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INITIAL DECISION RELEASE NO. 88
ADMINISTRATIVE PROCEEDING
FILE NO. 3-8400
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
____________________________
In the Matter of :
:
THORN, ALVIS, WELCH, INC., : INITIAL DECISION
JOHN E. THORN, JR., and : MAY 2, 1996
DERRYL W. PEDEN :
____________________________
APPEARANCES: William P. Hicks, Stephen L. Cole, and Cheryl C.
Nichols for the Atlanta District Office, Division
of Enforcement, Securities and Exchange Commission
Michael C. Russ, M. Kristin Ramsey, and Jill M.
Wood for Thorn, Alvis, Welch, Inc. and John E.
Thorn, Jr.
SNIPPETS:
ADMINISTRATIVE PROCEEDING
of Enforcement, Securities and Exchange Commission
Wood for Thorn, Alvis, Welch, Inc. and John E.
Bond proceeds totalled $1.5 million
Application of funds: construction - $713,950.
Respondents' Arguments
The Securities and Exchange Commission initiated this proceeding on June 23, 1994, pursuant
The Order Instituting Proceedings charges that, from about August 1992 through at least
TAW, a broker-dealer with a single office in Jackson, Mississippi, has been registered with
TAW specializes in municipal tax-exempt securities.
Whether Respondents TAW and Mr. Thorn have willfully violated the antifraud provisions of the
y with the applicable laws and regulations in the future; whether they should be ordered to
The same parties participated in each of the seven offerings.
The Mitchell Company of Mobile, Alabama, was the contractor, and the project manager after
The Agreement of Limited Partnership effective August 24, 1992, which created the limited
The Construction Management Contract between Warren-Sherwood, Ltd. and Mitchell dated August
The bond proceeds are expected to be used primarily to provide the Issuer, Warren County,
Attorney Wesch acted as counsel for Warren-Sherwood, Ltd. when it was negotiating a
The limited partnership agreement that created Warren-Sherwood, Ltd., dated August 24, 1992,
---------FOOTNOTES------------ Attorney Peden believed the Official Statement accurately
Attorney Peden directed First American to wire $83,237 of the $95,450 to TAW and the
a total of $1,500,000 was coming into the transaction, Tr.
In doing due diligence on Sherwood Gardens, Mr. Yelverton relied on Mitchell for rental
Disgorgement
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