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SEC COMMISSION OPINION
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EXTRACTED KEY WORDS
SECURITIES SALES APPLICANTS INVESTORS FUNDS ACT VIOLATION ESCROW COMMISSION SANCTIONS NATIONAL ASSOCIATION MISLEADING NONACCREDITED INVESTORS REGULATION ESCROW ACCOUNT EXCEL SECURITIES EXCHANGE ACT SECURITIES DEALERS UNREGISTERED SECURITIES VICE PRESIDENT DISTRIBUTING PRIVATE PLACEMENT MEMORANDUM SUBSCRIPTION AGREEMENT FAIR PRACTICE SALES LITERATURE INVESTMENT ADVERTISING TRANSACTIONS SOLD UNREGISTERED SECURITIES |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
SECURITIES EXCHANGE ACT OF 1934
Rel. No. 39296 / November 4, 1997
Admin. Proc. file No. 3-9067
_______________________________________________________
:
In the Matter of the Application of :
:
EXCEL FINANCIAL, INC. :
185 South State Street :
Suite 850 :
Salt Lake City, Utah :
:
and :
:
GARY R. BEYNON :
2838 East 4215 South :
Salt Lake City, Utah :
:
and :
:
ROBERT L. SPERRY :
2842 E. Brookburn Road :
Salt Lake City, Utah :
:
For Review of Disciplinary Action Taken by the :
:
NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. :
_______________________________________________________:
OPINION OF THE COMMISSION
REGISTERED SECURITIES ASSOCIATION -- REVIEW OF DISCIPLINARY
PROCEEDINGS
Violation of Rules of Fair Practice
Sale of Unregistered Securities
Misleading Advertisements
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