Attorney of the
Since that time, respondents Andrew Bressman, Roman Okin, Richard Acosta, Richard Simone,
In anticipation of the reopening of this proceeding by the Commission, Respondent Richard
below, which are admitted, Simone, by his Offer, consents to the findings and the imposition
In 1995, Simone, then a registered representative at A.R. Baron & Co.
Inc., engaged in repeated and egregious abusive sales practices, including the placing of
Following the entry of his conviction,
A.R. Baron & Co., Inc., a Delaware corporation with its principal place of business in New
Baron ceased operations and was placed into liquidation pursuant to the Securities Investors
Cypros Pharmaceutical Corp. is a California corporation with its principal place of business
Cypros has common stock and warrants registered with the Commission pursuant to Section 12of
Symbollon has common stock and warrants registered with the Commission pursuant to Section
While employed at Baron, Simone was pressured by Baron's principals to use Fiduciary's assets
On July 6, 1995, Fiduciary instructed Simone to sell 30,300 shares of Shoney, Inc. from its
Simone misled Fiduciary about the reason for the delay in delivering the Shoney sale proceeds
The unauthorized trading of customer accounts accompanied by deception, misrepresentation or
The Respondent has submitted an offer of settlement in which, without admitting or denying
On the basis of the foregoing, the Commission deems it appropriate and in the public interest
cease and desist from committing or causing any violation and any future violation of Section
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