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SEC COMMISSION OPINION
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EXTRACTED KEY WORDS
JOLLA SUPERVISORY SECURITIES BRANCH OFFICE NASD STOCK SUPERVISE REGISTERED REPRESENTATIVES SECURITIES EXCHANGE ACT REVIEW NASD MEMBER DISCIPLINARY ACTION VIOLATIONS JUTLAND COMMISSION NATIONAL ASSOCIATION SANCTIONS YORK OFFICE JOLLA CAPITAL CORPORATION COMPLIANCE INVESTMENT HAROLD BAILEY GALLISON FINANCIAL SITUATION BRANCH MANAGER SECURITIES DEALERS SUPERVISION RESPONSIBILITY SUPERVISORY SYSTEM RISING STOCK PRICES |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
SECURITIES EXCHANGE ACT OF 1934
Rel. No. 41755 / August 18, 1999
Admin. Proc. File No. 3-9557
_________________________________________________________________
In the Matter of the Application of
LA JOLLA CAPITAL CORPORATION
c/o Irving M. Einhorn, Esq.
11900 Olympic Boulevard, Suite 510
Los Angeles, California 90064-1151
and
HAROLD BAILEY GALLISON, JR.
For Review of Action Taken by the
NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
_________________________________________________________________
OPINION OF THE COMMISSION
REGISTERED SECURITIES ASSOCIATION -- REVIEW OF DISCIPLINARY ACTION
Violation of Conduct Rules
Failure to Supervise
NASD member firm and its president failed to maintain supervisory
procedures and to supervise appropriately registered representatives
in distant branch office who induced purchases of highly speculative
stock by making unfounded claims about merits of investment and
predicting rising stock prices without disclosing company's
questionable financial situation. Held, association's findings of
violation and sanctions it imposed sustained.
APPEARANCES
Irving M. Einhorn, for La Jolla Capital Corporation and Harold Bailey
Gallison, Jr.
Alden S. Adkins, Susan L. Beesley, and Jeffrey S. Davis, for NASD
Regulation, Inc.
Appeal filed
March 27, 1998
Last brief received
SNIPPETS:
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